As a start up business, the chances are that you’ll want to do everything that you can to take your small enterprise and turn it into a powerhouse of profitability. Everyone has to start somewhere and even the biggest names in the industry will have begun their lives as a small idea waiting to take the world by storm. So, here’s a little business advice to help you to enhance your productivity whilst reducing your risks in the process.
Secure your funding
Without funding in the form of finance or loans, some companies might struggle to even get off of the ground. Unless your agency has sourced its cash from private investors or your own savings, you may find yourself needing to request support from a third party lender to help you to find your feet. A good loan broker or finance specialist could help with these endeavours.
Minimise your overheads
Overhead costs are a necessary part of business expenditure, but without proper care they could end up taking a huge toll on your finances. Some overheads can be considered expenses which are often tax deductible, but others aren’t – so it might be worth getting in touch with an accountant for clarification, or to help with managing finances in general.
Maximise your expenses
In Australia, it’s entirely legal to submit tax returns that include expenses and as long as they fall into specific categories (such as uniform allowances for instance), these costs can be subtracted from any taxable sums owed. The more business expenses you accrue, the less tax you may have to pay – but it is also worth noting that you will need to ensure your adherence to particular taxation policies to avoid getting into trouble. A good accountant should be able to help with these practices.
Claim your assets
Claiming assets in a digital sense means taking control of any relevant websites, databases and social media pages that can be used to promote your business. If your brand has a name, it should match your website – as well as any dedicated social pages that you own. Not only can this help with brand recognition; it can also make it much easier for your customers to find you. The simpler it is to reach you, the more likely it can be for you to see a return. With a media agency, particularly one that specialises in marketing, you could find yourself being propelled into the public eye and maximising your profitability in the process.
