Since the COVID19 shock of 2020, Australian business owners are faced with an ongoing business situation that has never been experienced before. As we head into 2022, they start to recover and find a way to survive. However, the future is still unknown.
History shows that setbacks eventually subside and we will come out the other side. Over time, the market place will return to a different normal. However, as business owners, our first challenge is to survive the immediate future.
Some will reinvent in themselves and other will have to close. Take a lesson from the farming community who have to face floods, droughts, bush fires and do know it will come good. Unfortunately some don't get over the mental anguish.
If you can survive, think about restarting with a stronger foundation and a changed and more resilient business model.
Why do I say this? because I have experienced this in the past. Lost everything and had to start again.
History shows that setbacks eventually subside and we will come out the other side. Over time, the market place will return to a different normal. However, as business owners, our first challenge is to survive the immediate future.
Some will reinvent in themselves and other will have to close. Take a lesson from the farming community who have to face floods, droughts, bush fires and do know it will come good. Unfortunately some don't get over the mental anguish.
If you can survive, think about restarting with a stronger foundation and a changed and more resilient business model.
Why do I say this? because I have experienced this in the past. Lost everything and had to start again.
The following 33 Business Insights are based on my experience in advising business, facilitating business workshops for Small Business Victoria and as chair of two monthly business groups in rural Victoria and regional cities who come together in a confidential forum to share business issues and experiences.
Having owned and operated a food and beverage company over a fifteen years period from start-up to its eventual sale, I experienced many highs and lows associated with a fast growing business that required careful cash flow techniques and performance monitoring. I was forced to sell when the stock exchange crash came in 1987 and now acknowledge that I was in a comfort zone and should have had a contingency plan.
Note that these insights were developed pre COVID-19 and have been revised to meet the rapidly changing way people will work in the foreseeable future. We have to unlearn some of the ways we conducted business pre 2021. Effective Leadership attributes have not really changed, business is still about people doing business with people, our experiences and knowledge is still with us and consumers still buy goods and services. What has changed is the way consumers have embraced technology and how goods and services are marketed and delivered.
Having owned and operated a food and beverage company over a fifteen years period from start-up to its eventual sale, I experienced many highs and lows associated with a fast growing business that required careful cash flow techniques and performance monitoring. I was forced to sell when the stock exchange crash came in 1987 and now acknowledge that I was in a comfort zone and should have had a contingency plan.
Note that these insights were developed pre COVID-19 and have been revised to meet the rapidly changing way people will work in the foreseeable future. We have to unlearn some of the ways we conducted business pre 2021. Effective Leadership attributes have not really changed, business is still about people doing business with people, our experiences and knowledge is still with us and consumers still buy goods and services. What has changed is the way consumers have embraced technology and how goods and services are marketed and delivered.
INSIGHT No 1 HAVE A CLEAR VISION FOR THE FUTURE
If your staff were interviewed and asked to explain what your vision for the future looked like, how many different versions would you hear? The answers at the end of 2021 would be very confusing given the business activity rollercoaster with COVID-19 lockdowns. Many small to medium operators suffered reduced or zero cash flow due to a lack of income as customers are required to stay home and there no consistency in staying open.
As the economy recovers and will slowly rebuild beyond 2021, visioning and planning is important. If you don't know where you are going then how do you know when you have arrived?
More importantly how would your staff know what they should or can do to help you get there? Would you hop on a train or bus if you didn't know where it was going. So, how do you expect your business and its key drivers, your people, to follow you if they don't know where your business in heading?
More than ever you need to create a vivid picture of what you want the future to look like and make sure everyone around you can see the same image and are motivated to work with you in collaboration to get there.
If you cannot do this, then you will waste a lot of time, effort and money and eventually, you will not survive.
If your staff were interviewed and asked to explain what your vision for the future looked like, how many different versions would you hear? The answers at the end of 2021 would be very confusing given the business activity rollercoaster with COVID-19 lockdowns. Many small to medium operators suffered reduced or zero cash flow due to a lack of income as customers are required to stay home and there no consistency in staying open.
As the economy recovers and will slowly rebuild beyond 2021, visioning and planning is important. If you don't know where you are going then how do you know when you have arrived?
More importantly how would your staff know what they should or can do to help you get there? Would you hop on a train or bus if you didn't know where it was going. So, how do you expect your business and its key drivers, your people, to follow you if they don't know where your business in heading?
More than ever you need to create a vivid picture of what you want the future to look like and make sure everyone around you can see the same image and are motivated to work with you in collaboration to get there.
If you cannot do this, then you will waste a lot of time, effort and money and eventually, you will not survive.
