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Opening an SMME? Here’s are the most important considerations.
Are you planning to start a new business? We’ll warn you now: It’s no easy task.

Entrepreneurship requires endless hours of hard work, big decision-making, and planning to perfection. After all, without the correct planning, it can all fall to nothing…

The Most Important Considerations

Business Plan
Before getting started, you should ensure that you have a sound business plan in place. This document should contain detailed information regarding your business’s plan, such as your vision and mission, short and long term goals, the audience you intend to target, possible competition and more. It should also include a financial plan and forecast to help you ensure that all decision making is informed and backed up by accurate data.

Financial Plan
One of the first things you should do when setting up your business is get your financial accounting on track. To ensure complete accuracy and compliance for your business’s finances and get your financial statements in order, small to medium-sized businesses are advised to invest in outsourced accounting services. This will ensure that you stay on top of your finances from the very beginning.

Outsourced services can save your business time and money whilst making otherwise complicated processes a breeze to handle. A financial accountant will help you with everything from monthly reconciliation to annual tax returns. They can also assist with VAT registration and management.

Operational Plan
Your operation plan is the document that outlines all the specific actions and tasks required to start and operate your business. It should include an overview of your company, its goals and objectives, and how you plan to achieve these through your daily activities. This plan will outline your business hours, employees, suppliers and more.

Marketing Plan
Once you have your business plan in place, you need to start working on your marketing. With this, you will attract and maintain the attention of your potential clients. This plan will detail how you will reach your target market and convince them to try your products and services. Your marketing strategy should be well thought out and planned and will include various elements such as online marketing, offline marketing, public relations and more.

Creating a new business is no easy task, but it can be very successful with careful planning and execution. Make sure you consider all of the important aspects listed above to give your business the best chance of success.