The Australian economy is backed by the support of small businesses from across the country. With 98% of all Australian businesses employing 20 people or fewer, it’s fair to say that we are a country of small business owners. While running your own business can be challenging at times, there is plenty you can do to build your skills and give your business the best chance of success.
We often hear from entrepreneurs and small business owners looking to expand their offerings. While there’s no shortage of valuable courses for those looking to upskill, we have a few recommendations for the best areas to study if you want to take your business to new heights.
Assessing Business Opportunities
We all have a few big business ideas living inside us. Before you throw all your time, money and energy into a new business idea, it’s essential to do your due diligence. Assessing business opportunities will ensure that your ideas and investments are financially sound.
Plenty of free online resources can help you build a strong foundation. Alternatively, you could invest in a course that teaches you how to investigate business opportunities. Delivered by experienced business professionals, these courses provide the skills and knowledge you need to identify opportunities, navigate pitfalls, research the market and develop more robust plans for your business. Taking the time to do these things up front can save you down the line and help you identify future opportunities for your growing business./span>
Accounting and Money Management
A small business’ finances are often kept simple. The Australian Government allows sole traders and smaller operators to intertwine their personal and business finances without much trouble. But learning how to properly manage your business’ finances and separate them from your personal finances can set you up for success.
At a minimum, it’s a good idea for business owners to find more information on how to:
- Organise finances for a new business such as establishing bank accounts, applying for an ABNs or ACNs and meeting your tax obligations
- Determine your business’ financial needs such as estimating start-up costs and expenses, developing cash flow projections and how to seek professional financial advice
- Access finance options for your business such as how and where to apply for small business finance
Because of the complex nature of finance and tax requirements, it’s often best to seek professional money management courses.
Marketing and Sales
There’s a common misconception that marketing your business will be the easy part. The reality is that it’s not always straightforward, and getting seen by your audience is challenging. Learning how to develop a plan and market new business ventures gives you the best chance of success.
Any marketing course you choose will contain a wide range of information. There are many options for business owners wanting to market themselves, and it’s your job to figure out where you should and shouldn’t be spending your time. Look for a small business marketing course that teaches the basics, such as:
- Which marketing channels to use
- How to reach your audience
- How to implement your marketing plan
- Evaluating marketing performance
- Refining your future marketing efforts
Managing Customers and Staff
Your customers all have to come from somewhere, and word-of-mouth marketing is still one of the most effective tools your business can access. Building strong relationships, navigating customer complaints and developing effective sales tactics are critical to upskilling your business. The best way to learn these skills is to get stuck in, but professional development options are also available for those looking to improve their communication skills.
A few short courses can be enough to upskill your business and help you get more from interactions with customers, suppliers, business partners and staff.
Getting Ready to Upskill Your Business? Study with MiTraining Today!
Building and managing your own business is one of life’s most rewarding experiences. Although there will be challenges along the way, consistently working to upskill and develop your business will give you the best chance at long-term success.
MiTraining specialises in delivering online courses, training and workshops tailored to suit small business owners and entrepreneurs. Our selection of courses provides everything you need to upskill, expand your knowledge and take your business to new heights.