INSIGHT No 2 ENGAGE AND COMMUNICATE WITH YOUR EMPLOYEES
Don't think that people have left their brains at home just because they have come to work. I often see business owners treating their staff as if they are adolescents. This is especially so in family business where the second generation are employed. Outside their work place your employees manage families, sit on local committees, help others in the community, offer opinions and advice to friends and are not afraid to state their opinion. Find a way whereby you can harness that knowledge, attitude, enthusiasm and experience to ensure that their input at work is meaningful and productive for everyone. Make sure you are hearing what they are saying and not just listening.
With the migration to many working from home during 2020/21, it's likely that future employees will work both at home and at the office in rotation. You need a communication strategy that ensures your method of communication is not a 'One size fits all' and is delivered in a way to meet the diversity of how employees take in information within your workplace.
Don't think that people have left their brains at home just because they have come to work. I often see business owners treating their staff as if they are adolescents. This is especially so in family business where the second generation are employed. Outside their work place your employees manage families, sit on local committees, help others in the community, offer opinions and advice to friends and are not afraid to state their opinion. Find a way whereby you can harness that knowledge, attitude, enthusiasm and experience to ensure that their input at work is meaningful and productive for everyone. Make sure you are hearing what they are saying and not just listening.
With the migration to many working from home during 2020/21, it's likely that future employees will work both at home and at the office in rotation. You need a communication strategy that ensures your method of communication is not a 'One size fits all' and is delivered in a way to meet the diversity of how employees take in information within your workplace.
INSIGHT No 3 UNDERSTAND YOUR ADVANTAGE OVER YOUR COMPETITION
If you really want to succeed in the new competitive market, separate yourself from the crowd and rise above your competition.
You must have a demonstrable difference in the way you make your clients feel about your business. What is the most compelling reason a buyer should favour you over your competitors? Once you have identified your sustainable competitive advantage (SCA), ensure that everyone understands it. Your SCA must be your number one marketing message in showing how you meet your customer's needs. Finally, make sure you can sustain it.
If you really want to succeed in the new competitive market, separate yourself from the crowd and rise above your competition.
You must have a demonstrable difference in the way you make your clients feel about your business. What is the most compelling reason a buyer should favour you over your competitors? Once you have identified your sustainable competitive advantage (SCA), ensure that everyone understands it. Your SCA must be your number one marketing message in showing how you meet your customer's needs. Finally, make sure you can sustain it.
INSIGHT No 4 UNDERSTAND YOUR CASH FLOW, REVIEW MONTHLY AND IMPLEMENT A TWELVE MONTH BUDGET
Cash is the lifeblood of any business. In 2021/022 it has also been shown how important it is to have a pool of working capital.
In the future there will be no value in growing your business, showing a healthy profit on the books and not having any money in the bank to pay the bills. If you don't have the systems in place to forecast your cash flow over the next three to six months your are, in effect, flying blind.
After people management, cash flow management is the most important daily, weekly, monthly task you must master. If you are unsure how to manage your cash flow properly, seek outside advice.
If you don't know how to prepare a budget seek out a virtual CFO.
Cash is the lifeblood of any business. In 2021/022 it has also been shown how important it is to have a pool of working capital.
In the future there will be no value in growing your business, showing a healthy profit on the books and not having any money in the bank to pay the bills. If you don't have the systems in place to forecast your cash flow over the next three to six months your are, in effect, flying blind.
After people management, cash flow management is the most important daily, weekly, monthly task you must master. If you are unsure how to manage your cash flow properly, seek outside advice.
If you don't know how to prepare a budget seek out a virtual CFO.
INSIGHT No 5 LOOK TO INCREASE SALES AND SERVICE TO CURRENT CUSTOMERS
Don't forget about existing and past customers. Reconnect and stay in touch with them on a regular basis. Develop a customer contact program and ensure your staff understand the importance of this. Don't give your customers a reason to drift to your competitors.
Studies show that it costs many more time to gain a new customer than it does to keep an existing one. Many businesses I have met over time have customer data or files of customer and records that are just sitting in your system.
Do you understand the lifetime value of an existing customer? There are many great software programs that can assist in customer data and contact plans and you should be implementing one.
Don't forget about existing and past customers. Reconnect and stay in touch with them on a regular basis. Develop a customer contact program and ensure your staff understand the importance of this. Don't give your customers a reason to drift to your competitors.
Studies show that it costs many more time to gain a new customer than it does to keep an existing one. Many businesses I have met over time have customer data or files of customer and records that are just sitting in your system.
Do you understand the lifetime value of an existing customer? There are many great software programs that can assist in customer data and contact plans and you should be implementing one.
