No one can deny the impact of small businesses in Australia’s growing economy. These startups and small enterprises account for about a third of local production and half of the employment of the private sector. As of mid-2014, 97% of the business ventures in the country were also said to be small businesses.
Despite the plethora of Small Business in Australia, survival is still a problem for small businesses. Faced with a number of challenges, many of these ventures end up folding because of financial troubles and poor strategy planning and implementation.
Whether you’re a one-man-band operation or 100-employee company, ongoing improvement is not optional if you want to stay in business.
Businesses are not static. Your business is either on an upward track, or it is on its way down. Making consistent improvements to make your business better is a conscious choice. Not only must you balance your time, but you must also choose the right area of business that will make the biggest impact.
These 6 tips will help you focus on improving your small business in areas that offer the biggest gain.
- Keep Track:It’s amazing how few small business owners have an accurate idea of the daily, weekly and monthly numbers and financial trends in their organisation. It’s vital that you spend the necessary time keeping current on cash flow. If you can’t find the time, or lack the skills then get a good bookkeeper, but still stay in the loop.
- Set Goals: If you don’t have a goal, then you can’t achieve it! Set goals and use them as an ongoing planning tool to ensure you continue to move forward in your small business.
- Monitor Trends:No business operates in a vacuum. The events and changes in the global landscape (Brexit for example) have an effect on your business. Stay current on trends and issues happening in your industry and local community (Gold Coast Commonwealth Games!).
- Sharpen Selling Skills:Like it or not, in a small business everyone has a role in selling. From your receptionist, through to you as the business owner, everyone needs to take responsibility for building the business.
- Motivate Staff:Talented and motivated staff members can bring on big improvements in business. Learn what motivates your employees to higher levels of performance. Sometimes it is the smallest things that give the greatest return – like saying “Thanks” or “Good Job”.
- Take a Break:Running a small business is hard work. Sometimes the best way to improve your business and re-ignite your passion is to take a vacation.
Business improvement is a way of life for all types of business. Apply these 6 quick tips to fast track your small business.
The Australian Business Clinic provides a business advisory service to Gold Coast and Brisbane based small businesses.
Our advise is always practical, timely and professional, and always designed to help your business achieve its potential.
We will compare the performance of your business in context of industry benchmarks and analyse the individual components of your business to identify opportunities for improving your bottom line.
Whether it is simply fine-tuning the operations of a particular department, an overhaul of management practices or optimising current procedures, it is never too late or too early for your business to get a detailed assessment of your business.
No matter what stage your business is at, the decisions you make today will provide the platform for the future.