STARTING IN BUSINESS - What to think about?

1
STARTING IN BUSINESS- What to think about?

• Teik Oh
• OTS MANAGEMENT PTY LTD
• Advice from Outside the Square
• www.otsmanagement.com.au

2
TWO BASIC QUESTIONS

• How will my business grow and prosper over many
  years?
• What are the basic things I must have when I
  start?

www.otsmanagement.com.au
3
To Grow and Prosper Questions at the start

• What kind of person am I?
• What is my business?
• What training do I need?
• Do I have enough funding?
• What is my Survival Plan?

www.otsmanagement.com.au
4
To Grow and Prosper Know the OTS Management
DOC
www.otsmanagement.com.au
5
To Grow and Prosper The OTS Management POP Plan
On a Page
YOUR VISION YOUR VISION YOUR VISION YOUR VISION YOUR VISION
STAKEHOLDER(S) CUSTOMERS BUSINESS PROCESSES LEARNING GROWTH PEOPLE
Vision translated into 5 Perspectives- To achieve our Vision how must we appear to our stakeholders? To achieve our Vision how must we behave to our Customers? To achieve our Vision what key business processes must we excel at? To achieve our Vision how will we sustain our ability to improve? To achieve our Vision how do we skill, train and reward our people?
Each perspective has Objectives- Objectives to achieve the above- Financial? Social? Cultural? Objectives to achieve the above- Customer satisfaction? Repeat buy? Referrals? Growth? Objectives to achieve the above- Key processes? Time? Quality? Uniqueness? Objectives to achieve the above- Technology? Training? Innovation? New products? Objectives to achieve the above- Teamwork? Morale? Training? Rewards?
Measure each Objective on a timeline- Key Performance Indicators and Performance measures for above Key Performance Indicators and Performance measures for above Key Performance Indicators and Performance measures for above Key Performance Indicators and Performance measures for above Key Performance Indicators and Performance measures for above
www.otsmanagement.com.au
6
Is your plan ZESTY?

• Zest will it excite people to follow it?
• Explore can it be continually improved?
• Specific is it clearly laid out and defined?
• Timed has it set achievable deadlines?
• Yardsticks does it set measurements?

www.otsmanagement.com.au
7
Basic things when I start

• What dont I know?
• What training do I need? What skills do I need to
  buy in?
• Do I have enough funding? How do I cut the suit
  to meet the cloth?
• Which advisors should I choose?
• Do I have a plan? A budget?
• How do I keep the books?

www.otsmanagement.com.au
8
Basic things when I start

• Which structure should I use?
• What tax registrations do I need?
• TFN
• ABN
• GST
• PAYGW
• ITEC
• DGR

www.otsmanagement.com.au
9
Basic things when I start

• How do I protect business names, Trade Marks, my
  ideas?
• Do I need legal advice?

www.otsmanagement.com.au
10
So, I wanted to start a business??!!Summary

• Know yourself!
• Know your business!
• Be prepared - Know the DOC!
• Have a Plan! Use POP
• Look after the basic things when you start

www.otsmanagement.com.au