INSIGHT No 6 HAVE THE RIGHT BALANCE IN YOUR LIFE TO SUIT YOUR PERSONALITY
Only you can make the decision to make a change. I have know many business owners who think it's a badge of honour when declaring that holidays are something that other people do. Or, they have poor time management and think that only they can run the business and must be there all the time.
Family time, mixing with friends, going out with others, reading, exercise, fishing, doing nothing in a deck chair, going to events, or what ever it is you should do. Do it !
One day you will wake up and wonder where your children and family went and you have become lonely wishing your life away.
Your business will benefit if you are in sound mind and enjoy a healthy body.
Only you can make the decision to make a change. I have know many business owners who think it's a badge of honour when declaring that holidays are something that other people do. Or, they have poor time management and think that only they can run the business and must be there all the time.
Family time, mixing with friends, going out with others, reading, exercise, fishing, doing nothing in a deck chair, going to events, or what ever it is you should do. Do it !
One day you will wake up and wonder where your children and family went and you have become lonely wishing your life away.
Your business will benefit if you are in sound mind and enjoy a healthy body.
INSIGHT No 7 CREATE OR REVISIT YOUR BUSINESS PLAN
A leading Australian bank has research stating that, on average, businesses that had a working business plan achieved 63% higher revenue growth, 58% higher profit and had 21% higher awareness of their business than those who don't have a plan.
Not taking time to plan your future business success is like making a movie without a script or building a house without a set of plans. There is a lot of guesswork, a lot of risk, and a lot of wasted time and money.
Business plans now need to be on shorter time frames as has been the COVID experience.
You should set your long term future vision say 3-5 years out. However, until we know what the commercial world will be l toward the end of 2021/2022 reset your plans every six months but still have the longer term end goal in place.
A leading Australian bank has research stating that, on average, businesses that had a working business plan achieved 63% higher revenue growth, 58% higher profit and had 21% higher awareness of their business than those who don't have a plan.
Not taking time to plan your future business success is like making a movie without a script or building a house without a set of plans. There is a lot of guesswork, a lot of risk, and a lot of wasted time and money.
Business plans now need to be on shorter time frames as has been the COVID experience.
You should set your long term future vision say 3-5 years out. However, until we know what the commercial world will be l toward the end of 2021/2022 reset your plans every six months but still have the longer term end goal in place.
INSIGHT No 8 EMBRACE INFORMATION AND COMMUNICATION TECHNOLOGY
First there was the wheel, then carving letters on stone, then writing on parchment, then the printing press and now the internet. Then, along came COIVID-19. It advanced the need for all business to pivot and embrace technology immediately.
Those who have embraced the internet and technology as key marketing and communication strategies are racing ahead of their competitors. There are many success stories where businesses are using the internet to increase sales, improve productivity, streamline operations and keep in contact with existing customers. The majority of business owners have now accepted that technology and the smart use of data can make things easier, faster, and more effective.
Yet, a small percentage actually have a formal internet strategy to drive growth.
Young employees and the next generation of consumers use the internet automatically to organise their work and personal lives. It is essential you get to understand how to embrace and use social media to communicate with and market your business. While you are sitting there wondering what to do be aware that a competitor is already doing it and gaining an advantage.
First there was the wheel, then carving letters on stone, then writing on parchment, then the printing press and now the internet. Then, along came COIVID-19. It advanced the need for all business to pivot and embrace technology immediately.
Those who have embraced the internet and technology as key marketing and communication strategies are racing ahead of their competitors. There are many success stories where businesses are using the internet to increase sales, improve productivity, streamline operations and keep in contact with existing customers. The majority of business owners have now accepted that technology and the smart use of data can make things easier, faster, and more effective.
Yet, a small percentage actually have a formal internet strategy to drive growth.
Young employees and the next generation of consumers use the internet automatically to organise their work and personal lives. It is essential you get to understand how to embrace and use social media to communicate with and market your business. While you are sitting there wondering what to do be aware that a competitor is already doing it and gaining an advantage.
INSIGHT NO 9 BECOME AGGRESSIVE IN THE PROMOTION OF YOUR BUSINESS
There is no benefit in being the best kept secret in town. Sell the benefits of your products and services with passion. Tell potential clients how you can solve their problems. Be pro-active and be different in your marketing.
Develop innovative customer service strategies that keep your customers wondering what great new idea you are coming up with next. It is true that most your sales come from word-of-mouth referrals or now most referrals come through social media channels.
What are you doing to make sure your customers are talking about you ? How can you be a version of the best social media marketing efforts ?
