Running a successful trade business with your partner
If you’re running a trade business with your partner, you’ve probably experienced all the highs and lows a business has to offer.
And not only have you experienced them as a business partner, but you’ve experienced them with the person you share your life with!
Running a trade business together means you may face a number of unexpected struggles including long hours, juggling accounts and even hiring horrors.
However, you can ease business stress by following our tips below to successfully running a trade business with your partner.
Set SMART goals
As with any business, you and your partner should set SMART goals around your trade business. SMART goals are:
- Specific
- Measurable
- Attainable
- Realistic
- Timely.
An example of a SMART goal would be ‘increase our revenue by two per cent by the end of 2021/2022 financial year.’
Setting goals not only gives your business a direction for you both to work towards, but it helps you plan for the future! Many people who run a trade business make the mistake of only developing short term goals, when long term goals are just as, if not more, important.
Setting SMART goals for the short and long term can help avoid difficult conversations about where the business is heading.
Choose the right accounting software
If you’re managing the accounts and payroll for your trade business, choosing the right accounting software is crucial.
You need to find software with the capabilities your business needs like invoicing, payroll and transactions.
With dozens of systems on the market, it can be difficult to choose one that’s going to suit your business and its needs. Luckily, Xero is tailored to suit all businesses and makes bookkeeping seamless.
Not only does it include invoicing, quoting and payroll, which are ideal for tradies, but it also has automatic bank transactions and reconciliations.
Find out more about why we recommend Xero for our clients here.
Outsource your accounting
Unless you’re a qualified accountant, we always recommend outsourcing your accounting. You’re not expected to understand all the ins and outs of your business financial compliance – that’s what we’re here for!
Our team are experienced trade accountants and can work with you and your partner to help manage your finances and stay organised.
We can give you peace of mind surrounding ATO compliance and ensure your business is up to date with all its necessary requirements.
Outsourcing your accounting means you can get your time back and focus on running your business and your family.
Keep informed about industry and business changes
The fast-paced world we live in means that business is constantly changing. You need to stay up to date with the latest industry changes, finance updates and anything which may affect your trade business.
Follow relevant industry groups on social media or subscribe to their newsletters. Keep up to date with changes in finance and accounting by following us on Facebook.
It’s also important to stay up to date with any changes to insurances your business may need including:
- Public and product liability
- Commercial motor vehicles
- Personal accident and illness
- Portable property
Staying on top of industry changes means you and your partner will remain one step ahead of other trade businesses and can focus on successfully growing your business.
Running a successful trade business doesn’t have to be hard if you have the right support.
Get in touch with us to see how we can help ease the stress of running your trade business.
