What do you think are the topmost mistakes that small businesses make?

I would say the four biggest mistakes small businesses make are these:

1. Not doing enough marketing research

2. Not enough cash on hand

3. Not spending enough on marketing

4. Not having the right skills in the team

#1 Market research

I recently spoke to an owner of a small business; before he opened in his location, he spent six weeks, 8 hours per day, say outside with a click counter, counting foot traffic. He realized that even though his shop would be across a busy street, the foot traffic was more significant than his competitors' central area.

After being open for nine months when I spoke to him; He has consistently outpaced projection every day ever since he has been open. RESEARCH!

We are inclined to fall in love with our business ideas. However, the truly successful ones remove the passion and look at the cold truth, is there a market.

#2 Cash

Cashflow or lack of will wipe out the most successful small businesses, let alone a slow starter. You will want 3–6 months minimum available to keep your doors open; you don't need to have cash on your hands, it could be in the form of a Line of Credit, but you need cash available fast.

#3 Marketing

The internet is a double edge sword. It provides the world at our fingertips, but it lets every man and his dog market their idea.

You have to have a solid plan on marketing with trackable results; YOU WILL FAIL. Here are some figures:

Just $20 per day spent on Facebook is $600 per month. That is bottom-level spending.

Google ads you need to enter around $50 per day minimum.

Don't think of your budget in terms of hundreds but think in terms of thousands….and…. thank me later!

#4 Skilled teams

Ugh, HR is listed in the top 3 reasons businesses fail, and top 3 things owners’ tress about.

What are you bad at? Will that affect the company? If yes, employ someone to fill that gap TODAY!

You never want to be the smartest in the room in your own business; it sucks!

While this might massage your ego, you might miss the train heading your way to destroy your business.

You are looking for genius in 3 areas

1. Marketing & Sales

2. Financial

3. Operations

Those three areas will help make your small business successful, and they don't need to be three different people.

An example, I am good at 1 &3, but Number 2, yeah, I am not so hot on, So I have an extraordinary genius on my financial side.

We talk about the need for hiring the right people and how to do it.

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You can create any structure you want by using the same tools as in the regular workflow. Add buttons and forms or anything else you'd want.

Being experienced with an accounting background, we can offer a wide range of reliable and accurate bookkeeping services. A common question often asked is, "What exactly does a bookkeeper do? "The answer to this question is shown below for our services as specialist bookkeepers. We can,of course, modify our services to suit the needs of your business whether you need a few of these services or all.

·      Accounts Receivable*-Invoice preparation and follow-up with the client

·      Accounts Payable* - Suppliers' invoices are processed and paid when due.

·    Bank Reconciliations -Reconciling Bank and Credit Card accounts with daily bank feeds

·     GST Filing                        - Timely filing of Bi-Monthly or Six-Monthly returns

·     System Training               - Training is required whenever you choose new software. We provide free training.

·    Accounting Software conversions – With our expertise, we can switch your accounting information to XERO/MYOB

·        Payroll

·        Unlimited Email Support

*Note:- Accounts Receivable and Accounts Payable are closely monitored to ensure that your business has no issues with cashflow

Payroll Management

Business Pillars offers all-inclusive payroll services that help your business run efficiently. We are committed to being legally compliant. Our services are built to simplify payroll processes for small to medium-sized businesses throughout New Zealand.

PAYROLL processing made easy

We provide the most updated payroll solutions tailored-made that is affordable to your requirement. We are committed to taking care of all the work demanded, allowing you to focus your time and energy on more essential things you love to do.

Our payroll services are:

·        Employees pay, On-time payments including benefits, reimbursements, deductions, Weekly/Fortnightly/Monthly

·        Employee PAYE

·        Payday Filing   – Timely filing returns to IRD

·        Leave entitlements– Accruals for each type of leave

·        Leave Payment - As per Holiday Act 2003

·        KiwiSaver contributions

·        Maintaining payroll records – payments and documentation

GST Filing

Timely Processing

We ensure that we file all GST Tax returns two weeks before the due date. We keep our clients informed before we proceed. This ensures that the client is at ease.

·        GST Filing        - Timely filing of Bi-Monthly or Six-Monthly returns

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Monthly Management Meetings

The primary purpose of a monthly management meeting is to get the business to grow. This is either done through a phone call, zoom, or meeting in person.

Cash flow Management

Managing cashflow is a significant responsibility faced by most small businesses. We reach out to businesses making it stress-free to ride on the highs and lows of the cash flow throughout the year.

We assist in producing a cashflow statement which is a financial statement that summarizes the amount of cash entering and leaving the business. The cashflow statement measures how well the business can manage its cash position, meaning how well the business can generate cash to pay its debt commitments and fund the day-to-day operating expenses.

Budget Forecasting

Small business budgeting and forecasting

We need to get some relevant numbers to know what the future will look like regarding a business. Budgeting and forecasting will help to support this vision. Business Pillars can work alongside you to understand these basics so you can build a financially sustainable business.

What is a budget?

The budget estimates how much money will come in and go out from your business over time (usually a year). Budgeting and forecasting normally benefit all businesses and first-time startups to see if they can afford to run the business and compensate for all their hard work with a good return for their initiative.

What are the main principles of having a budget

Budgets forecast the money-making possibility of a business. It will also highlight things like:

  • How much will it cost to startup?
  • How much money is needed to borrow?
  • When will be the breakeven point?
  • How much should the customers be charged?
  • How many staff are needed?

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Job Management

Job Management is software that supports project managers and teams to complete client requests and projects efficiently. Most professionals depend upon this job tracking software which assists them in supervising multiple sections of a business. Business Pillars are here to assist in setting up this service to track income and expenses related to service jobs.

XERO and MYOB both have the capability for Job Tracking

These are the advantages:-

·        Create quotes immediately

·        Easily track jobs from quote to invoice

·        Schedule the jobs on the go

·        Get paid quicker