INSIGHT No 10 CREATE A CONTINUOUS LEARNING ENVIRONMENT
Would you work for someone if you couldn't learn from them ? Would you want a member of your family to work for a business that doesn't teach them anything new or make them a better person or employee ? So, what are your employees learning from you and your business ? Make it a personal challenge to improve the skills of everyone who works in your business. Send them to TAFE part-time, to personal development programs or to Yoga, if that's what they want to do.
You will be repaid many times over.
Would you work for someone if you couldn't learn from them ? Would you want a member of your family to work for a business that doesn't teach them anything new or make them a better person or employee ? So, what are your employees learning from you and your business ? Make it a personal challenge to improve the skills of everyone who works in your business. Send them to TAFE part-time, to personal development programs or to Yoga, if that's what they want to do.
You will be repaid many times over.
INSIGHT No 11 SET TARGETS, MEASURE AND HOLD PEOPLE ACCOUNTABLE
It's not acceptable to have people working for you if they are not held accountable for their responsibilities. Put systems in place that measures performance and results and bring the team together every month to share the gain or the pain. There has to be a scoreboard as you will never achieve your targets if a few are just going through the motions.
A scoring system by everyone will mean a better result for the whole business. Place the results up around the workplace. It's a team effort that is required for success. Drop those players who are not pulling their weight and let them go and work for the opposition.
It's not acceptable to have people working for you if they are not held accountable for their responsibilities. Put systems in place that measures performance and results and bring the team together every month to share the gain or the pain. There has to be a scoreboard as you will never achieve your targets if a few are just going through the motions.
A scoring system by everyone will mean a better result for the whole business. Place the results up around the workplace. It's a team effort that is required for success. Drop those players who are not pulling their weight and let them go and work for the opposition.
INSIGHT No 12 LEAD BY EXAMPLE
Monkey see, Monkey do.
Give me a business owner to talk to and I can very quickly tell you if they are the one holding the business back. Your staff will set their attitude for the day based on what they perceive your mood to be. Your are the leader, you have to win the hearts and minds of those who are going to help you achieve your vision.Whether you like it or not, there is no room for you to in a bad frame of mind or to treat people poorly. They will mimic your attitude, actions and behavior. Maintaining a positive culture is not negotiable.
Monkey see, Monkey do.
Give me a business owner to talk to and I can very quickly tell you if they are the one holding the business back. Your staff will set their attitude for the day based on what they perceive your mood to be. Your are the leader, you have to win the hearts and minds of those who are going to help you achieve your vision.Whether you like it or not, there is no room for you to in a bad frame of mind or to treat people poorly. They will mimic your attitude, actions and behavior. Maintaining a positive culture is not negotiable.
INSIGHT No 13 COMMUNICATE VIA ONE-ON-ONE TO EVERYONE
Most disputes are caused by a breakdown in communication. The more you talk to each other, the more you share ideas, the more you create an environment for people to express their opinions, the greater chance you have of developing a culture of respect for each other. I have yet to meet a mind reader in this world so don't ever assume you know what your staff are really thinking.
Don't allow put downs or employees to talk in what I call "Yes Buts". It takes a special skill to facilitate group meetings where you want opinions expressed with confidence and without fear of ridicule or fear of perceived consequences.
Most disputes are caused by a breakdown in communication. The more you talk to each other, the more you share ideas, the more you create an environment for people to express their opinions, the greater chance you have of developing a culture of respect for each other. I have yet to meet a mind reader in this world so don't ever assume you know what your staff are really thinking.
Don't allow put downs or employees to talk in what I call "Yes Buts". It takes a special skill to facilitate group meetings where you want opinions expressed with confidence and without fear of ridicule or fear of perceived consequences.
INSIGHT No 14 BECOME A PROBLEM SOLVER FOR YOUR CLIENTS
There is no doubt that once you recognise what problems your products or services solve for your clients you can then develop an effective and targeted marketing strategy.
Why would anyone buy from you if they can't see that you can make their business more successful or are able to solve a problem within their business?
Identify the problem, show them how they will be better off because of dealing with your business and finally, tell them how you can fix the problem. Sometimes people don't even understand they have a problem in the first place. Steve Jobs of Apple was the master of innovation as he created products people did not even know they needed and now they cannot live without them.
There is no doubt that once you recognise what problems your products or services solve for your clients you can then develop an effective and targeted marketing strategy.
Why would anyone buy from you if they can't see that you can make their business more successful or are able to solve a problem within their business?
Identify the problem, show them how they will be better off because of dealing with your business and finally, tell them how you can fix the problem. Sometimes people don't even understand they have a problem in the first place. Steve Jobs of Apple was the master of innovation as he created products people did not even know they needed and now they cannot live without them.
