Checklists for Small Businesses

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Chapter 1: a step-by-step guide to hiring staff

Hiring people might be time-consuming, but it's necessary if you want to expand your company. It's critical to get your team properly since they can become your most valuable asset.

Choose the best candidate for the job

Here are 12 actions to ensure you comply with Australian employment legislation before and after recruiting staff to make your life easier.

1. Make a detailed job description
   Make sure you know what kind of individual you want to hire, what talents they'll need, and how much (or how much range) you're willing to pay. Keep a precise record of each candidate's skills, limitations, expectations, and interview notes throughout the hiring process. When choosing your prefered candidate, you'll need to refer back to this list.
2. Establish who is conducting the hiring. How long will it take you to hire each new employee? Consider all of the responsibilities, including:
   • writing the job description
   • advertising the job (online and offline)
   • communicating with prospective candidates
   • answering questions about the job and your business
   • interviewing and screening applicants
   • communicating with unsuccessful candidates.
3. Make sure every worker has a Tax File Number.

A Tax File Number (TFN) is a nine-digit number that must be used by every employee in order for the Australian Taxation Office to identify them (ATO). Each employee has a unique TFN.
Employees' TFNs remain with them for the rest of their lives, even if they change employment or leave the country (only to return later). Their TFN does not alter whether they relocate across states or change their name.
A TFN is required to deal with the ATO as well as many other Australian government organisations. If your employees don't have a TFN, they can apply for one online, but they'll still need to go to a post office or an ATO office to complete the procedure.

Keep up-to-date tax records

You must preserve accurate tax records for a period of five years by law. It's critical that you keep them safe, secure, and easy to reach. This should be possible with your accounting programme.
The correct accounting software can also help you keep track of deductible spending and monitor your business's financial and tax position in real-time.

Business expenses that can be claimed to lower your overall tax burden are known as deductible expenses.

Recognise your tax responsibilities

When you hire a new employee for your company, you are responsible for their taxes as well as their superannuation payments. It doesn't make a difference whether you recruit people on a contract basis, on a part-time basis, or on a full-time basis.
If you are a director of your company, these responsibilities may apply to other members of your family as well as to you. The following items could fall under the category of your responsibilities:

• • pay as you go (PAYG) withholding tax
  • superannuation guarantee
  • fringe benefits tax (FBT).

Your responsibilities begin the moment your employee (or contractor) starts working for you and continue until the job is completed. Some of these responsibilities will persist even if you no longer work as an employer.

You must be quite clear about your legal responsibilities. Consult your accountant to ensure that you comprehend them and are aware of your duties.

Note important dates and assignments

When you're running a small business, there are a lot of things to keep in mind. Your new employee should make things easier for you. However, while they are getting up to speed with everything, you may discover that your workload increases at initially.

Signing up for reminders using some of the freely available web tools is a good way to remember some of the most important occasions.

The Australian Taxation Office (ATO) has an app that can assist you. It can check up important dates and send you reminders or alerts about your tax and retirement requirements. If you prefer to use your desktop calendar for reminders, you can utilise the ATO's reminder service, which automatically adds important dates to your calendar.

Get posters regarding employee rights and put them up

Under Australian employment law, all employees have certain basic rights. Many employees, on the other hand, may be unaware of or misinformed about their rights. You are required to post posters in your workplace that explain employee rights to assist your employees.

Make sure you have workers' compensation insurance

What happens if one of your employees is hurt on the job? Workers' compensation is a legal requirement for your employees. If your employees are wounded at work, this gives wage replacement and medical benefits. Workers' compensation is administered by each state's own laws and government agency.
Each insurer:

• • assists employees in avoiding injuries at work
  • enforcing health and safety regulations
  • supplies employers with workplace injury insurance
  • enables injured people to return to work
  • is in charge of the workers' compensation system

Establish a payroll system

When it comes to payroll, you have the option of completing everything yourself. Having your accountant or bookkeeper do the setup for you.

Check to see if your accounting software can handle all of your payroll requirements. Paying employees should be a breeze now that you've integrated payroll into your accounting software.
Look for software that does the following:

• makes it simple to stay compliant
• can pay your employees efficiently
• files reports with the Australian Tax Office (ATO).

