“The most important thing in business – indeed in life – is to understand your purpose.” So said our first business coach, who urged me and my fellow founder, Robert Hadded, to document our business ‘purpose’ for The Practice – also called a mission statement. Now for two 24-year-old upstarts in their first year in business, it would have been easy to dismiss this as fluff. But we had our eyes on a bigger prize – building a business that transcended the two founders. We wanted a business that … [Read more...] about The Power of Purpose
I've found the big differentiator between a raging business success and one that just gets by ultimately comes down to taking action. Don't get me wrong - a robust strategy is the critical first step for any successful business. It ensures you stay focused on the actions needed to achieve your objectives. But if you don't execute on that strategy, it's a waste of time. In June this year I took 30 business owners on a business retreat in Fiji. It was life-changing stuff. Business owners get so … [Read more...] about You need to be held accountable
Most business owners don’t get an adequate reward for all their hard work, heartache and stress. Over the last 20 years, I’ve seen far too many business owners who simply don’t make enough money to make it all worthwhile. (In fact, the harsh truth is that some would be better off getting a job...) But we owners can’t help ourselves. We love being the boss and calling the shots. We want to make our mark in the world and build something bigger than us. But gee, it’d be nice to make … [Read more...] about Are you better off getting a job?
When the going gets tough, Aussie SMEs turn to their accountants first. That’s one of the findings of the most recent MYOB SME Snapshot survey. Not that this is surprising. I’ve seen first-hand how technology changes such as the rise of cloud accounting have helped businesses reduce administration tasks and increase cash flow. The flow-on effect, and the most profound impact of cloud accounting, has been to free up Accountants from a compliance focus so they can move from bean-counter to … [Read more...] about Accountants do it better
All businesses are fundamentally the same. If I've learned one thing from my 18 years in business working with hundreds of SME clients (and growing my own little business), it's that we owners all have the same challenges: Attracting and retaining the right team members who are great at what they do Attracting and retaining your ideal customers – people who pay on time, take your advice, and are a joy to work with Getting employees to consistently do the right things, at the right … [Read more...] about Is your business funding the lifestyle you want… or is your lifestyle supporting your business?
There are keys to success that every single business – whether a start-up or a thriving enterprise – needs to master. If you can set your business up with these in mind, you’re half way to building a brilliant business, argues Jason Cunningham. Know your business. The first thing I encourage all small business owners to do is to articulate your ‘why’ – the reason your business exists (and the real reason customers buy off you). Crucially, you need to communicate it to your key stakeholders: … [Read more...] about ‘Start me up’ – 8 keys to start-up success