You can be honest. It’s not easy running your own business. As a leader to your team, you put up a brave face but in private many business owners struggle with frustration and anxiety. Do you perhaps feel annoyed at not having in depth information about all aspects of business or are you simply stressed about your business’ growth after facing the pandemic? We can help.
You’ll never be an expert in all areas of business management, but when you listen to sound advice, you become wiser. Then you can increase your chances of scaling your business and building the empire you dream of. Your solutions lie in everything from accounting software to HR to CCTV installation Melbourne businesses can’t do without.
So, which of these will you invest in first? Start scaling and achieving more!
Do You Have Security in Place?
Cities like Melbourne are safe areas, but you shouldn’t think crime will only come from the outside. Often, it’s employees or partners that are involved with situations like fraud or stealing merchandise.
You already have enough to deal with. Proper security is how you prevent many unnecessary problems in future.
A security system with CCTV installation may not have been on your original business plan but it can save a lot of money. Cameras are excellent deterrents because no one on your team wants to get caught and be forced to watch that recording in court. Instead of replacing stock, prevent the crime from happening.
Is Your Bookkeeping Up to Standard?
Keeping an eye on the books is a common frustration for business owners. You probably have a passion for the product or service you deliver, not the numbers, right? But the numbers determine your success, so never put it at the bottom of the priority list.
Important bookkeeping considerations include:
- Should you invest in accounting software to prevent human error and simplify the process?
- Do you have a system to ensure accurate billing and prevent late account payments? This is essential for cashflow management.
- Are you giving tax season enough attention? You could be eligible for deductions you don’t know of.
- Have you been using your financial reports to look for ways to cut costs?
- Are you sure accounting mistakes aren’t putting your business at risk?
If these tasks seem too daunting, it could be time to outsource to an expert.
Are You Investing Enough in Marketing?
Unfortunately, you’re operating a business in a more competitive market compared to a few decades ago. Your competition could now be in another country and still impress your target audience with the right digital marketing strategy. You need to stay ahead of the pack by using marketing tools effectively. This means employing a marketing company is definitely not a waste of money.
Do You Treat Employees as Assets?
You can have a vision but if your team doesn’t help you, you won’t reach it. They connect with your clients, suppliers and other role players and their actions will affect your brand reputation and many daily outcomes. For example, their positive impact on a client can help grow your business. This makes them valuable assets you can use to your advantage.
Because they have such great influence on your brand, you should learn to nurture them. In the same way an asset like your bank balance should grow, why not grow your employee-asset?
- Teach them about your vision, so they know how to benefit it.
- Offer them a chance to improve their skills, so they can feel more satisfied about their career. This often boosts productivity. Also, your brand will eventually benefit from the new skills they learn.
- Try to build relationship with employees, in order to spark trust and loyalty. This will prevent losing excellent talent to your opposition.
Have You Considered Automation?
A popular trend at the moment is automating business processes. This can sound expensive and some of it is, but you’ll have excellent return on investment eventually:
- You’ll save your and your workers’ time, so you can get more work done.
- There will be fewer human errors.
- When you can do more of what you love because mundane tasks are taken care of, you’ll feel more passionate about going to work. Get creative again about the business you started.
The surprising thing is in how many areas of your business you can implement automation. It’s time to streamline some of these:
- Billing and accounting
- Nurturing leads through email responses, without taking up time of your sales personnel
- Obtaining feedback from clients
- Providing customer care services
- Social media marketing
- Registration for events
The list goes on!
Use the faster way to get things done so you and your team can focus on more important responsibilities. That’s how you find time to scale your business.
Final Thoughts
You don’t have to attend to all these matters at once. Where do you realise your biggest gap is at the moment? Start with one aspect and be motivated by the positive change you’ll see.
Also, please share your success stories and inspire others to make the necessary changes. All small businesses deserve a fighting chance!