The value to planning and business management in any size business is essential to good growth and planned expansion. What is also important is the set of tools one uses to accomplish these goals. This is what Kim Seeley, co-founder of Ausmade Joinery, and her husband found out when they started their business.
The use of cloud accounting tools like Xero and it's ability to help in the planning and business management of a start-up, can really be the difference between good business ideas and failure.
Kim Seeley and her husband started their company with three kids and a vision. Kim had been out of work for nearly a decade by the time they started. Needless to say, after a six-week accounting class, she was still lacking skills to understand general business dynamics.
After taking a course on small business solutions, Kim was introduced to Xero, a cloud based accounting software solution. She claims her start in understanding how to do business came from using this platform.
“My husband and I have always dreamed of running a business together. These days, it feels amazing to say that our company supplies commercial shopfitting for builders and project managers in and around the Carrum Downs area of Melbourne."
Kim attributes some of her goals to using a cloud based solution like Xero. Being a mother of three, it's important for her to stay active both in her company and her family. Because the business operates in real-time, no matter what family needs arise, she can be anywhere to check on her operation.
5 Reasons Success Was Possible For This Start-up
Getting started and building the business was not easy. She accounts to the many hours of planning that paid off. Her and her husband spent a year on building a solid business plan and their work paid off when applying for a business loan.
Having a step-by-step plan and knowing how it was all going to work, how many hours they would have to put in, the amount of employees needed, where they were going to find a factory, was well worth the effort.
1. Staying connected
Kim swears by constant planning. In order to stay competitive, it's important to know the road ahead. For instance, Kim uses data on how much one of her jobs made to calculate the hours they had estimated in order to quote on a new job.
Doing this all by hand can be grueling. The use of cloud based accounting technology today and simple accounting solution products makes it more attainable and simpler to do. All from the connection of a laptop or mobile device.
2. Getting the most of your energy
In Kim's particular line of work, knowing how to process things so you are not double handling anything is huge. In factory work, it's important to manage your workers roles to make sure that every person is doing one job.
3. Competing with local trade
Global resources are a factor in many manufacturing and production industry businesses. Sometimes, your need to find a cheaper alternative may send you oversees and in this case, China.
Kim was able to provide to her customers a quality in her joinery without overlooking local resources. By purchasing everything from local business and tradesmen,she found she could also compete with China on price. All at the same time while still being able to calculate delivery, speed, and quality of her product.
4. Be self-sufficient
Kim's goal is to own their own factory instead of renting. This takes forecasting and budgeting to make it happen. Additionally, she works with a project management team but would one day like to employ this outsourcing team in-house.
After paying off all of their bank debt in 15 months, Kim feels they are certainly on track to being self-reliant.
5. Do what you love
In the long run, to be successful at anything, you need to love what you are doing.
“We talk about the business all the time – but we love it! I think that shows in our business. We work hard and people recognize that.”
LUXA Enterprises specializes in hrm services, outsource accounting, and payroll services . We match up with ideal candidates for services by allowing small to mid-size businesses increase focus on their growth through outsourcing. If you want to know how we can help you, contact us today!