What on earth is a KPI and why are KPIs important to your business? A KPI (Key Performance Indicator) is a result that can be used to measure the effectiveness of different activities in your business. Put another way, if you want to define what success looks like from your business activities, employees, or projects, […]
22
May
May
There are just seven ways to grow your business. The first five grow your sales and the last two reduce your costs. The seven ways are: 1. Increase customer retention. Stop your customers from defecting to the competition by keeping them happy. It’s easier to retain existing clients than attract new ones. 2. Increase leads […]
21
May
May
Cash is the life blood of any business. In fact, even profitable businesses can and do fail because of poor cashflow. What’s important is that you understand your key cashflow drivers. Improving cashflow is often all about changing your business processes. Processes such as how you order stock and pay for it, how you bill […]
14
May
May
Succession is what happens to your business when you ultimately decide you want out. Planning your succession allows you to transition your business to new ownership in a managed and systematic way, helping you to reduce stress and achieve a greater outcome at a potentially tricky time. Succession Planning is about clarifying what you want […]
23
Apr
Apr
Think about a typical day at work… Perhaps you chat with colleagues, check email, return phone calls, open a work file, check email again – which leads you to your social media feed… A universe of beeps, rings and pings beckons attention and steals productivity. Distraction is the new normal. The culprit: technology. Multi-tasking is […]
16
Apr
Apr
If you’re going to grow your company in the right way, pinning down your goals and having a clear vision for the business from the outset is vital. You may want to increase profits and create an income that supports your lifestyle, or you are looking to increase market share and aim for hypergrowth. You […]
09
Apr
Apr
Most business owners know that every member of their team needs a job description, which should include: Clearly outlined responsibilities and tasks Some specific and measurable KPIs (Key Performance Indicators) A set of clear expectations around core competencies and behaviour When a job description is clearly documented, it’s much easier to monitor and measure performance. […]
05
Apr
Apr
Tax cuts and infrastructure spending are the headline items in this year’s Budget, but remember, there is an election just around the corner. The plans within this Budget will only happen if the Coalition is re-elected in the upcoming election. Small businesses earning less than $50 million a year will benefit from a fall in […]
02
Apr
Apr
Gains can always be made at the margins. These small incremental gains over a month or a year can have a significant impact on your bottom line. This could be additional profit you make from a single project, a single product or service, a particular geographic area, or a certain type of customer. Drilling down into […]
26
Mar
Mar
The biggest challenge in business stems from TLT – Too Little Time. A great solution to TLT is to delegate more – either to existing team members or outsourcing. Look at the number of hats you’re wearing and see if you can delegate any of them. A reminder of the 10 departments, or hats, in […]