You may think Key Performance Indicators (KPIs) are tools used only by the biggest businesses, however even the smallest business can benefit from implementing even some basic KPIs into their business. In fact, the way you manage your team, you may already have a few KPIs in place without even realising it.
Small businesses beware! 10,000 small businesses are set to be targeted by the ATO as part of their ongoing crackdown on the Black Economy. This is an increase from the 9,000 businesses targeted last year. So it's now more important then ever to make sure you're doing the right thing and getting the right advice!
Your existing customers are your most valuable asset. This is because it’s easier and far less expensive to get an existing customer to buy off you again than to find new customers.
In a nutshell, all businesses exist to solve problems. Why people engage with a business is because the business owner can achieve the desired result faster than the customer could achieve it themselves.
Its amazing how many times I’ve sat down with somebody and I ask, why did you go into business? And all I get are blank stares and no clear-cut responses. It’s rare that I get an answer with such conviction that it shows me why they started their business. Some of the more common responses I get are:
Help grow your business through collaboration, expansion, improved marketing and some of the following quick tips.
Small businesses can grow in boom times as well as periods of difficulty by working smarter and taking advantage of opportunities. Put these following effective tips into practice to help grow your business.
Ask any successful entrepreneur about their path to greatness and you’ll get the same answer: failure is an inevitable part of the journey.
Whether you have your structure or not, the next thing to do is sit down with your accountant and solicitor to get advice on what to do next.
Maintaining positive cash flow can be challenging for small businesses, whether you’re just starting out or have been running your business for years.