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Making size matter from a small business accountant perspective

In the natural world there are many animals that have developed the ability to make themselves appear much larger than they actually are, the frill necked lizard being a great example. Why do they do this you may ask? Well there are various reasons and most of them relate to keeping themselves alive in tough environments. Most can be a great example for small businesses starting out and hoping to one day make it big. Here's my top five pointers and reasons for small businesses that want to "think big" and why it is essential for your survival.

1. If you want to compete with the big players in your market, then you need to think and act like they do. After all, they were small once too.
2. In order to protect yourself from outside threats and enemies, appearing and acting larger than reality can often work. Threats and enemies in this context can mean interest rate rises, market changes and many other variables that small businesses contend with on a daily basis.
3. Never ever be afraid to promote your business in any setting. Building a brand takes dedication and a well known brand in your market will promote customer loyalty and repeat business.
4. Treat your biggest customers like gold, no matter what it takes. Big customers often create referrals to other big customers. Losing your one big customer can kill a small business. If you have a handful of big customers then losing one of them, whilst painful, won't kill your business.
5. Having built-in defence mechanisms in your business for when the enemies attack should be done before the business even gets off the ground. Birds don't leave the nest until they have the ability to fly away from predators. Your business plan must have contingency plans for when plan A falls through. Even if you can only walk at this stage, be prepared to start running at any moment. In business terms, this means being ready and able to make the most of business opportunities as they arise and never having to turn down business.

I hope that these pointers have given you some insightful thoughts into how and why small businesses must be bold enough to act and think like their largest competitors. Then someday when you do make it big you'll be able to look back with great pride on how little you started with. Until then, think big!

 If you have any questions regarding what is discussed above please don't hesitate to visit us, your business accountants in Surry Hills. 

 
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