Maintain a file for every employee

It's critical to have up-to-date and correct records for all of your employees so you can calculate their salary and benefits. You'll also need records to hand over to your employee's union or representative if they ask for them.
Each employee's file should contain the following information:

• • full name, address and contact details
  • emergency contact details
  • a signed copy of their employment contract (full-time or part-time)
  • tax details
  • preferred payment method and details, for example, internet banking
  • any other important information about them.

Make an electronic copy of these details and save it to the cloud with services like Box, Dropbox or Google Drive. These documents must be preserved for a minimum of five years.
Contact your adviser if you're unsure about what information you can and should collect for each employee.

Make it simple for your staff to access all of your cloud-based applications

Employees may require access to non-confidential company information like as policies, training manuals, procedures, or job-specific instructions, depending on the nature of your organisation.Consider using a single sign-on service like OneLogin, Okta or Google Cloud.

You can provide each employee access to their own information. You can also restrict their access if necessary if you set yourself up as an administrator. Keep in mind that you should be able to alter the passwords to any third-party websites, as there may be occasions when your employees no longer require access.

Be specific with your objectives and goals

Even if you only have one employee, it's critical to identify and agree on expectations from the start. From the interview process, they should have a decent sense of this.
It's also true in the other direction. Tell them what you'll give them in exchange. This is a business partnership, thus mutual trust, respect, and honesty are essential. The better you treat your staff, the more committed they will be to your company.

Your most precious asset is your workforce, so make informed decisions

The steps described up top need to be carried out in order, regardless of the number of people you are trying to acquire. Be sure not to overlook the importance of planning how you will retain valuable staff and recognise their hard work. There are numerous additional possibilities available outside income and pay, some of which include incentives and advantages that are not monetary in nature.

Always keep in mind that your most valuable asset is the people who work for you. Finding decent human beings can be challenging. Recruiting new employees may be an expensive and time-consuming endeavour.

It will be possible for you to hire the proper personnel if you follow the stages in the right order. If you treat your employees well, not only will they stay with you for longer but they will also be more productive.

Chapter 2: Steps to take before launching a business

There are several things to consider while beginning a new business. It can be difficult to keep track of what you need to accomplish and when you need to do it. This checklist for starting a business comprises the most crucial steps to get you started.

17-point guide to launching a business

A notion is the first step in starting any business. You'll need more than simply an idea to turn your ambition of owning your own business into a profitable reality. It helps to have some luck, as well as a good plan, some talents, some money, and some time.

Utilizing this list as a guide, you will be able to successfully navigate the early stages of your organisation. Make use of it as a reference when establishing and managing your new business.

You will be able to get your new business up and running with the help of our 17-step checklist.

1. Describe your selling proposition
   You must have a distinct selling point (USP). It's critical to identify what sets your company apart from the competitors. Make a two-sentence summary — then memorise it. You'll use it every time you make a pitch to potential investors or customers.
2. Look for a business mentor. Find someone who will give you honest opinion about your firm, whether it's a business advisor or a financial guru. Small Business Associations and Small Business Development Centers are good places to start.
3. Plan your business
   You'll need to summarise your business as it is now and sketch out your vision for how it will be in the future while writing a business plan.
4. Registering trademarks and web domains
   You'll need a website, so look for and register appropriate domain names. Consider trademarks as well; speak with your lawyer about this.
5. Establish your corporate structure

Choose a legal structure that best suits your needs. An accountant can assist you with this.

1. Ensure that your business will eventually be profitable
   Is it possible for your company to generate a profit? Run profit and loss projections using accounting software. Seek the advice of an accountant or financial expert.
2. Set up a business bank account
   Even if you're just starting off, don't use your personal account. Keeping your business and personal finances separate is always a good idea. A credit card and a PayPal account may also be beneficial.
3. Set up company insurance
   Even the tiniest businesses require insurance. To determine the best deal for you, speak with a broker.
4. Sign up for taxes
   You'll require an ABN and TFN from the Australian Tax Office, as well as GST and PAYG registration.
5. List the expenses that can be deducted from taxes
   Rent, equipment, and internet charges can all be deducted from your taxes, so chat to your accountant about it.
6. Build a website

If at all possible, use the website domain name you've previously registered.Services like Squarespace, WordPress, Moonfruit and Onepager will get you online quickly. You can always update and upgrade your website later.

