Run Your Business

Congratulations on getting your business up and running! Once a business is established it is important to take the time to work ON the business just as much as IN the business. Do your internal processes and procedures allow you to do this, or is it time for a business health check?

Explore...

Run Your Business

With good business strategies and planning, your business will run smoothly and you will see an increase in your bottom line. Indeed the new challenges presented by a business on an upward trajectory can be very rewarding as small problems are overcome and kept in check. The financial rewards can also become significant - now that's good news.

To ensure your business is running smoothly, the first step would be to do a SWOT analysis. The SWOT Analysis looks at a company's Strengths, Weaknesses, Opportunities and Threats. It assesses the internal environment (a company's strengths and weaknesses) which a company operates in, as well as its external influences (opportunities and threats). Now its time to review key areas:

Finance

Now that your business is up and running you will have an understanding of how important it is to stay on top of your financials. It's time to review your pricing structures, cost of goods and your cash management. A Rolling Cashflow Document is the most beneficial tool you can utilise. Cashflow is the lifeblood of your business, how could yours be improved? Ask your business advisor or accountant if you are unsure how to analyse your financial records or require further training.

Legal and Compliance

There is a constant need to identify and resolve business risks and minimise the chance of disputes and costly litigation occurring that might hinder your business and commercial strategies. Areas to consider are: credit and debt recovery, employment and workplace relations, fair trading, insolvency, insurance, intellectual property and technology, leases, tax and trade practices.

Intellectual Property (IP) is a valuable asset and an important element of your small business. The secret to making the most from the IP of the business is to identify, value, protect, manage and effectively use IP in the business strategy. What IP issues should you be addressing in your business? Visit the IP Australia website for more details.

Your Team

If you employ people in your business, you will know that it takes careful management and guidance to get the best out of them. For the long term sustainability of your business, you need to be able to retain the right people in positions suited to their skills and experience. How are you managing your team? Regular team reviews are important.  Consider their professional development, any issues they are experiencing, how to encourage positive conflict resolution and promoting the benefits of a work/life balance. Don't forget your own education and training -  business owners need to continuously grow their own skill sets and stay up to date!  Peruse some of our Workshops and Events to get started.

The Operations

There are many areas of Operations to consider. Reviewing your supply chain can highlight areas in which your business could save time and money. The five main areas of the chain are: purchasing, producing, storing, distributing and selling. OH&S - Work Health and Safety and workplace security is certainly an area you need to ensure is up to date. It's a given that you need excellent Customer service - are you delivering on your promises? Keep in mind that it's 6-7 times more expensive to gain a new customer than it is to retain an existing customer.  

Administration tasks can distract a business owner and take up time that should be spent on core operations. It is important therefore to create systems, processes and procedures that cut unnecessary repetition and aid efficiency. If too many hours in your day are being spent on administration tasks, streamline your systems or consider outsourcing the work. Performance reporting is essential to understanding how the business is performing - continually assess targets, goals and objectives and make adjustments and improvements as necessary. Innovation is the application of fresh ideas that enable a business to better compete in the future. How innovative is your business? 

Sales and Marketing

Effectively reaching your customer is critical for business success. While this might seem obvious, it is an area which companies struggle with the most. No matter how good your product or service is, customers will not come and find you, you must go out and find them. Marketing and sales go hand in hand, but they are two distinct functions within a company. In a small business, both functions may be carried out by the same person or a business owner can receive support externally.

Marketing supports the sales effort, helps to create the lead and paves the way for the sale to be made.

Selling is about closing the deal and bringing revenue to the company.

There is a natural flow-on from marketing to sales and this synergy must be understood in order to create effective marketing and sales strategies. Have you been measuring the ROI (return on investment) of your marketing efforts?  Its time to review or create an effective sales and marketing plan. If you are not familiar with the ACCC's Regulations for Advertising, you can review it on their website.

Technology and Communication

Technology provides the tools for business to increase productivity and profitability. This ever evolving area can support you as a small business owner by: reducing waste, resource consumption, business prefromance reviews, communicating and really engaging with your customers. We only have to think about the roles that Social Media and Skype play now in our business life.

Your business should review how its using technology. Where can you use it better? Common and most useful applications of technology for business are:  information technology, telecommunications, e-commerce and e-business.

The impact of your business on the environment

Good environmental management reduces risk, lowers costs, improves productivity, enhances reputation and contributes to limiting the effects of climate change. Whether large or small, developing a sustainable business is easy and profitable.  Visit the NSW Office of Environment and Heritage (formerly Department of Environment and Climate Change) for more information.

Where to next?

Does your business need a Health Check?  Contact our Team to book an appointment with a Business Advisor to analyse what areas of your business could run smoother to increase your available time and cashflow through the Business Connect program. 

Join Our Newsletter

Keep up to date with events and industry news.



Contact Us

Phone: 02 4925 7700

Fax: 02 4925 2570

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Enquiry Form

Location Map

Connect with us

Testimonials
"I'm so very grateful for the Mentoring I received from Brooke through the NEIS program!" -- Roz Ewart
"I love working with Brooke, I always leave the mentoring appointments feeling energised and ready for business" -- Antonia Gore
"The NEIS program – training and mentoring – really helped me with by confidence in business" -- Mandy-Lee Cluff
"Mentoring through The Business Centre helped me set realistic targets and strategies to grow my business" -- Peter Brown
"Mikes mentoring has guided our business from imminent collapse to a position of renewed survival with stronger market share and increased profitability" -- Lesley Lalor
"The service was beyond expectations, professional and informative." -- Ray Bylart – Connect
"Without the continuous assistance I would never of been able to start and grow my business." -- Alida de Laubadere –
"Not only did I learn a great deal I also was very engaged and entertained by the Advisers professional and experienced style of training." -- Phil Byrnes - Exce
"I learned so much in the one on one Advisory sessions and this was backed up with the availability of workshops and networking opportunities." -- Block Sign – Fonehub