Funding your business
Studies of business failures show half of all new businesses are wound up within three years and three quarters close within five years. Getting the right advice from the start makes you think about your proposed business plans and prevents you from making a bad investment or becoming a business fatality.
Most businesses fail because of poor management, inadequate cash resources and poor cash control. You should not go it alone unless you really understand the world of accounting and finance. A good accountant will be as committed as you are to making the right choices for your business.
Need advice?
The language of business is money – and if you cannot talk this language you are financially illiterate. Even if maths is not your strength, it is most definitely in your interests to learn how to cost your product, calculate profit margins, prepare budgets, and analyse and interpret financial statements – profit and loss statements, balance sheets, and tax returns. The effort will pay off in a much deeper understanding of the dynamics of your own business, and you will be in a strong position to manage your finances day to day and plan for growth.
The Government of South Australian provides a range of advice and support services for small businesses principally through the Department of Trade and Economic Development, Business Enterprise Centres and Regional Development Boards.
The Australian Government provides assistance to small businesses through AusIndustry, and can also help with general information on:
- Budgeting
- Business planning
- Cost control
- Maintenance and prevention
- Advertising and promotion
Government grants
A number of grants are available for small businesses, many can be found on GRANTSLink. Food specific grants include:
- DAFF’s Regional Food Producers Innovation and Productivity Program (RFPIPP)
- AusIndustry’s CommercialReady, R&D Start, COMET, Small Business Enterprise Culture Program (SBECP) and Australian Tourism Development Program (ATDP)
- Austrade’s Export Market Development Grant (EMDG)
- Innovate SA Small Business Development Grant (SBDG) and Innovation Development Grant (IDG)
As grant programs change constantly, the easiest way to keep up with opportunities is to register with a grants website. Register with DTED.
How has the SA Food Centre helped others?
Industry Development Officers have assisted many South Australian food businesses with preparing applications for grants.
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Who can I contact?
Contact the SA Food Centre for assistance or further contacts to help with funding.
- Page last modified: November 15, 2011, 5:53 pm
- Welcome URL is http://www.safoodcentre.com.au/
- This page: http://www.safoodcentre.com.au/business_fundamentals/funding
