Cruz and Co

We know tax. Let us look after yours.

  • Home
  • About
    • Meet the Team
    • Our Clients
    • Testimonials
  • Services
    • Tax Consultant and Compliance Services
    • Small Business and Sole Trader Accountant
    • Outsourced Accounting Solutions
    • Business Structure
    • Outsourced CFO
    • Working Visa Refunds
  • Resources
    • Tax Refund Process
    • Client Assistant Schedule forms
    • Downloadables
    • Helpful Links
    • Rental Property Cashflow calculator
    • SMSF Tax Refund Process
  • Contact Us
  • Blog

Connect with us

  • Facebook
  • LinkedIn

How Start-Ups Can Accelerate Growth

By: Brad Paterson

TachometerStartups and small businesses play a vital role in Australia’s economy. According to the Australian Bureau of Statistics, SMBs make up 96 per cent of all Australian businesses.

As a former small business owner and now an executive who works closely with startups and small businesses, it’s been encouraging to see the Government support Australia’s entrepreneur eco- system. The National Innovation and Science Agenda released by Prime Minister Malcolm Turnbull is a significant step forward to remove the stigma of failure and encourage entrepreneurs to learn from mistakes and try again.

Research shows one in four startups close their doors in the first year of business, and only half make it through the third year. One of the contributing factors is the lack of financial knowledge entrepreneurs have when starting out. Intuit’s own research found only 12 per cent of startups have a thorough understanding of their business’ finance.

In light of these sobering statistics, here are three simple steps entrepreneurs can take to set themselves up for success.

1. INVESTIGATE GOVERNMENT GRANTS AND ASSISTANCE

Many of the announcements supporting the National Innovation and Science Agenda focus on empowering entrepreneurs and small business owners to take advantage of Government and global opportunities.

When starting out, it’s important to investigate all available Government and community-based options to help your business. A range of support is available, at all levels, from business mentorship and professional growth training to product or service development.

To get started, check out the Australian Government’s business resource website or talk to your local Business Enterprise Centre.

2. LEARN HOW TO MANAGE BUSINESS FINANCE

Our customers tell us that key challenges when starting out include juggling multiple tasks and, also, undertaking tasks without much experience. Finance can often fall into this basket.

Enrolling in a basic, short accounting or finance course is a valuable way for entrepreneurs to build the right financial foundation.

Mentors are another useful resource to support business growth, as they provide insights into how to better manage finances and on-the-job learning, coaching and practical tools and techniques. Interestingly, in recent Intuit research, only one in five entrepreneurs recognised a mentor would be helpful when building their business, which suggests there’s an opportunity they may be missing out on.

3. HIRE AN ACCOUNTANT OR BOOKKEEPER

Once your business starts experiencing growth and you can hire people, it’s worth looking for accountancy or bookkeeping support, whether that’s in-house or outsourced.

Accountants and bookkeepers play an important role in the success of small businesses as they can help business owners interpret data in cloud accounting software to identify growth opportunities, that may otherwise go missed. They also help by ensuring you meet necessary regulatory and compliance requirements.

Whether you’re an entrepreneur with an idea or an established startup, you wouldn’t be in it if you weren’t passionate about your business. The early days are beyond hectic, but don’t fall into the trap of having tunnel vision. Pull back and make sure you’re setting yourself up for success from the very beginning.

Source via Dynamic Business

Testimonials

  • Dr Krish Perananthan

    Cosmetic and Implant Dentistry

    Ritchie was recommended to me by my father and I have also continued to recommend him to my friends. He is reliable, efficient and has a…

    Read full testimonial
  • Regina Wang

    Business Tax – Beauty Salon 

    Ritchie has been managing my tax matters as a sole trader for 2 years+. Always very responsive to my questions and make effort to reply…

    Read full testimonial
  • Jae Kwon Yoo

    Business Tax – Electrical Contractors

    Ritchie is awesome. He is very professional and responsive and he is always there to help you. He even replies during weekend. He needs some…

    Read full testimonial
  • Zac Fryer

    Director, Import and Distribution Company

    Ritchie Cruz provides and high level of accounting expertise and goes above and beyond in answering any queries we have.

    Read full testimonial
  • Kellie Pincham

    Director
    Automotive Parts Retailing business

    Cruz & Co offer a great professional and friendly service. Ritchie gave me confidence running the business knowing that he was readily available for…

    Read full testimonial
  • Daniel Robey

    I have and continue to recommend Cruz and Co to many businesses and individuals who are looking for a business advisor and accountant that goes over and above…

    Read full testimonial
  • Napoleon Guines

    Director, Travel Company Operations

    Ritchie Cruz and Co are accommodating and have excellent service.

    Cruz & Co have impressed me the most is due to their efficient service.  They are…

    Read full testimonial
  • Jonathan Fambart

    Business Tax – Travel Industry

    Cruz & Co was introduced to me this year and it was the best decision for my sole trader and personal taxation affairs. Ritchie the…

    Read full testimonial
  • Vanita Aloda

    Restaurant Owner

    Ritchie Cruz is my Accountant. We have a solid 10 year relationship.

    Ritchie as always provide me with honest and efficient service.

    Is a great communicator, always replies efficiently to…

    Read full testimonial
  • Jonathan Yeoman

    Director, Technical Design Company

    This is a new business startup and Cruz&Co. have provided great help, guidance and reassurance from the beginning.

    Ritchie has provided us with excellent service and…

    Read full testimonial

© 2025 Cruz & Co.

  • Home
  • About
    • Meet the Team
    • Our Clients
    • Testimonials
  • Services
    • Tax Consultant and Compliance Services
    • Small Business and Sole Trader Accountant
    • Outsourced Accounting Solutions
    • Business Structure
    • Outsourced CFO
    • Working Visa Refunds
  • Resources
    • Tax Refund Process
    • Client Assistant Schedule forms
    • Downloadables
    • Helpful Links
    • Rental Property Cashflow calculator
    • SMSF Tax Refund Process
  • Contact Us
  • Blog