Determination the key to small business success

Business

 

When this Indigenous owned and run catering business was forced to close during COVID lockdowns, business owner Niyoka Bundle decided to open not one but two new businesses. 

Promoted by Intuit QuickBooks 3 minute read

Cash flow the key

The pandemic has not been kind to many small hospitality businesses, who have been forced to shut their doors and rely solely on takeaway services. 

One business that has steadfastly pursued new markets in the face of adversity is Victorian-based Pawa Catering.

When the catering arm of the enterprise was forced to close down during lockdowns, founder Niyoka Bundle took the opportunity to spread her wings. She developed a make-your-own pizza kit, which was a huge success. 

Now, the business is one of the first Indigenous, female-led companies to make gin with unique native ingredients not previously used in the making of craft spirits. Bundle says having an experienced, insightful accountant has been instrumental in her journey. 

“I have worked with my accountant Tish right from the beginning of my business in 2018. I go to her for everything finance related and beyond. We work together on the accounting side of the business, I also ask her for business advice, cash flow forecasting and business financial reports,” says Bundle.

“Tish keeps me on track to successfully run my business. She gives me peace of mind, as I know my accounts are in great hands,” she adds.

Bundle says lockdown periods were a great time for strategic planning. “We talked about so many ideas, inventions, possibilities and one we kept coming back to, was a food product that would feature native ingredients. We talked about wine, chocolate, cheese, iced tea, until we came to gin and decided that would be a great venture to showcase indigenous ingredients,” says Bundle.

“The craft in gins is taking off worldwide. We invested a lot of time and money into our new gin business. Now our gin company is on the rise and have had consistent sales since launching,” she adds. 

Expert accounting advice

Tish Bhagwandeen, founder of small business advisory firm InFinance Solutions, is Bundle’s accountant. “The way Niyoka ran the business last year was very strategic.” 

She acknowledges cash flow management has been especially tough for small businesses over the past year. “The government provided fantastic support, but we had to deconstruct what that means for clients like Niyoka,” she says. 

Tish says she has also been an important sounding board for her clients during the pandemic.  “A lot of the time I just found myself listening to clients. They needed to hear they are not alone in this.”

How to be successful in business

Niyoka says to be successful in business, what’s important is to have a knowledgeable, hands on accountant right from the start. “This will allow you to keep on top of your finances with monthly and fortnightly reporting. Also, have forecasting and strategies in place for the future growth and when times are hard and business is down.” 

She says managing cash flow is crucial for the business, especially during COVID. “Knowing how much money is going in and out of your business is essential. Having this in place is also key to apply for grants and cash flow loans and assistance.”

Niyoka recommends relying on your accountant for financial forecasting for potential upscale and growth.

“Your accountant should be able to provide in-depth knowledge into monthly profit and loss to provide insight into where your money is going and actively rectify any problems. An accountant is more than monthly tax and GST reporting, they are the insight into your financial success.

They will be able to help you to understand where to focus your efforts and give you a head start in their business by being compliant in all areas financially from the inception of their business.”

At the end of the financial year, Tish says it’s important for small businesses to regularly communicate with their accountant so they can add the most value possible in the year ahead.

“Also reach out to other businesses, look at what they are doing and learn from their stories. And, don't give up. We are a resilient nation which is a key to success.”

Contact Intuit QuickBooks today to learn how our cloud accounting software and suite of smarter business tools can help advisors save time so you can support your small business clients’ success.

 

 

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