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Helping start-ups succeed print Print

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Why do some start-ups fly while others struggle - or even fail? Use these tips to help you get your start-up off to a great start.

Supercharge your start-up success

Why do some start-ups fly while others struggle - or even fail?

This article shares insights from ANZ’s Business Specialists, based on their experience of working with business start-ups across New Zealand.  Use these tips to help you get your start-up off to a great start.


Your business plan is your road map to success

“Don’t be daunted – your business plan doesn’t have to be a horribly long or complicated document. It’s simply a meaningful summary and map of the steps you need to take to achieve your business goals” – ANZ Business Specialist

Flourishing businesses have one thing in common - a solid business plan.  Successful start-up owners have a business plan that shows exactly:

  • What their business goals and objectives are
  • What their budget and forecasts are for the business
  • what their competitive advantage is
  • what they own
  • what risks they need to manage over the next year.

When you’re creating your plan, think about your business from many different angles — from cash flow forecasting, profit and loss, to finding good staff.  

It’s worth taking the time to make sure your business plan is concise and complete. It’s your map to success and you should keep referring back to it – don’t put it away in a drawer and forget about it. 

ANZ can help. If you’re thinking about starting a business, our five-week Business Boot Up course will help you work through a business plan and what else you need to know and prepare for your idea.

You can also check out our article on How to write a simple business plan for more information.

Or if you’ve already started your business, an ANZ Business Specialist can help you with an A-Z Review.  It’s a complimentary one-on-one session with one of our Business Specialists, who will help you explore your business' current financial situation, your goals, and options for next steps.


Keep a close eye on your finances

If a business owner doesn’t take an active interest in monitoring the finances closely, by the time they come to the bank to ask for money or other support, it might be too late – the business might have been running at a loss for six months, and there’s too big a gap to finance.” – ANZ Business Specialist

Monitor your money closely — if you need help, the earlier you ask, the better. Small businesses don’t always make money from day one, but the longer you run at a loss, the harder it will be to fix.


Organise and prioritise your to-do list

When you’re running your own business it’s natural to think everything’s important and requires the same level of attention. But you can waste a lot of time and energy doing things that don’t really matter – not to mention burning yourself out. Prioritising how you spend your time is the key to achieving your goals – and keeping your sanity!” – ANZ Business Specialist

Not being organised can be a disaster. Running a business is not a 9 to 5 job — you need to stay focused on what’s most important.

If you’re applying for finance, you need to be able to show what your priorities are and how you will tackle them. You may have hundreds of things on your mind, but you need to organise and prioritise.

If you try to do too much, you won’t be able to follow through on your good ideas.  Write down your priorities – and stick to them!


Have a sounding board

Running a start-up can be lonely. It’s a good idea to have people you can talk to about your business and bounce ideas off. Advisers such as your accountant and lawyer can provide valuable advice and so can a business mentor, so it’s worth investing time in building your business network. 


Other useful resources

Free Business workshops

Join business owners at How to write an effective business plan - a free ANZ Business Workshop. Here you will learn the basics of planning your business, why planning is important, a guide to preparing and what a business plan can provide your business. Plus you will have opportunities to networking with other like-minded business owners. To view all ANZ Business workshops, click here.

12 months’ free MYOB Essentials (Payroll for One)*

With good accounting software you can produce a balance sheet at the touch of a button – and much more. If your business is less than two years old, you can get 12 months of MYOB Essentials (Payroll for One), for free*as part of the ANZ Business Start-up Package.

ANZ Business Specialists are another invaluable resource for your start-up. They understand the challenges of starting up a new business and can provide support and information to help you through every stage of your journey. 


To talk to an ANZ Business Specialist:

Call 0800 269 249
Find a Business Specialist near you
Visit anz.co.nz/business
Visit your nearest ANZ branch

 

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