1. Make accounts on social networks. Different businesses require different types of social media. A Facebook page and a LinkedIn profile may be required, or you may only require a Twitter account. Investigate your competition or consult with a mentor to understand what will work best for your company. Look for inspiration in companies that you aim to be like.
2. Request internet promotion from others
   Make contact with people from your social networks. Tell them about your new company and ask them to forwards a link to your website to their contacts.
3. Select the ideal personnel
   Hiring the right employees is crucial. Even if you can only hire one or two employees at first, it's critical that you hire well and choose the right people.
4. Consider your use of technology
   Almost every business makes use of technology. Consider whether you require computers, tablets, or cellphones — or all three. If you're unsure, contact a local IT firm.
5. Select your enterprise applications
   Software is becoming increasingly powerful and user-friendly. Choose online applications for your work if at all practicable. Google Docs and Microsoft Office 365 are two examples. As a result, you'll be able to access your important data from anywhere at any time.
6. Safeguard your info
   Businesses that lose data also lose money. For peace of mind, choose cloud-based software.

Continue to push yourself

Successful firms are able to continue operating even when their competitors have closed their doors. The inner drive of a successful business owner is what makes them successful. Your frame of mind will be one of the determining factors in whether or not your business is successful. You just need to keep going, and eventually, all of your hard work will pay off.

When it comes to launching a new company, it is necessary to complete each of the steps included on this checklist. However, taking use of them does not in and of itself ensure that one will be successful. Unless you put in a lot of hard effort, make smart decisions, and have fantastic workers, you will not be successful in accomplishing your goal. Keep your cool, brace yourself for some challenging circumstances, and give it your absolute best effort!

Chapter 3: 12-point Amazon seller's guide

Selling on Amazon is a smart business move for several reasons. It won't take long to get your business off the ground if you have a sizable potential customer base and low overhead costs. However, this is in no way comparable to managing your own retail establishment. Everything you need to know about it is included in this article.

12-step Amazon seller checklist    

Amazon is one of the largest online retailers in the United States. Amazon's website supports over two million vendors who make a living by selling their wares.

However, your warehouse does not have to be a large corporation.

Many sellers are small businesses, or they are hobbyists with other jobs. If you’re ready to get started selling on Amazon, this checklist will help you.

1. Recognise Amazon's fee schedule so you are aware of your expenses. For $39.99 per month, you can sell an infinite amount of things with a professional account. However, you'll need to adjust that figure to account for selling costs and other fees. This can sum up to 15% or more in some cases.
2. Open a new Amazon account under your company name
   You may already have an Amazon account that you use to make purchases. Create a separate company for selling. This will assist you in managing your funds and will make you appear more professional.
3. Include billing information in the necessary Amazon account information
   Amazon requires business information as well as a credit card number. They require this information in order to charge monthly membership fees and to determine whether or not you have a negative account balance.
4. Find a lucrative and competitive price. Customers will flock to you if you charge the proper amount, and you'll make a large profit margin:
   • Examine the competitors to see what they're charging.
   • To figure out what pricing is lucrative for you, use good accounting software.
   • Consider tools such as Profit Bandit, which uses bar codes. It will calculate your profit based on 15 variables, such as mailing rates and Amazon fees.
5. Select the appropriate category for the goods you sell
   There are about 20 different categories on Amazon. Customers will be able to find your goods easier if you choose the proper one. Some things sold are subject to restrictions. Learn more about the limits that apply to categories, products, and listings.
6. Utilise excellent content to boost sales
   The greatest content will attract customers and persuade them to buy from you while you're selling on Amazon. Try:
   • employing keywords in product titles and descriptions that you believe users will look for
   • incorporating relevant product data
   • providing precise and thorough information
   • the use of excellent photography - a picture is worth a thousand words
   • spreading the word on social media - create a blog about your products, highlight unique characteristics, and keep people updated.
7. If you wish to send items yourself, think about using Amazon's Fulfillment by Amazon service (FBA)
   When it comes to sending your products, you have two options:
   • It will cost you money to have Amazon fulfil your order. However, if you select this option, Amazon will take care of warehousing, shipping, and returns.
   • You may be able to save money if you want to do your own fulfilment. However, because shipping and handling will be paid, it may prevent Amazon Prime members from purchasing.

Use accounting software to test each scenario, just as you would with any other selling decision. This will assist you in determining which choice is the most profitable.

1. Prepare your packaging and brand it to promote your company
   Every package you deliver to a customer is an opportunity to promote your business. You'll need the following items:
   • a laser printer
   • shipping labels, such as Avery address labels
   • strong packaging materials
   • scales for accurately weighing your packages and calculating shipping costs.

