SMALL business owner Dan Watson of Retro Fit Electronics and LED's filled his notebook with ideas with ways to improve and grow his business during a special business luncheon yesterday.

Mr Watson joined 38 other small business owners to mark the commencement of Queensland Small Business Week.

The Capricornia Chamber of Commerce hosted business luncheon featured guest speakers who provided up to date advice and hints about the federal budget, tax updates, year-end planning tips and tricks, profit improvement and cash flow management ideas.

Flipping through his notebook, Mr Watson, 34, recalled several of the new tasks he had set himself for his 18-month-old business to prosper in this challenging market.

"Talking about cash flow and how to minimise excess wastage has definitely been helpful, there were a few things to go away and look at there," he said.

"There's a lot of things I need to follow up with my accountant and my business coach to work on areas of my business that need it."

Mr Watson highlighted the importance of measuring outcomes and establishing the needs of his customers as well as revamping his marketing strategy to go beyond word of mouth and Facebook advertising.

"I'm looking at getting out more in the public eye, meeting with and speaking with people directly providing them with information about how much money they can save on their energy costs."

Mr Watson said he has noticed a drop off in business in the second half of the financial year but work has been consistent.

Guest speaker, Evans Edwards accountant and business advisor Michelle Williamson, said things were "up and down" presently for Rockhampton small businesses.

"I think first and foremost they've got to have good record keeping procedures in place so that they've the information at their fingertips," Ms Williamson said.

"(Also) having a good relationship with their accountants so they can understand the financial impact of their decisions before they make them rather than by trial and error."

She said it was businesses like Mr Watson's who weren't afraid to take chances and were looking to improve their strategies that were doing better in the present economic environment than businesses who were sticking to the same old tried and true formulas.

Here's some of Michelle Williamson's general tips for business coming into the end of the financial year:

• Consider your cash flow & business needs, and take advantage of the extended $20,000 immediate tax deduction for asset purchases
• Pay your June quarter super guarantee and/or personal contributions prior to 30 June to get the tax deduction this financial year
• Get your record keeping system in place now so you can kick off next financial year on the right foot (better monitoring = better business management)
• Engage with your accountant early and get proactive to make the most of your business structure (& make sure you have the right one)
• Review your processes to weed out inefficiencies & make sure every step transforms your product in a way the customer wants