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The four factors thriving businesses have in common

2012 is shaping up as a difficult year for many businesses, but the decisions you make now could determine how successful the next 12 months are. Here’s the four factors thriving businesses have in common, which Sid Edwards says any SMB can put into practice.

If many of the pundits are correct, 2012 could be a difficult year for many businesses.

Behind the hype and headlines, the fact is there are businesses that will do well during 2012. So will your business be one of them?

In many ways the decisions you make and the actions you take at the beginning of the year will determine the level of success of your business during the course of the year.

There are common factors among successful businesses, what are they?

  1. Establishing business objectives for the year.
  2. Tracking and measuring performance against those objectives.
  3. If objectives are not being achieved, finding out why and taking appropriate action to get back on track.  Importantly being frank in assessments and recognising the need to make hard decisions.
  4. Review, review, review.

Having objectives gives you the ability to move focus when necessary to a more relevant and achievable objective.

It is important to remember that if you were not happy with last year’s results, you are unlikely to improve it unless you actively plan and change strategies.

If you want to get your business year started on the right foot, please join Abby Practice on Tuesday 7 February 2012 at 12.00pm for the first of our series of locally based business workshops for 2012 – “Setting Business Objectives for 2012” – where you will engage with other experienced business owners to build your plan for success in 2012.

Click here to register.

Places are limited so act early to ensure your place at this important event.

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Sid Edwards

Sid Edwards

Sid is the Principal and CA at leading Sydney small business accountancy firm Abby Practice.

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