Amazon will ship your items in Amazon's outer packaging. Internal packaging, on the other hand, can be customised with your logo.

1. Start small and launch a few products to test the market
   The learning curve for newcomers to internet retailing can be severe. Start small to get a feel for the situation. Get a handle on billing, payment processing, and customer service.
2. Take advantage of specialised offerings and exclusive promos
   You aren't restricted to just basic sales. Special promotions, gift wrapping, and one-of-a-kind sales goods are all possibilities. These are excellent strategies to set your products apart from the competition.
3. To make your sales plan more effective, use Amazon's reporting
   The Seller Central Area on Amazon provides you with inventory data, sales promotions, and other important information. This is useful for anticipating sales and inventory planning. Don't forget about seasonality: during the holiday season, sales can more than triple, so be ready for a boom.
4. Take every possible measurement, especially while making modifications
   It's tempting to change things up from time to time, whether it's the goods, the presentation, or the marketing. Make sure you track the numbers before and after sales to identify what works and what doesn't.

You may get into one of the world's largest markets by selling on Amazon's platform. It can also help you save time when it comes to fulfilment. You may be successful at selling on Amazon if you put in a little effort and have the appropriate mindset and strategy.

Chapter 4: 10 regular tasks for a healthy business

When you're running your own company, time flies. As you focus on day-to-day tasks, days can rapidly grow into weeks. And it's easy to lose sight of the big picture when you're working so hard. Our monthly checklist will help you stay on track with your business.

10 things you can do to keep your company healthy

This monthly checklist will assist you in assessing the health of your company and remaining in command.

1. To get a financial overview, take a step back
   Your company will fail if you don't keep a close grasp on your funds. Make sure you handle the following things with care:
   • expenses and bills – pay quickly to ensure goodwill
   • invoices – chase all late payers
   • payroll – ensure all staff records are up to date
   • taxes – file your returns and pay on time, every time.
2. Examine supplier account statements
   Are your vendors charging you a reasonable price? Do you think you're still getting excellent value for your money? If not, it may be time to seek for new vendors.
3. Study the year's sales
   Take a look at your sales year over year. Are you doing better this year than you were last year at this time? Are your costs and profits in line with what they should be? Refer to your company plan and make any necessary adjustments.
4. Closely monitor the stock
   If you manage a retail or manufacturing business, your inventory is your lifeline. You ought to:
   • carefully match stock levels to sales forecasts
   • make special provision for perishable goods
   • ensure storage is safe and secure
   • work with your accountant or bookkeeper to find the optimum stock levels.
5. Make sure your clients recall you
   Customers are prone to forget your service or product in a competitive marketplace, therefore make it easy for them to remember:
   • Use a CRM (Customer Relationship Management) or MAS (Marketing Automation System) solution to manage your customer relationships. This will keep your clients and partners informed about your company's progress.
   • Make use of all accessible communication channels. Email newsletters, for example, are a highly successful way to stay in touch with clients if they're effectively written.
6. Share information about your company on social media
   If you use social media on a regular basis, it may be a really successful marketing tool. Make sure your blog is always updated with new content, and send out new tweets and Facebook and LinkedIn updates.
7. Review the usage of your website
   Google Analytics is a tool that makes it easier to understand your website traffic. It will show you which pages are performing poorly and which are performing well. If necessary, seek the assistance of a web developer.
8. Keep up with business news
   Every month, set aside two hours to analyse industry news. Sign up for Google Alerts and set a notification to receive the news in your email. You may create one for'medical trends' or 'new technology in medicine' if you're a medical industry consultant.
9. Safeguard your info
   Use cloud-based applications to store data and ensure that it is constantly accessible and backed up automatically. When it comes to burglary, fire, or natural disasters, relying on your hard drive leaves you susceptible. If you keep data on your hard drive, make sure you back it up at least once a month, either online or on an external device.
10. Consult your advisors
    Make appointments with your accountant or book-keeper, your board of directors, and your investors. Meet them for a half-hour coffee conversation in the office or a cafe. Examine your company's performance over the last 30 days and quarter to ensure you're on track.

Business owners who are successful have good routines

Make a practise of scheduling aside time for monthly activities to set yourself up for success. Business can move quickly, particularly in the initial year. As a result, make this checklist a top priority to verify that your company is on the correct track. This will keep things on track and under control, which can be crucial.