INSIGHT No 15 NETWORK, GET INVOLVED AND GIVE SOMETHING BACK
By networking I don't mean going to an event and handing out business cards to everyone you meet. Networking is about meeting and connecting with people and sharing ideas and knowledge without expecting anything in return in the short term. If you go about your life with the attitude of adding value to those you meet instead of thinking what you can get out of them, then you will receive something back when you least expect it.
Become involved in your community in any way you can. Encourage your employees to do the same and, where possible, give them time off to add back to the community
By networking I don't mean going to an event and handing out business cards to everyone you meet. Networking is about meeting and connecting with people and sharing ideas and knowledge without expecting anything in return in the short term. If you go about your life with the attitude of adding value to those you meet instead of thinking what you can get out of them, then you will receive something back when you least expect it.
Become involved in your community in any way you can. Encourage your employees to do the same and, where possible, give them time off to add back to the community
INSIGHT No 16 STAY ONE STEP AHEAD
I don't know who said "if you want to know the future you have to create it" however it has relevance today in business. Its accepted by many that you must develop a culture of innovation to stay ahead of your competitors. Unless you are a multinational company with a large R&D budget and cash reserves to spend, it's not financially practical to try and force change in buyer habits. The market is about needs and not habits. You must be alert to changing trends. Make it your business to know what the world wide trends are in your industry and use guerilla tactics to gain and advantage. Don't be afraid to adapt ideas that are working elsewhere and try to make them better. Just make sure you don't breach copyright or infringe intellectual property rights. In 2020 go to trade shows in other countries, read and research what is going on.
I don't know who said "if you want to know the future you have to create it" however it has relevance today in business. Its accepted by many that you must develop a culture of innovation to stay ahead of your competitors. Unless you are a multinational company with a large R&D budget and cash reserves to spend, it's not financially practical to try and force change in buyer habits. The market is about needs and not habits. You must be alert to changing trends. Make it your business to know what the world wide trends are in your industry and use guerilla tactics to gain and advantage. Don't be afraid to adapt ideas that are working elsewhere and try to make them better. Just make sure you don't breach copyright or infringe intellectual property rights. In 2020 go to trade shows in other countries, read and research what is going on.
INSIGHT No 17 EMBRACE CHANGE
There is a quote by Albert Einstein that says if you keep doing tomorrow what you do today and expect things to change then you are insane. The real issue in implementing change is convincing your employees that change is necessary and is designed to improve the business overall and ensure that you grow the business for future sustainability.
In any business you will have those who will resist change and will try to sabotage your efforts wanting to go back to way is was before.
There is no room in a business for those who do not to make an effort to improve process on a continuous basis. We live in a fast changing world and you have to be willing and capable of adapting with it.
There is a quote by Albert Einstein that says if you keep doing tomorrow what you do today and expect things to change then you are insane. The real issue in implementing change is convincing your employees that change is necessary and is designed to improve the business overall and ensure that you grow the business for future sustainability.
In any business you will have those who will resist change and will try to sabotage your efforts wanting to go back to way is was before.
There is no room in a business for those who do not to make an effort to improve process on a continuous basis. We live in a fast changing world and you have to be willing and capable of adapting with it.
INSIGHT No 18 SET AND ADJUST YOUR STANDARDS TO A HIGHER LEVEL
The standards you have in your business must be challenged all the time. What your standards are today must be raised as each month or year goes by. Near enough is not good enough and you have to set the bar higher every time you reset your business objectives and the targets . That applies to everyone who works in the business with you. It's the same in sport , we see records being beaten every year. The target has to be challenged all the time and be able to be measured.
The standards you have in your business must be challenged all the time. What your standards are today must be raised as each month or year goes by. Near enough is not good enough and you have to set the bar higher every time you reset your business objectives and the targets . That applies to everyone who works in the business with you. It's the same in sport , we see records being beaten every year. The target has to be challenged all the time and be able to be measured.
INSIGHT No 19 THE ECONOMY ALWAYS GOES IN CYCLES
In business, history has proven that what goes up usually comes down and vice versa. In 2021/2022 there seems to be consensus that we could start to see an upturn from the slump in activity and consumer spending of the last year. One big difference now will be the impact of technology and the internet .
I have survived through the low times over the last thirty years and have always seen a recovery. You need to develop a longer term business strategy to ensure you can ride out the dips along the way and be able to adjust your operation when times require different thinking and actions. Never assume that that your business will be the same in the future or you will be left behind.
In business, history has proven that what goes up usually comes down and vice versa. In 2021/2022 there seems to be consensus that we could start to see an upturn from the slump in activity and consumer spending of the last year. One big difference now will be the impact of technology and the internet .
