Tips For Small Business Success
How to make your small business shine!
Recently I attended an event that was hosted by Mark Bouris. Mark is a highly successful Australian business man, entrepreneur, academic and author who was appointed a Member of the Order of Australia in 2015 for his significant service to the finance industry. Mark has been very successful in business and was fortunate enough to have media tycoon Kerry Packer as a mentor. He had several important pieces of advice to share for achieving small business success, so I wanted to share some of his valuable insights with you here.
Mark’s advice, always start with your ‘Why’?
Ask yourself ‘why’ you are in business. What is it you are trying to do? Understanding your ‘why’ will help you determine your purpose as it is the reason you do what you do. Genuinely understanding your ‘why’ is what helps keep you going when times get tough. It keeps you motivated during challenging times and can help re-energise you and keep your business focused. It can also be the difference between success and failure. If your answer is ‘to make money’ it probably won’t be enough, making a profit is a result of what you do, not your raison d’être. It needs to be more than making money.
Understanding your ‘why’ helps you understand the value that you bring, helps you inspire and motivate employees and clearly communicate your value to prospective clients. Therefore, it can help you grow your business, win sales and help you build a tribe of supporters that love your product or service.
Risk Management and Protection for Small Business Success
Right from the beginning, it is important to get good financial advice on how to structure your business. In addition to this, it is important to have the right sort of asset protection in place, including insurance and legal arrangements to protect your assets. This is especially important for Small Business owners as the business is often also your livelihood.
Do you have professional indemnity insurance? Is your office or stock covered by your insurance in the event of an accident? If not take action today!
Operations manuals and processes
Systems and clear, documented, repeatable processes are really important because having good systems and processes in place means that if you were not able to work in the business, things would be able to continue without you there. If you were injured tomorrow could your business keep running? What sorts of systems and processes do you have in place for someone else in the business to pick up where you left off? Document your processes and ensure that more than one person is trained to perform tasks. In the case of an emergency, you will be prepared and able to continue operating as business as usual.
Know your Numbers
Good cashflow management is very important and the lifeblood of any business.
What we owe
What’s owed to us.
At a minimum these are the fundamentals that you need to be across. Good financial management is really important, if this is not your strong point invest in some good advice. There are several services out there these days that can offer short term help such as Virtual CFO and Outsourced CFO services and financial services.
Having a good handle on the cashflow of the business and the financial health of the business is critical to success.
Budget from the bottom up. What result do you want to achieve? Remember to get your business valued. Determine what drives value and make sure you focus on that.
Hire great staff
Hire people that are smarter, brighter and better than you and that compliment your skill set. Give them the tools and the support that they need to succeed. Get out of the way where you can, give them the freedom to grown but monitor and measure performance so that you can keep track of things and jump in to help steer things in the right direction.
Small Business Marketing and Beliefs
Firstly, you need to believe in your business and expect that it will be a success because a positive mindset is really important. Embrace challenges and learn from your setbacks. Secondly, invest in your marketing. If no one knows your business exists how will they ever find you or purchase your products of services? Good marketing also means understanding what value you offer and where you can find the right customers for your product or service. A good marketing consultant can always help if you get stuck or there are lots of services offered by Small Business Victoria that you can make use of.
Wishing you oodles of business success!
Founder & Director
Small Chilli Marketing