5 Budgeting Tips For Australian SMEs
If you’re starting a business in Australia, you’re in good company.
According to a recent report in WIRED magazine, by 2018 there was a huge increase in venture capital investments in the Aussie startup scene, with totals reaching a record US$630 million.
And apparently, although Sydney remains a magnet for investors, the Melbourne scene is also worth watching – especially when it comes to innovative new tech firms.
Whatever your sector, you’ll want to minimise your spend while you’re preparing to launch a new business and streamline your outgoings in the first few months and years until you can scale sustainably.
With that in mind, here are five budgeting tips for Australian SMEs.
- Seek government support
The success of your business boosts the entire Aussie economy, so as you might expect, there’s lots of Australian government SME support.
You can access everything from information on the best business structure to advice on business plans that help secure funding and mandatory registrations, licenses and permits.
- Consider coworking
If you need physical premises straight away, the associated overheads can be crushing for a business that’s not yet bringing in barrel loads of revenue.
Therefore a coworking space can be a cheaper and more flexible option to start with and it’s excellent for networking with fellow entrepreneurs. You’ll find the perfect collaborative space on hubaustralia.com.
- Connect with investors
Unless you regularly rub shoulders with people with millions burning holes in their pockets, it’s tough finding ways to hook up with investors.
However, angelinvestmentnetwork.com is the perfect platform for solving this problem – it’s a hassle-free way for entrepreneurs to pitch to investors who offer excellent advice and ample funds that get great enterprises off the ground.
- Try digital marketing
When you need to get your name out to target customers but don’t have billion dollar marketing budgets to blow on TV ads, digital marketing techniques like SEO, content marketing, social media marketing and PPC can help you punch above your weight.
There are lots of great digital marketing agencies Down Under, so narrow your search by using a comparison site like themanifest.com.
- Travel cheaper
Although you might try to minimise domestic and international travel in the early days of your business, there are times when catching a flight to capitalize on an opportunity is unavoidable.
But you can save cash on flights to everywhere from Sydney to Sri Lanka on Skyscanner.com.au and find cheap parking for airports from Mackay to Cairns on Looking4.com – there’s no need to overspend.
There’s no magic bullet when it comes to business success, but closely monitoring your finances will always help you build a solid foundation.
So following these five budgeting tips and your Aussie SME will crush the competition and grow from strength to strength – remember us when you’re rolling in it!
That’s our list! Share your own Aussie startup budgeting tips in the comm