I have survived through the low times over the last thirty years and have always seen a recovery. You need to develop a longer term business strategy to ensure you can ride out the dips along the way and be able to adjust your operation when times require different thinking and actions. Never assume that that your business will be the same in the future or you will be left behind.
INSIGHT No 20 SEEK OUTSIDE ADVICE
No one has a mortgage on smart ideas or the knowledge to cover all aspects of their business. Unfortunately many small business owners shun outside advice and think that no one knows their business better than they do. You should develop a trusted network of professional contacts who you can use as a confidential sounding board and know you are going to get honest feedback even if it hurts to hear it sometimes. If you are a owner of your company, your obligations and responsibilities under the law are many. Ignorance is no excuse if you are in breach of legal duties. The two areas of concern for me would be having great financial accounting advice and having access to technology expertise and know how use technology to drive your business.
No one has a mortgage on smart ideas or the knowledge to cover all aspects of their business. Unfortunately many small business owners shun outside advice and think that no one knows their business better than they do. You should develop a trusted network of professional contacts who you can use as a confidential sounding board and know you are going to get honest feedback even if it hurts to hear it sometimes. If you are a owner of your company, your obligations and responsibilities under the law are many. Ignorance is no excuse if you are in breach of legal duties. The two areas of concern for me would be having great financial accounting advice and having access to technology expertise and know how use technology to drive your business.
INSIGHT No 21 PROVIDE INNOVATIVE CUSTOMER SERVICE
Everyone talks about having superior customer service to be successful in business. What you really need to do is to provide innovative customer service that ensures your customers never have a reason to use your competitors. What are you doing to differentiate your business from your competitors? Get your team involved challenge what you are doing daily, get feedback from customers. Find out what the top performers in your industry are doing and better it. There are many excellent customer related software systems that can make a difference in tracking the data you need to drive sales and interact with people. Is the attitude in your workplace one where everyone understands what it means to meet your customers' expectations?
I suggest you might start by reading a book titled The New Gold Standard by J A Michelli in which he talks of legendary customer service.
Everyone talks about having superior customer service to be successful in business. What you really need to do is to provide innovative customer service that ensures your customers never have a reason to use your competitors. What are you doing to differentiate your business from your competitors? Get your team involved challenge what you are doing daily, get feedback from customers. Find out what the top performers in your industry are doing and better it. There are many excellent customer related software systems that can make a difference in tracking the data you need to drive sales and interact with people. Is the attitude in your workplace one where everyone understands what it means to meet your customers' expectations?
I suggest you might start by reading a book titled The New Gold Standard by J A Michelli in which he talks of legendary customer service.
INSIGHT No 22 DEVELOP INTERNAL CONTROL SYSTEMS
Without the right systems in place you have no real hope of building and sustaining reliable business growth. With all the technology available today, there is no excuse for not knowing what your key numbers are at anytime. Systems allow a business to operate with consistency. By implementing systems for the processes in your business you take a lot of the guess work out of day to day operations that lead to greater efficiently and improved productivity. Although sometimes it's right to trust your gut feel and your intuition I still want to know that I had the right data and numbers to verify the strength of my thinking. The success of franchising all over the world as a business model has been based on having great working systems.
Without the right systems in place you have no real hope of building and sustaining reliable business growth. With all the technology available today, there is no excuse for not knowing what your key numbers are at anytime. Systems allow a business to operate with consistency. By implementing systems for the processes in your business you take a lot of the guess work out of day to day operations that lead to greater efficiently and improved productivity. Although sometimes it's right to trust your gut feel and your intuition I still want to know that I had the right data and numbers to verify the strength of my thinking. The success of franchising all over the world as a business model has been based on having great working systems.
INSIGHT No 23 ASK FOR REFERRALS
The most valued and easiest customers that you can get in the world are those who come via referrals. Referrals are the result of satisfying and meeting the expectations of your existing customers. Referrals cost very little, all you have to do is ask those you deal with and they will do the introduction work for you. I have never meet a person who is comfortable with cold calling. Referrals are developed through trusting relationships and building rapport within your networks and database.
Don't forget to thank those who provide the referral.
The most valued and easiest customers that you can get in the world are those who come via referrals. Referrals are the result of satisfying and meeting the expectations of your existing customers. Referrals cost very little, all you have to do is ask those you deal with and they will do the introduction work for you. I have never meet a person who is comfortable with cold calling. Referrals are developed through trusting relationships and building rapport within your networks and database.
Don't forget to thank those who provide the referral.
sINSIGHT No 24 BE READ
Everyone has knowledge and business experience that can be shared with others. Start writing articles, develop a blog, contribute to linkedin groups or similar on subject matter that you care about or have a particular expertise in. Trade and industry websites, magazine and local newspapers are always looking for articles that are interest to their readers. Keep a diary or note book of the knowledge locked in your brain and that becomes your own bank of ideas. You will be surprised what will be published and then you can post that on your website as important content.
