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Business basics: What every business owner needs to know

Doing the business basics well.

he way we li e, wor , and shop has changed fore er, but the basics of how to run your business ha e ne er been more important

n fact, the time is ripe for business owners to strengthen the core of their businesses and ta e them to the next le el, says usiness artner ourtney anning

here’ e been multiple setbac s that e erybody’s experienced in the past couple of years you’ e just got to learn from those and use that resilience to eep building a strong business, she says

nd despite recent e ents, now is a really good time to start a new small business, she adds

e are li ing a life now that some of us ha e ne er experienced before and with that comes new opportunities that can lead to new business ideas

a e elly ertrand ertrand, along with co editorial directors mma

lifton and lice ’ onnell found themsel es out of jobs as auer edia folded due to the o id crisis, they

uic ly came up with an idea for a new lifestyle website, apsule folded due to the o id crisis, they uic ly came up with an idea for a new lifestyle website, apsule

oday their business is thri ing, and ertrand credits their success to a mix of getting expert ad ice and bac ing themsel es

o id hasofferedalot of opportunities, if you loo in the right places, she says

rom ha ing a ision and detailed business plan through to focusing on customer ser ice and embracing technology, here’s what to consider before ta ing an idea to mar et or to mo e your small business up to the next le el

e are living a life now that so e of us have never e perienced before and with that co es new opportunities that can lead to new business ideas. - Courtney Manning

STARTING OUT

ery successful business starts with a good idea, but that lightbulb moment needs to be followed up with a solid business plan to ma e the dream come to life, says anning

business plan is going to be the first real step in your business journey to figure out your why , which will suddenly become a ery important thing for you during the lifespan of the business, she says

o get the basics of your business plan right, anning suggests downloading a template li e the one offers online

FINANCE AND TAX

oney matters, and when it comes to na igating the

complicated world of finance and tax, it’s crucial to find a good accountant, suggests anning

apsule’s got a really wonderful accountant who really helped us out with things li e tax, and how do we pay oursel es, and what does the company structure loo li e, says ertrand

e had no idea about any of that, so ha ing people around you who now what they are doing is ey

MARKETING

or a mar eting campaign to wor it is crucial to now exactly what your business is offering, what message you are trying to deli er, and what ma es your brand stand out from competitors, says anning

ou really need to ha e those things down pat before you e en begin mar eting, otherwise your campaign can just fall flat and cause little traction

ut the best and most effecti e way to mar et your business is still good old fashioned word of mouth ad ertising, anning says

hat’s the world we li e in now eople lo e loo ing at re iews and googling products so if they don’t ha e a great experience with your business, word will tra el

TECHNOLOGY

eing tech sa y is no longer just a nice to ha e for businesses, it’s an essential if they want to sur i e in a world hit by o id, says anning

ith a physical shop you can reach the people in your town or suburb when they wal through the front door, but with technology a small business in a small town in ew ealand can reach the whole world, she says

eing tech sa y also means you can use social media to boost your brand, and that’s where most of apsule’s web traffic comes from, says ertrand

e started months ago with literally nothing and we’ e managed to grow our readership and our uni ue

iews on our site e ery month, she says

STAFF

he pandemic has created opportunities to really in est in the people who wor for you, says anning, who adds that business owners should loo to hire staff who share the same business ision and alues

massi e thing with staff retention and engagement is building relationships with all of your wor ers now and as how they are doing, how their families are, because it will lead to you getting the best out of them, and your business, anning says

For more information about getting ahead, visit BNZ for business banking made easy at bnz.co.nz/business-banking.

his article is only for your infor ation. t s not professional advice (financial, legal, or otherwise) and can t be relied upon. f you do use or rely on it, then no one, including BNZ, is liable for any resulting losses (both direct and indirect). Opinions

ay not be the sa e as BNZ (or anyone else). For help, please contact BNZ or your professional advisor.

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2021-12-01T08:00:00.0000000Z

2021-12-01T08:00:00.0000000Z

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