Based on the results from the latest MYOB Business Monitor, things aren’t too rosy for many Aussie businesses. But don’t be discouraged. Yes, the Australian economy is facing its first setback since the GFC, and there’s been bad news, but there is optimism for the future and the current state of play does not have to be bad news for you.
What can you do about it? Not every business has reported a fall in revenue. Thinking about that, can you create opportunity for your business?
I have some thoughts on how you could ‘refocus’ to do this, so here are points to help you along this path.
To create opportunity I encourage you to take a good look at the fundamentals…
- What really drives your business? Are you maximising this?
- What makes you money, and who? Are you maximising this?
- What costs your business, and where do those costs lie?
- How do your systems perform under pressure? Are they coping? If not, what can you do to change this?
- What is absolutely essential / what can you live without?
Think about creating a new reality for your business. Re-examine your business plan and focus on the future by looking at where you want your business to be in 1, 2 and 5 years. It’s about planning for success, not just everyday survival, so it’s important to set realistic targets that you can achieve.
Cash flow is king – so I cannot stress enough how important it is to get this right.
Keep your friends close (staff, suppliers, creditors) and those you might consider to be not so friendly even closer (eg. your bank, ATO, your competition).
Focus on existing customers, not just generating new ones. It costs you less to develop and maintain existing customers than it does to generate new business – so it’s important to maintain high levels of service and communication.
Don’t lose sight of the bigger picture and never forget that you’re not in it alone.
Do you think you can create opportunity for your business? Or maybe you already have. If you have, share the special ingredients to your success.