Everyone has knowledge and business experience that can be shared with others. Start writing articles, develop a blog, contribute to linkedin groups or similar on subject matter that you care about or have a particular expertise in. Trade and industry websites, magazine and local newspapers are always looking for articles that are interest to their readers. Keep a diary or note book of the knowledge locked in your brain and that becomes your own bank of ideas. You will be surprised what will be published and then you can post that on your website as important content.
liINSIGHT No 25 BE SEEN, GET OUT AND NETWORK
In this fast-paced world of social media sometimes we might wonder if future generations will know how to interact correctly with each other through face-to-face contact. Could you imagine having a Disney theme park experience through Facebook or Twitter? Linkedin has proven to be a valuable information forum for individuals and builds an online network. The right social media can be a valuable platform for your clients to interact with you online. In addition, mobile technology is booming as a business medium and will grow even bigger. Small business owners should get of their environment and attend business functions, industry association events and seminars. You will surprised who you might meet. On average I would mix with over 100 people every month by going to selected events that are opportunities to learn and to meet new people. You build stronger personal relationships having sat down and had a coffee with someone and when you learn to give more than you take.
In this fast-paced world of social media sometimes we might wonder if future generations will know how to interact correctly with each other through face-to-face contact. Could you imagine having a Disney theme park experience through Facebook or Twitter? Linkedin has proven to be a valuable information forum for individuals and builds an online network. The right social media can be a valuable platform for your clients to interact with you online. In addition, mobile technology is booming as a business medium and will grow even bigger. Small business owners should get of their environment and attend business functions, industry association events and seminars. You will surprised who you might meet. On average I would mix with over 100 people every month by going to selected events that are opportunities to learn and to meet new people. You build stronger personal relationships having sat down and had a coffee with someone and when you learn to give more than you take.
INSIGHT No 26 BE HEARD
Most people are terrified of speaking in public and it is known to be one of the greatest personal fears in life. We all like to listen to presenters who are interesting and who can tell a good story to get their point across. If you have to present and are afraid, go and get some coaching. Enroll in a course on public speaking and be the first to offer yourself at industry conferences and local business events. Practice and then practice some more. Being able to present in public builds your reputation and that of your company.
Most people are terrified of speaking in public and it is known to be one of the greatest personal fears in life. We all like to listen to presenters who are interesting and who can tell a good story to get their point across. If you have to present and are afraid, go and get some coaching. Enroll in a course on public speaking and be the first to offer yourself at industry conferences and local business events. Practice and then practice some more. Being able to present in public builds your reputation and that of your company.
INSIGHT No 27 ENGAGE A MENTOR
I don't know anyone who achieved real success working on their own. Seek out someone who is outside your own circle of friends and who has a broad range of business and life experience. We all need a person with whom we can share our issues and who can offer pragmatic feedback, both positive and negative.Someone who has no emotional ties. You have to be prepared to listen and consider the option offered. A good mentor is not there to tell you what to do but to challenge your thinking and the strategy you are following. It's an opportunity in benefitting from their experience, knowledge and wisdom.
I don't know anyone who achieved real success working on their own. Seek out someone who is outside your own circle of friends and who has a broad range of business and life experience. We all need a person with whom we can share our issues and who can offer pragmatic feedback, both positive and negative.Someone who has no emotional ties. You have to be prepared to listen and consider the option offered. A good mentor is not there to tell you what to do but to challenge your thinking and the strategy you are following. It's an opportunity in benefitting from their experience, knowledge and wisdom.
INSIGHT No 28 GET IT IN WRITING
Unfortunately in today's business world the words trust and integrity are no longer something that can be taken for granted. They usually go out the door when money is involved. I don't care how well you know someone or if they are related to you, get it in writing. The days of the handshake deal are gone. There is always a lawyer or such who is only too willing to advise people to take legal action when someone does the wrong thing by you. Be warned that when SMEs are dealing with large companies, he who has the biggest wallet usually wins. Seek professional advice before signing any contracts or agreements.
Unfortunately in today's business world the words trust and integrity are no longer something that can be taken for granted. They usually go out the door when money is involved. I don't care how well you know someone or if they are related to you, get it in writing. The days of the handshake deal are gone. There is always a lawyer or such who is only too willing to advise people to take legal action when someone does the wrong thing by you. Be warned that when SMEs are dealing with large companies, he who has the biggest wallet usually wins. Seek professional advice before signing any contracts or agreements.
