I am going to be the first to admit, as a small business owner and working parent, it is bloody hard to get the work life balance right. At times I think it is as elusive as the magical unicorn. We all know it is important to run your business effectively and still have a life outside the office, but how? How do you manage it all so that you… Read more
“Mentoring is a brain to pick, an ear to listen, and a push in the right direction.” — John Crosby The opportunity to learn from a business mentor “can” do more for a small business owner than any course, educational program, or degree. Being a mentee means you get the benefit of first-hand experience, without having to make all the mistakes yourself. There are, in fact, a host of reasons why… Read more
Whilst we don’t spend any money on traditional advertising in our firm, we do believe in saying thank you to our amazing clients and suppliers at EOFY and Christmas. We try to support another Australian small business owner and we like to give creative gifts and practical gifts (and never the same thing twice). “Something that is not just “chocolate and wine”. Don’t get me wrong, I love both chocolate… Read more
Let’s face it, all small business owners will face some tough times over the life of their business. It will will happen at some point. Are you ready for it should be the question we are asking, not when will it happen. As much as we dream about being brilliant enough at business that we will never face slow times, there are many things beyond our control that can negatively… Read more
Toxic leaders let their poison infiltrate entire organisations, and once they get authority over others, well it is all downhill from there. But thankfully, their poisonous influence can be destroyed and you can regain a culture of positivity and trust. Bt you have to do the hard yards once that poison is already inside your business. 1. Tell The Truth Toxic leaders thrive when no one tells the truth, but… Read more
Whether you are a service based business or a product based business, word of mouth is vital for organic growth. And word of mouth (if done right) can be a great strategy to grow your business. If you have any doubt that word of mouth referrals are important, consider these statistics: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50%… Read more
There are all kinds of groups dedicated to networking. Some are highly structured with performance requirements with exclusive membership. Others are free form, come as you please and no charge. Networking can be a total mixed bag. Not every group is right for every kind of business, and trust me, I have tried so bloody many. You will find that some groups may simply not have connections in the market… Read more
Most small businesses experience cash flow problems from time to time and urgently need working capital. Many business owners immediately think of the bank or loans when they’re short of money. But there are other resources you can tap before you ask for that expensive overdraft or overdraft extension. The money you need might already be there—locked up in inventory, assets or your debtors’ book. You can often free up… Read more
What do Warren Buffet, Bill Gates, Mark Cuban, and Arianna Huffington have in common? All of these smart, savvy, successful business leaders share a passion for self-improvement through reading. Yep, good old fashioned reading. If you want to improve your skills as a business owner, why not spend a bit of time each day reading books that guide you to greater success? I am such a sucker for a… Read more
Most small business people would agree that their Profit and Loss report is among the easier – if not the easiest – financial document to understand. I mean we all want to make a profit, but if we don’t the report can still be useful. It’s typically presented in three parts. The top half of the statement reveals the various income streams of the business for the period covered, such… Read more
Now I don’t mean to be a Debbie Downer, and maybe it was because I chose to watch the train wreck that is MAFS (Married at First Sight) instead of the Federal Budget 2019 last night, perhaps I missed some amazing benefits and relief for those micro business owners that make up 75% of my client base. Here is my personal opinion, my views on how I think the changes… Read more
In today’s fast-paced world, everyone wants to be more productive. Fortunately, there is an ever-increasing number of tools, apps and programs available, that promise to help us achieve our goals. The challenge then becomes how to know not just which tools will live up to their promise but which tools are right for our business? And not to get sucked in to every new app or program that is released… Read more
If growth is your primary goal, then you need to be analysing how to sell more to your existing customers. Stop trying to find elusive new customers, and focus on what is already right in front of your face. Why? Well it is so much easier to sell to existing customers than to acquire new ones. According to Marketing Metrics, the probability of selling to an existing customer is 60… Read more
Outsourcing work offshore has been happening in the finance industry for over 10 years (if not longer). When I started my business it was not on my radar, I mean when I started my business I didn’t even have any clients. So I didn’t exactly have anything that needed to be outsourced. I had all the time in the world. However, over the past 5 and a half years business has continued… Read more
As a small business owner, you likely want to spend as much time as possible on the tasks that generate sales. Unfortunately, there are many other takss that require your time but aren’t necessarily worth your energy. Maybe a virtual assistant can help. Faced with those tasks, many small business owners either spend their valuable time and energy on actions they hate or put them off until the last minute… Read more
We know we should be implementing mindfulness in our business, but what are you doing about it? Google offers employees a course on mindfulness meditation, and Lululemon, a company that keeps a Director of Mindfulness on staff. Mindfulness, as American scientist Jon Kabat-Zinn defines it, is simply “paying attention in a sustained and particular way – on purpose, in the present moment and non-judgmentally.” Research has shown that practicing mindful… Read more
While most small businesses spend a great deal of time and effort in finding the right employees, they often fail to capitalise on their newly hired talent by ignoring (or not having) an onboarding process. From long waits for workspace, equipment not being ready, non existent training to an overly negative recitation of ‘don’t do these things or you will be fired,’ employers consistently miss the opportunity to inspire… Read more
Getting through a 1km swim is quite relaxing for me. I am not a natural swimmer, I am not an athlete, I don’t look great in lycra (understatement), I am not fast – but the processes I apply to swimming 20 laps of the local pool can also be used to help you achieve your business goals too. “Tell me more, tell me more, was it love at first sight?”… Read more
Without knowing your break-even point, you can’t make informed business decisions. Period. But it can be quite daunting finding this break even point. Will breakeven be possible, will it be reachable? To cover the costs of your business you need to sell enough goods or services to reach your break-even point. Knowing where that point is, and how long it will take you to reach it, can be fundamental to… Read more
The success of any business, large or small, depends largely on nurturing an efficient and productive workplace. While improving employee productivity should always be a priority, this process is often easier said than done. Below are some of the most effective methods of managing a productive, happy workplace while increasing output. 1. Establish Accountability Productivity depends on every employee understanding that the jobs they do come with specific responsibilities, and… Read more