Category: Startup

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Beyond Survival, Thrive: Unlocking the Secrets of Small Business

small business trade secret

The new year stretches before you, a blank canvas brimming with possibilities. But amidst the excitement, a crucial question lingers: how do you ensure this year becomes your best yet? The secrets of Small Business success, in the world of business, isn’t a random roll of the dice; it’s a meticulously crafted masterpiece, built on the foundation of strategic planning, financial mastery, and a willingness to adapt. This guide is your roadmap to achieving that masterpiece, a blueprint for propelling your business into a year of unparalleled triumphs.

Mastering the Art of Strategic Business Planning:

Remember the childhood thrill of meticulously plotting your adventures on a treasure map? Strategic Business planning is no different. It’s not just about setting goals; it’s about crafting a roadmap that guides your team to achieving them.

a) Delving into the Past:

Before charting the future, take a moment to reflect on the past year. Celebrate victories, analysing what led to their success. Learn from setbacks, identifying the hurdles that tripped you up. This isn’t just navel-gazing; it’s gathering vital data for your strategic playbook.

b) Building SMART Goals:

Ditch the vague aspirations and embrace the power of SMART goals. Specific, Measurable, Achievable, Relevant, and Time-bound, these goals are the guiding stars on your journey. Instead of aiming to “increase revenue,” set a concrete target like “grow revenue by 30% by Q3.”

c) Identifying Key Performance Indicators (KPIs):

Think project completion timelines, customer satisfaction scores, and key financial metrics. These KPIs are the checkpoints on your roadmap, ensuring you stay on track with your SMART goals. Regularly monitor and assess progress against these benchmarks, making adjustments as needed.

d) Developing a Flexible Plan:

Wishful thinking won’t cut it. You need a plan, a detailed breakdown of actionable steps that will propel you towards your goals. But remember, business is a dance with the unpredictable. Build flexibility into your plan, acknowledging the inevitable curveballs and being ready to adapt on the fly. Embrace agility; your plan is a living document, evolving with the changing tides of the market.

Secrets of Small Business Financial Mastery : The Engine of Growth:

While strategic business planning sets the course, financial mastery fuels the engine. This is where the rubber meets the road, where you roll up your sleeves and face the cold, hard truth of your business’s financial health.

a) Conducting a Thorough Financial Review:

No excuses. Dive deep into your numbers, scrutinizing every income stream and expense. Identify leaks, plug them, and uncover hidden opportunities for growth. Be brutal, be honest, and treat this as a treasure hunt for financial gold.

b) Slashing Waste and Embracing Efficiency:

Every cent saved is a victory earned. Streamline operations, identify inefficiencies, and squeeze every ounce of value from your resources. Negotiate better deals with suppliers, sharpen your pricing, and always be on the lookout for ways to cut costs without compromising quality. Remember, waste is the enemy of profitability.

c) Reviewing Pricing Structure:

The start of the year is the perfect time to re-evaluate your pricing strategy. Factor in material costs, labor, overheads, and expected market fluctuations. Aim for a healthy profit margin, that sweet spot between 10-20%, because without it, your business is merely treading water. Price like your future depends on it because it does.

Diversification: The Compass in Uncertain Waters:

The market is a fickle beast, and relying solely on one service is a recipe for disaster. Diversification is your compass, guiding you through choppy waters and towards new horizons.

a) Staying Ahead of the Curve:

Ignorance isn’t bliss, it’s a sinking ship. Keep your finger on the pulse of the industry, track trends, and understand what your competitors are doing. Know what’s hot, what’s not, and anticipate what’s on the horizon. Market empathy is key; listen to your customers, understand their needs, and be ready to adapt to their evolving demands.

b) Expanding Strategically:

Don’t be a jack of all trades, master of none. Identify services that complement your existing expertise, that leverage your strengths and resources. This isn’t about chasing every shiny object; it’s about strategically expanding your offerings where you already excel. Smart expansion, not haphazard experimentation.

c) Building Your Support System:

No one conquers a mountain alone. Join forces with like-minded individuals, seek advice from mentors, and leverage the power of community. Whether it’s our free Trades and Construction Mastermind Facebook Group or industry events, surround yourself with people who understand your journey and vision.

Author:
Stefan Kazakis

About the Author:
Stefan Kazakis is a trusted expert who helps tradespeople build thriving businesses. As a speaker, author, facilitator, and CEO of the Business Benchmark Group, Stefan assists clients to achieve their strategic goals and increase business revenue.  With an outstanding track record spanning 25 years, he’s one of the few speakers exceptionally qualified to impart immediate, practical insights, ready to implement right away. Stefan and the team at Business Benchmark Group have worked with over 1000 small business owners, in the trades and construction sector since 2005.

