Category: Being in Business
Being in Business
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How to sharpen your leadership skills
Whether you’re running a small team or a medium to large business, leadership skills are critical to business success.
After all, as a business owner you are the master of the ship and those working with you will take their cues from you.
Importantly, leadership skills are honed and refined over time. So let’s take a look at how you can sharpen your key leadership skills.
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Growth with a focus on increased profit
Business operators often concentrate on growth, but it’s not just about increasing output and expanding your business.
It’s also about making your business more profitable and obtaining increased profit.
In fact, there’s an interesting phenomenon that sometimes occurs when a business goes through a growth stage where the profit might actually drop off due to increased expenses.
Known as the law of diminishing returns, it’s an important problem to recognise and address, and it comes down to implementing one of three key strategies.
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Five Ways To Improve Your Time Management
For any business operator, effective time management is a critical skill. After all, there are only so many hours in the week, and chances are that week is packed full of a range of tasks that you need to get through in order to move your business forward. Effective time management is also an important skill when it comes to avoiding overwhelm. So let’s look at five ways you can manage your time more effectively…
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How to Kick off a New Business Year on the Right Foot
A New Year is all about new opportunities where you cast out the old and make way for the new.
And just like you make personal resolutions for a fresh year ahead, now’s the time for business owners to make resolutions for your business too.
So how do you start a new business year on the right foot, and turn the page on a new chapter in a way that allows you to set and achieve goals for the 12 months ahead?
What does your business really do?
Sure, your business might provide a service or product, but what does it really do?
Chances are it solves a problem on behalf of your customer, and when you clearly identify what that problem is and how you fix it, you begin to have a much more meaningful conversation with your existing and potential customers.
So, let’s investigate further…
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Making the most of your business plan
Creating a business plan is just the beginning. Once you have it you need to use it to achieve the outcomes you desire for your business.
Here are some of the best ways to ensure business owners make the most of your business plan.
Why you need a business mentor
It’s no secret owning a business can be tough. It can also occasionally be lonely to be the one responsible for the welfare of others and the decision making that is required to ensure a successful operation.
That’s where there’s immense value in seeking out a mentor (or more than one) to help guide you through the business journey.
The measure of business success
We can talk about goals, KPIs, and growth as much as we like, but the true measure of business success is drawn from a far greater perspective:
Is your business what you intended it to be?
Does your business meet your lifestyle needs and goals?
After all, these are the two prime reasons that people enter business, to achieve an ambition and to gain financial security that facilitates their lifestyle.
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Understanding business risk
Every business has risks attached to it and they come in different forms.
There are the risks associated with strategy, such as new products and growth phases, the risks to your business location such as natural disasters, and human risks including staff selection and their habits.
While those risks might be present, they can also be managed, which involves identifying the risk, developing strategies to mitigate it and outlining these in your business plan.
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Determining the weak link in your sales chain
I’ve said it before and I’ll say it again, regardless of what industry you are in, you are actually in the business of sales.
And the process of selling involves a series of events all linked together. If your sales aren’t what you believe they should be, chances are there’s a weak link in your business and your sales process.
Determining where that weak link lies is critical. So, let’s look at the key areas where there’s likely to be a weak link in your business…
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Forward planning in business
Some might say predicting the future is a bit like staring into a crystal ball – except in business, it’s an absolute necessity, and that’s where forward-planning comes into play.
Forward-planning is all about anticipating the uncertainties that could occur, then devising a business strategy to accommodate any foreseeable outcomes.
So, what’s involved in forward planning, and how does it work?
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Five ways to get the support you need as a business owner
Business ownership can be a tough gig, and on occasions it can feel lonely to be the one tasked...
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