The Small Business Survival Series: Episode 1 - Preparation

The Small Business Survival Series | Plus business and communications tips designed to help simplify your small business.

Listen to the Alltel Australia Small Business Podcast series and learn from a successful entrepreneur who has grown his corporation from a family–run lounge room operation to a national telco. Alltel’s General Manager, Trent Brinsley wants to help you: - get your business off the ground - lay the foundations for growth and expansion - gain an understanding of the tools you can utilise to build and retain a customer base Trent shares the lessons he’s learnt from personal experiences over the past decade, and mistakes that have caused other start-ups to fail. Episode 1 covers the basic tasks you need to carry out before setting up a small business. Trent says it’s vital to know what steps you need to take from the outset, “poorly executed businesses are the ones that tend to fail,” he says. Startling statistics paint a bleak picture for start-ups. According to ASIC, 44% of businesses suffered poor strategic management in their early stages. And in the first three years, a disturbing number of businesses fail. Looking back, Trent says “the first 12 months are the hardest”. A common mistake people make is not doing their sums. Too many people fail to compare the income they earned in a full time position, against the turn over they need to generate in their business. Trent believes success comes down to understanding profit margins, cash flow and knowing what your time is worth. He says “it’s all about working smarter, not harder.” In episode 2, Trent discusses the importance of planning and preparation. You can contribute to the conversation, we’d love to hear from you! Send us your comments, questions and feedback by posting on the Alltel Australia Facebook page, or by going to the Alltel website.