Business Basics: What Every Business Owner Should Know

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The way we live, work and shop have changed forever, but the basics of running your business have never been more important.

In fact, now is the time for business owners to strengthen the core of their business and take it to the next level, says Courtney Manning, BNZ Business Partner.

“There have been a lot of setbacks that everyone has experienced over the past two years; you just need to learn from it and use that resilience to continue building a strong business, ”she says.

And despite recent events, now is the perfect time to start a new small business, she adds.

“We are now living a life that some of us have never experienced before and with it come new opportunities which can lead to new business ideas.”

Kelly Bertrand (right), along with co-editors Emma Clifton and Alice O'Connell, launched Capsule in 2020 when they were fired during Covid-19.

PROVIDED

Kelly Bertrand (right), along with co-editors Emma Clifton and Alice O’Connell, launched Capsule in 2020 when they were fired during Covid-19.

Take Kelly Bertrand. Bertrand, along with co-editors Emma Clifton and Alice O’Connell found themselves without a job when Bauer Media NZ closed due to the Covid-19 crisis, they quickly had an idea for a new website lifestyle, Capsule.

Today their business is thriving and Bertrand attributes their success to a mix of expert advice and support.

“Covid-19 has offered a lot of opportunities, if you are looking in the right places,” she says.

Whether it’s having a vision and a detailed business plan or focusing on customer service and embracing technology, here’s what to consider before bringing an idea to market or take your small business to the next level.

BEGINNING

Any successful business starts with a good idea, but that light bulb moment needs to be followed by a solid business plan to make the dream come to life, says Manning.

“A business plan will be the first real step in your professional journey to understand your ‘why’, which will suddenly become a very important thing for you during the life of the business,” she says.

To fully understand the basics of your business plan, Manning suggests download a template like the one BNZ offers online.

Getting a good accountant is essential when starting a new business.

UNSPLASH

Getting a good accountant is essential when starting a new business.

FINANCE AND TAXATION

Money matters, and when it comes to navigating the complicated world of finance and taxation, finding a good accountant is crucial, suggests Manning.

“Capsule has a really great accountant who has really helped us with things like taxes, and how do we pay ourselves and what the structure of the business looks like,” Bertrand explains.

“We had no idea all of this, so having people around you who know what they are doing is key.”

MARKETING

Knowing exactly what your business is offering, what message you’re trying to convey, and what sets your brand apart from the competition is critical for a marketing campaign to work, explains Manning.

“You have to really master these elements before you even start marketing, or your campaign can fall flat and cause little traction. “

But the best and most effective way to market your business is still good, old-fashioned word of mouth advertising, says Manning.

“This is the world we live in now. People love to read reviews and google for products, so if they don’t have a good experience with your business, the news will travel.”

Being tech-savvy is essential for any business, and social media is a great way to boost your brand's presence.

PROVIDED

Being tech-savvy is essential for any business, and social media is a great way to boost your brand’s presence.

TECHNOLOGY

Being tech-savvy is no longer just an asset for businesses, it’s a critical part if they are to survive in a world hit by Covid, says Manning.

“With a physical store you can reach people in your town or suburb when they walk through the front door, but with technology a small business in a small town in New Zealand can reach the whole world.” , she says.

Being tech-savvy also means you can use social media to strengthen your brand, and that’s where most of Capsule’s web traffic comes from, Bertrand explains.

“We started 18 months ago with literally nothing and have managed to increase our readership and unique views on our site every month,” she says.

STAFF

The pandemic has created opportunities to really invest in the people who work for you, says Manning, who adds that business owners should be looking to hire staff who share the same vision and company values.

“An important thing with staff retention and engagement is to build relationships with all of your employees; know and ask them how they are, how their families are doing, as this will allow you to get the most out of them and your business. Said.

For more information on how to move forward, visit BNZ for easy business banking.

This article is for your information only. It is not professional advice (financial, legal or otherwise) and cannot be trusted. If you use or rely on it, no one, including BNZ, is liable for any resulting losses (direct and indirect). Opinions may not be the same as those of BNZ (or anyone else). For assistance, please contact BNZ or your professional advisor.


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