It is hard being a small business

Lack of staff available, extra costs & taxes, price squeezing along with cashflow issues are just a few of the more common themes that we are hearing from our clients.

The tips below are here to assist with these pressures:

Get Organised

One of the quickest ways to improve your results is by getting more of the important stuff done. But it’s difficult to do this if your days and/or weeks are chaotic and unplanned, and you are continuously playing catch up.

Firstly, you need to get everything out of your head and onto paper (or an electronic list). Build a “Master to Do List” so that you can see everything on your plate right now. It may seem daunting, but it is best to understand the full picture so that you can do something about it instead of burying your head in the sand.

Then, plan in weeks. This means that at the start of each week you should review your Master List and the key things that you want to get done for the week and then write these down on a separate Weekly List. From experience working with our clients, we have found that spending 10-15 minutes each week reviewing and creating a Weekly List is a simple and effective habit. Everyone is different but you can use versions of this simple system to best suit your working style.

The Power of Regular Meetings 

Many people feel that meetings are a waste of time, but it is important to create a regular “rhythm” of meetings in your business. This is because your staff are generally your greatest expense, and it is critical to the profitability of your business that they are as productive as possible. However, whether it is a 1-on-1 meeting or a team meeting, you must have an agenda.  An agenda will ensure all meting participants are provided with clear structure, objectives and timeframes ensuring the meeting is efficient as possible. 

 

Numbers Are the Language Of Business

People are not comfortable or confident looking at the numbers in their business. Numbers are the language of business and if you want to learn how to run your business better, then you need to learn how to speak the language.

Being able to read and interpret the numbers will put you light years ahead of most business owners. It will give you amazing insights into your business and it will help you make fast informed decisions, which will definitely lead to better results.  While there are a wide variety of financial reports available, it is not necessary that you are aware and can interpret all of them.  Partner with us so we can help you identify what financial reports are relevant to your business.  Once you have a basic understanding you will be able to navigate your financial situation more regularly.

 

Here are some of the key numbers and reports:

  • Profit & Loss
  • Aged Debtors (or Receivables)
  • Aged Creditors (or Payables)
  • Stock levels
  • Break-Even Point

Have a Point of Difference (a “USP”)

Business is competitive and there are plenty of other businesses that provide services very similar to yours. Prospective customers generally have plenty of different suppliers to choose from, so why would they choose you?

You need to have a point of difference, also called a USP or Unique Selling Proposition, to give your customers a reason to use you instead of one of your competitors. 

Some possible areas of difference that you can focus on are: 

  • Personal relationships
  • Quality
  • Turn around times
  • Unique products
  • A unique process
  • Customer Service
  • Unique personality
  • Areas of perceived trust

Be clear on what your USP is and then incorporate this into your marketing and sales processes and communication.

Read & learn more about small business, download our brochure ”20 Reasons Why You Don’t Make Enough Money in Your Business”.

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enquiries@financiallysorted.com.au

North Melbourne

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124 Errol Street
North Melbourne VIC 3051
P: 03 9888 3175

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Wheelers Hill VIC 3150
P: 03 9888 3175

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