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Ideas to keep your business on track

Sunday, March 31, 2013   By Mike Reddy

 



The business environment is constantly evolving. So there is a need to constantly change in order to thrive.

But that's not to say there is a constant need to keep overturning the apple cart. Adopt simple strategies that will help keep your business on track and prevent inertia.

A tennis match would have no meaning if there were no final score. Small business operates the same way. Keeping score is essential.

That means tracking: tracking finances, development, team member productivity, etc. At all times, know what is going in and out.

As a coach studies another team’s strategy, small business owners must also study their competition. In order to get a leg up, it is necessary to identify the weakness of the competitor and capitalise on it.

To keep your business on track, adopt a conservative perspective. Optimism is great, but it doesn't win the game. Use intuition to guide judgment but never substitute emotions for facts.

Many business strategists insist that in order to stay on track, you must continuously make things happen. They say that to do this requires "hard work, application, patience, vision, foresight, self-belief, pragmatism, dogged determination (sometimes), flexibility (often), energy, and consistency.”

This is also one area where it would be smart to lean on the burgeoning industry of the application (commonly known as an ‘app’).

Smartphone and tablet apps of all kinds have been developed to specifically aid small business owners with everything from organising ideas to managing orders and client databases.

“A simple internet search will produce a plethora of app’s designed to keep your small business on track.

The common questions small business owners find themselves asking is “ How did I end up over here, when I wanted to be over there?”

Avoid this by implementing a regimented system of checks and balances. If it aint broke, don’t fix it! Instead apply your energy on the areas that need improvements.

Always refer back to the core values and goals articulated in your business plan. This will help you to avoid distraction and diversions.

By Mike Reddy, Business Coach


Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.