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At Bendigo Bank we know we have big responsibilities, which is why we’re here to help you with handy tips, interviews and advice on all things money and living.

Top five factors for business success 

7 July 2020 | 5 min read

Owning your own business can seem like a huge task but with the right tools at hand you can successfully manage a business from start up to well-established. We’ve outlined five key factors to business success.

Plan strategically

Like most things you want to win in life, you won’t get very far without a plan. Planning is key to help you outline exactly what you want to achieve and the steps you can put in place to get there.

If you haven’t already created one, the best place to start is with a business plan. A business plan outlines key details such as your business structure, funding details, staffing requirements, marketing and any potential risks relating to your business.

This should be one of the first steps in the set-up phase of your business. That way your needs and goals are clearly defined and articulated. It’s important to ensure the plan is adaptable and can change overtime. It’s always a good idea to go back and refresh this plan to ensure it remains relevant.

Three men standing on a construction site looking at plans on paper.

Day to day operations

The operations of your business are the day to day activities you do to make sure the wheels keep turning. These include things like staff rosters, managing cash flow, communication to stakeholders and maintenance on equipment.

To lighten the load and minimise error, it’s a good idea to automate processes where you can. Send out automated emails to staff to let them know their working hours, automate your invoice process and set regular reminders to ensure tasks are completed when they’re needed.

People management

Employee satisfaction is crucial to business success. If your people are happy, they’re more likely to want to excel in their job and go the extra mile for customers.

It is important to keep staff morale high, make them feel part of the team and ensure they know that their day to day activities are contributing to the overall success of the business.

Communication is the key. Ensure staff know exactly what is expected of them so there is no miscommunication, and this reduces the risk of things going wrong.

Work on things like staff development plans for staff, ensure safe working environments and make sure your employees feel heard. We’ve prepared a quick how to guide to ensure staff morale in your business remains high. 

Investment

Capital is the initial investment you put into your business and can be a combination of assets or money.

In order to grow your business, you may look at additional investment to purchase things like new equipment. There are so many options available when looking at finance and the good news is you can tailor finance to meet your business needs.

Whether you’re looking for a lump sum to purchase a new crane or just want some extra cash to manage everyday cash flow, we’ve drilled the basics in our how to borrow to grow your business guide.

A man and woman sitting next to each other at a computer.

Promote your business

You’ve set up your business, put the wheels in motion and things are moving, now the fun, or sometimes the hardest part, is telling people about it.

Get the word out there and increase your profile so customers and potential customers know exactly how your service or product can add value to them.

If you’re new to the game we’ve prepared a marketing plan template so you can drill down to the basics of what you need to do.

Keep in mind, your marketing spend doesn’t have to match that of big business. There are so many free tools available that you can use to share your message. Take a look at our how to toot your own horn article and get started.

Two men standing next to each other in a cactus garden.

Starting a business can be a daunting experience. We've taken some of that stress away with helpful tools and support to get you started. Learn more.

NOTE: THIS ARTICLE CONTAINS GENERAL ADVICE ONLY. READERS SHOULD SEEK A TRUSTED PROFESSIONAL’S ADVICE ON FINANCIAL MATTERS.

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Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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