So you’ve taken the leap and launched your own company. Congratulations! We genuinely wish you all the best in your endeavors. Sadly, numerous new businesses frequently encounter similar pitfalls repeatedly. In this piece, we’ll outline four prevalent mistakes and explain how BOSS accounting outsourcing can help you overcome them.
1. No One Is Interested in What You Have to Offer
Nearly every piece of entrepreneurial guidance you’ll encounter emphasizes the importance of identifying a specific niche when launching a new business. Why is this crucial? Because attempting to be an all-inclusive provider for every conceivable accounting service will likely lead to marketing and offerings that fail to resonate with anyone in particular.
On the other hand, if you limit your services to such a specialized niche, they may benefit very few individuals. The key is to strike that ideal balance—maintaining enough diversity in your service offerings so that you can attract a substantial client base, while avoiding an overly broad approach that would revert you back to ineffective marketing tactics.
Here’s how BOSS accounting outsourcing can be beneficial: imagine your target audience consists of individuals like you who are launching their own ventures. Most of the services you offer aim to assist these entrepreneurs with the various documentation, tax obligations, and bookkeeping challenges they face for the first time.
By transferring routine compliance tasks and bookkeeping responsibilities to your BOSS overseas team, you’ll create significant time savings that allow you to provide the dedicated support these anxious new business owners need during their critical first year or two.
Moreover, your BOSS outsourced staff have previously assisted start-ups. This brings a wealth of data and expertise at your disposal. They will be adept at spotting warning signs or potential opportunities that you can relay back to your clients. You will become more than just an accountant – you’ll emerge as that crucial ally who helped avert a financial crisis through timely intervention.
Word about such invaluable assistance often travels quickly. Before long, an increasing number of people within your niche will seek out what you have to offer.
2. Finances
Your start-up capital may run out. What could cause this? Several factors might be at play – you may have brought on extra staff too early, struggled to secure enough funding post-launch, or perhaps your budgeting skills fell short.
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BOSS presents a straightforward solution to the first issue. Keep in mind that when you employ someone, it’s not just their salary or wages you’re covering; there are costs associated with recruitment, employee benefits, superannuation, holiday pay and sick leave, as well as expenses for office essentials like workspace, furniture, computers, and potentially software upgrades. Additionally, you’ll incur losses due to training time.
In the end, you might find yourself with an underperforming employee and face the need to restart the hiring process while also providing separation pay to that worker.
These expenses can quickly deplete funds for a fledgling business. However, by utilizing BOSS outsourced accounting services, your expenditure is greatly reduced – no infrastructural needs or additional benefits required. Moreover, your offshore team members are already proficient in various Australian or New Zealand accounting practices which means there’s no wasted time on training initiatives.
3. You Have an Innovative Idea, Yet You’re Unsure How to Execute It
After analyzing the market, you’ve determined that starting a restaurant is a trending venture. You’ve chosen this as your area of focus and passionately pitch your concept to restaurant entrepreneurs about transforming their bookkeeping practices.
They respond with enthusiasm and then inquire, “How will you do it?” Unfortunately, you’re at a loss for words.
On the flip side, perhaps you’ve developed valuable packages designed to assist new restaurants during their challenging first year, but lack effective marketing means they remain unaware of your offerings.
With BOSS taking care of numerous tasks, you’ll free up significant time to connect with potential clients. If you’re struggling to answer the “How?” question, use some of that newfound time for discussions with prospective clients. Ask them what services they would find beneficial from a company like yours and identify the obstacles causing them substantial difficulties.
