Business News

You Don’t Have To Rush

In order to have a successful business you will have to come up with a unique business idea. This will take a time as you will have to identify a gap in the market. Most of the successful firms today have reached the top because they all came up with innovative ideas which in turn were loved by the consumers. So don’t be in a rush to start up a business, this is because there are high chances your product might fail which means you will lose a lot of money. So do carry a market research and before launching a product it is advisable to do test marketing or product trial to see how consumers respond to it.

Look For Financiers

Once you have come up with a new business idea that is after months of research, you will then have to come up with a business plan. This needs to be presented to the financiers who will be funding on your project. This is not going to be an easy process because financiers might even doubt the project and will even criticize it. However, you need to be confident at all times and present it really well. Usually presentation documents are quite large and it is likely that during the meeting some of the investors might zone off. This is why you should make a habit of sending large files to investors which they can go through in their free time before they decide whether they want to invest in the project or not. Also there will be quite a few investors who will let you down and not help you with funding the project. In that case you could get a partner who is actively involved in the business, this will not only help you to raise finance for the business but the partner will also share responsibilities and losses. However, even if this doesn’t work you could do a job for a couple of years save up some money and then start your business. Remember nothing is impossible, sometimes you will just have to work harder to achieve what you really want.

Marketing Is the Key to Success

You read that right, without marketing you will not be able to increase your market share. This is because marketing raises awareness and therefore increase the demand for your product or service. Back in the day firms had to spend millions in order to promote their products. However, today firms can promote their products without spending any money at all. They could simply promote their products on social media platforms such as Facebook and Instagram. Another way through which you can promote your business is by sending products to social media influencers who would post review about your company.

Lastly, always have a backup. This is because market conditions can be quite unpredictable so what works today might not work tomorrow. So don’t give up when the trading situation becomes difficult, instead take up challenges positively as that will truly make your business successful.

Image Source: https://unsplash.com/photos/70cFONBgdfQ

Mon Oct 29

Chartered Accountants partners with Fishburners

Written by Sophie Hanson

CA ANZ partners with Fishburners to capitalise on disruption in the profession

Today Chartered Accountants Australia and New Zealand (CA ANZ) unveils its plan to align with leading innovation community Fishburners as part of its strategy to strengthen the accounting profession for the future.

“Our Strategic Review, involving more than 100 member workshops, confirmed that the profession is changing rapidly, with much more diversity and disruption than experienced in the past. For the profession to remain at the forefront, it is vital we keep pace,” said Rick Ellis, CEO of CA ANZ.

“Members, particularly in public practice, yearn for connections with new solutions, technologies and insights to be able to shape the services they offer.

“One source of this disruption is within innovation communities - they are evolving business models, creating new markets and driving operating efficiencies.”

CA Catalyst brings together Chartered Accountants from all segments, innovation communities Fishburners, Stone & Chalk and The Icehouse, and technology providers to create opportunities for mutually beneficial collaboration.

“This includes immersions within innovation communities, access to training, toolkits and guides for disruption-readiness, and exposure to practical solutions,” said Ellis.

“CA Catalyst is an opportunity for Chartered Accountants to get on the leading edge of the future of accounting, build personal and organisational capabilities, explore new markets and services, and leverage innovation to provide greater value for themselves, their clients and their communities.”

Fishburners is a well-established not-for-profit in Australia, nurturing high impact, scalable start-ups in a culture of shared ideas and experiences.

“This partnership and professional exchange offers fantastic learning opportunities for both organisations and will generate huge benefits to our startups as they prepare to expand,” said Pandora Shelley, CEO of Fishburners.

“Much of the conversation in the startup world is focused around securing a funding outcome. Yet, understanding when to take on external funding and how to apply that funding efficiently is equally important - with many of our most successful startups boot-strapping for a significant period in the early stages.”

“Fishburners is focused on supporting startups at every stage in their growth journey. Helping them to start out strong, with a firm financial foundation is critical.”

“Many startups, particularly at early stage, don’t have the resources to take on a senior CFO who can provide this kind of advice.”

“Through this partnership, start-ups can have access to accounting and financial expertise, assisting them to make confident and accurate decisions about their growth.”

About Fishburners:

Fishburners hosts Australia's largest startup community – with 383 startups and 728 entrepreneurs across the Sydney, Brisbane and Shanghai working hubs. The growth continues, with Fishburners adding between 40 and 50 startups each month across Sydney and Brisbane.

Australia’s biggest funnel for startups, more than 1,800 entrepreneurs and 1,250 startup entities have been part of Fishburners’ operations since opening. High-profile alumni that were ‘born’ at Fishburners include successful startups such as Koala, GoCatch, graphic design marketplace DesignCrowd, Code Camp, Tinybeans, Madpaws, Jayride and Hyper Anna. Koala, Australia’s highest-rated mattress, raised $15m and generated $14m in revenue in its first year.

https://fishburners.org

About Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand is a professional body comprised of over 120,000 diverse, talented and financially astute members who utilise their skills every day to make a difference for businesses the world over.

Members are known for their professional integrity, principled judgment, financial discipline and a forward-looking approach to business which contributes to the prosperity of our nations.