Fiji Business Plan Advist from an Accountant

The business client is often advised to think of his own equity versus his bank borrowings. As the commercial bank guidelines are very stringent and they are willing to help unless the business borrowing is willing to give up his assets or shares for security.The banking sector views new businesses especially small businesses as a like a graduate with no experience!

A research conducted worldwide has found that out of 10 medium to small businessess that begins operating only 3 succeeds and the other 7 would have completely failed. The 3 major hurdles to a successful small business is:
• financing. The need to establish credit worthiness with the banks or lending institutions.
• expertise in management. This is required in order to manage a small business.
• proper accounting and bookkeeping records. The need to maintain accounting records and complying with regulatory measures such as P.A.Y.E with Inland Revenue, F.N.P.F etc.

There is a General Framework on how to do a business plan. The accountant as an advisor will:    
• make changes and provide alternatives where necessary
• make a SWOT analysis of the business (S-strengths, W-weaknesses, O-opportunities,T-threats)
• assist in the drawing up of the projections of the business.
• accompany the business client to the bank or the lending institution and vouch on your behalf. The accountant gives a service fee for assistance provided.

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