Business Support Information
Whether just starting out or if your business has been up and running for a period already, one of the most frustrating things can be finding the information you need to run your business. There is plenty of information available from trusted sources and this is a guide to some of those.
When making important business decisions we recommend you seek guidance from relevant experts, such as professional business advisers, accountants or bookkeepers, and lawyers.
Starting a new business
Starting a new business can be an exciting, but also daunting time. It’s a good idea to prepare yourself before jumping in. Things to look at include:
- the potential of your business idea
- start-up costs
- if you have the skills to run a business or need training
- developing a business plan
- selecting a business structure
- choosing a business name
- What registrations and licences you’ll need
There are four commonly used business structures in Australia – sole trader, partnership, company and trust.
The most appropriate structure for your business will depend on the size of the business, the type of business and how you want to run it. The structure you choose may impact on the amount of tax you pay, how you protect your assets, and set-up and running costs.
Understanding the pros and cons of each structure is important and it is recommended that you speak with a professional business adviser, lawyer or accountant before making the decision.
Whether you’ve just started your business, been running it for years, or are stepping up to help your partner with their business, planning can be the key to success. A good business plan will:
- keep all your important information in one place
- help you to prioritise your time and efforts by clarifying your goals and purpose
- give you control by identifying the factors that impact and hinder your success
- help you to identify and plan for risks
- help you get finance – banks and investors will want to see your business plan to know that you’re a good investment
Whether you want to start a business, or expand an existing one, financial manage is fundamental. Effective financial management enables making sound business decisions. Effective financial management allows businesses to:
- Organize Operations
- Manage Cash Flow
- Generate profits
- Sustain economic downturns
- Achieve long term financial goals
Key Financial Matters to be aware of includes:
- Accounting and record keeping
- Creating a budget
- Seeking finance and managing debt
- Managing payment disputes and non-payment
Vital for any business marketing helps you identify your customers and how you plan to reach and communicate to them, identify what is your unique value proposition and key selling points, and define your brand.
Work health and safety
Work health and safety (WHS) – also sometimes called occupational health and safety (OH&S) – involves the management of risks to the health and safety of everyone in your workplace. This includes the health and safety of anyone who does work for you as well as your customers, visitors and suppliers.
Work, Health and Safety (WHS) is a vital consideration for all organisations and individuals working in the building and construction industry, particularly if you are starting or managing a business. Successfully managing your WHS issues protects your workforce and your business and can prevent disruptive and costly disputes.
Master Builders Associations provide resources and guidance particular to the building and contraction industry in each state and territory. Information from these associations can be found here.
Additionally, more general information on work health and safety can be found here
The right insurance helps to protect your business your customers contractors and suppliers, and your income. There are various different type of insurance and it is important to understand the different types of insurance available and the ones your business really needs.
Find out more about types of insurance are available for businesses here
Master Builders Insurance Brokers (MBIB) is a specialist insurance brokerage with bespoke insurance products with their own exclusive policy wording tailored for the building and construction industry.
Find out more about MBIB here
Understanding your responsibilities when dealing with staff, contractors and customers is crucial for SMEs. Employers must identify and pay correct minimum wages and entitlements to their employees. Failure to provide employees their correct entitlements can result in financial penalties and/or underpayment of wages claims against the employer.
The Fair Work Act 2009 imposes a number of obligations on employers, including minimum employment entitlements contained in the National Employment Standards (NES). The NES applies to all employees, and will overrule any term in an enterprise agreement or employment contract that is less favourable than the NES.
Master Builders Associations provide resources and guidance particular to the building and contraction industry in each state and territory. Information and resources that each association provides can be from these associations can be found below.
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