INSIGHT No 29 TRAVEL - ATTEND TRADE SHOWS - (Depending when we can after COVID restrictions)
Travel frequently and observe what is happening in the world in your market segment. Attend trade shows and, if possible international exhibitions. Get out and about and talk to people at these events. You will be surprised at what you will learn and how much people are willing to share. Talk to State and Federal Governments and find out what assistance is available and look at going on trade missions. Australia is a very small market place. If you get a chance make sure you send your staff to trade shows as well.
Travel frequently and observe what is happening in the world in your market segment. Attend trade shows and, if possible international exhibitions. Get out and about and talk to people at these events. You will be surprised at what you will learn and how much people are willing to share. Talk to State and Federal Governments and find out what assistance is available and look at going on trade missions. Australia is a very small market place. If you get a chance make sure you send your staff to trade shows as well.
INSIGHT No 30 MAKE A WILL AND HAVE PARTNERSHIP AGREEMENTS
I know from first hand experience that the old saying " where there is a will there is a relative " is very true. I have seen sudden death in families cause great hardship in family business when there is no clear will or succession plan in place. Too many times it means that the business has to be sold. I cannot believe how many business owners I meet who do not have an up-to-date will.
A break up in a marriage often is a cause of angst with business partners and results in the lawyers doing very well out of the mess. The right time to put a partnership buy and sell agreement in place is when you start the business. If you die suddenly what agreements have you in place to protect the business, your family and your business partners ? Is it fair and equitable ?
I know from first hand experience that the old saying " where there is a will there is a relative " is very true. I have seen sudden death in families cause great hardship in family business when there is no clear will or succession plan in place. Too many times it means that the business has to be sold. I cannot believe how many business owners I meet who do not have an up-to-date will.
A break up in a marriage often is a cause of angst with business partners and results in the lawyers doing very well out of the mess. The right time to put a partnership buy and sell agreement in place is when you start the business. If you die suddenly what agreements have you in place to protect the business, your family and your business partners ? Is it fair and equitable ?
INSIGHT No 31 STAY HEALTHY
Yearly health checks should be compulsory as you get older. I don't mean just going to your GP and having your blood pressure taken. Talk to your health fund and arrange to have a full stress test with the lot. You wouldn't let your car go without a regular service. So, why not do the same for the engine that makes you and your business tick over, your heart and personal well being. You owe it to your family, your business partners and then to your employees. Make sure your employees are also having regular health checks. Sick people cost time, cause lost productivity and money. You get you car serviced regularly. Why not your own health and wellbeing. COVID has increase the level of anxiety for business owners.
Yearly health checks should be compulsory as you get older. I don't mean just going to your GP and having your blood pressure taken. Talk to your health fund and arrange to have a full stress test with the lot. You wouldn't let your car go without a regular service. So, why not do the same for the engine that makes you and your business tick over, your heart and personal well being. You owe it to your family, your business partners and then to your employees. Make sure your employees are also having regular health checks. Sick people cost time, cause lost productivity and money. You get you car serviced regularly. Why not your own health and wellbeing. COVID has increase the level of anxiety for business owners.
NSIGHT No 32 HAVE AN EXIT STRATEGY
If your operate your business on the premise that you are getting ready for sale you will end up with a more profitable and efficient business. No one should assume that you are going to be in the same for ever. That will kill innovation and risk-taking. have your business ready for sale at all times. You never know when someone will knock on the door and you want to be able to maximise your sale value.
If your operate your business on the premise that you are getting ready for sale you will end up with a more profitable and efficient business. No one should assume that you are going to be in the same for ever. That will kill innovation and risk-taking. have your business ready for sale at all times. You never know when someone will knock on the door and you want to be able to maximise your sale value.
INSIGHT No 33 HAVE FUN, WORK HARD AND SHARE IN THE REWARDS
What's the point if your spend most of your life at work and you don't really enjoy it ? I once worked for an organisation (public company) where most employees wanted to be somewhere else. They were afraid, intimidated, shouted at and miserable. It was an experience I would rather not have had. Employees want to be challenged and recognised for doing their work. They should look forward to coming to work because they have pride in what they do and their work is appreciated. Make sure you celebrate and share successes Catch people doing things right. Finally ensure there is laughter in the workplace.
What's the point if your spend most of your life at work and you don't really enjoy it ? I once worked for an organisation (public company) where most employees wanted to be somewhere else. They were afraid, intimidated, shouted at and miserable. It was an experience I would rather not have had. Employees want to be challenged and recognised for doing their work. They should look forward to coming to work because they have pride in what they do and their work is appreciated. Make sure you celebrate and share successes Catch people doing things right. Finally ensure there is laughter in the workplace.