 

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Three Ways to Beat Goal Discouragement

hope mountain top

Have you ever had the experience where you set out to achieve a goal, begin to have some success (like a week or two) and you seem to peter out along the way?  You fall off the wagon, get an injury, something upsets the routine; there is always something. Then discouragement creeps in.  Your mind floods with all the recent attempts and fails and you think, “Why bother? I’m never gonna get there anyway.”

Can I just say, I have lived this cycle more times then I care to admit!  Ugh….(shoulders slump).

Click….you just turned on the light switch. Electricity flows to light up the globe.  You turn the dimmer switch clockwise and, you have gradually illuminated the room.  I love dimmer lights…what a great invention!  They  transform a room’s ambience incrementally, or in a moment,  from cozy and romantic to super bright and ambient.

How does that apply to goals?  You have a desire, a target the click…..fires your inspiration to do something, or be someone a bit different and the buzz of energy starts you off in a direction.  You turn the dial full bore and, away you go on a new running routine, a new diet, some new behaviour with the hope that this is the ticket to the super bright and ambient future, or self you desire.

But, the cycle of discouragement kicks in over a hiccup, and your bright and ambient future slides down to dim, or even dark.

How do we stop the cycle?

My experience would say it has a lot to do with what Dr. Carol Dweck would call a fixed mindset.  A fixed mindset is an all or nothing approach.  It is the belief that I am what I am, and cannot change; my talent and intelligence are pre-determined.   In contrast, a growth mindset acknowledges the journey, focusing on our effort and practice.  I can grow my talents and intelligence..  In this analogy, it would be the difference between seeing our goals, or even our selves as a “switch” rather than a “dimmer”.  You are either “off” or “on” – I am/this goal is a success or a failure, rather than a dial that can slide incrementally one way or the other – I am/this goal is a work in progress. 

It is inevitable, we are going to experience setbacks or discouragement, the dimmer has slid down and the room is now darker.  But rather than seeing them as the end, perhaps we should embrace them as part of the process. The electricity is still on!  The desire is still there – otherwise you wouldn’t feel discouraged, right?  So leverage the desire by sliding the dimmer up, even if it is just incremental.  Two steps forward, one step back is still progress.

How do we motivate ourselves to get going again?

  1. Photo by Ron Smith on Unsplash
    Be kind and compassionate to yourself. Treat yourself like you would your friend in the same situation.  How would you spur them on toward their goal?  Remember that a growth mindset encourages us to focus on the effort and the journey, that we are capable of growing, being more skilled and better with practice.   You are a work in progress…..before you can run, you needed to learn to crawl, then walk.  Be patient with yourself.
  2. Cultivate positivity – reflect on a win you have had, no matter how insignificant it might seem. Reminding yourself of even the smallest accomplishment is like sliding the dimmer up.  Barbara Fredrickson’s Broaden and Build Theory says that positive emotions have a heliotropic effect, like a flower that is drawn and opened up toward the sun, positive emotions open us up to new possibilities, we become curious and open to new solutions and ways forward.  Our thought-action repertoires are more extensive with positivity.  Whereas negative emotions, like discouragement, have a limited thought -action range…..they drag us down, inward and we want to isolate ourselves.  What have you done well lately?  What is a recent win?  What strength, or character trait did you draw on to achieve that?  How can you leverage that again in this situation?
  3. Reframe the setback as an opportunity to build “bounce back” – if setbacks are inevitable, then the ability to bounce back is an absolute must if we want to see our goal come to fruition. Setbacks can be our fiercest ally!  Our ability to bounce back will be the catalyst to real progress.  Turn the setback, or discouragment on its head……look it in the eye and say….”Awesome! You have just given me an opportunity to be bouncier, and I need that if I am going to get where I want to be.”

Your bright and ambient future is only a dimmer switch away, so go on!…Dial it up!

Author: Pam McIntosh (Three Cheers Coaching)

Main article photo by Pablo Heimplatz on Unsplash

 
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Could CoWorking be the answer to business success?

CoWorking

Distractions are endless

Several weeks ago I decided I’d had enough of sitting at home at my dreary desk watching the cat continuously lick herself. The continuous drone of commercial radio, mixed with backyard lawn mowing and street traffic, was becoming a bore. Who can seriously work like this full time? I started to ask myself is CoWorking the way of the future?


Let’s face it, working from home is eerily devoid of human contact during the day, and the distractions are endless. “I really must fix that squeaky hinge” and “Oh no, it’s going to rain this arvo. I have to get a couple of loads on the line before it does”. On and on it goes. Could CoWorking be the answer to my business success?

Hindsight is an amazing thing

What used to be an annoyance and pain in the butt in the corporate world has become trivial and to be completely frank, I miss it. Who cares if you’re crammed into pods like sardines, at least you have someone to talk to, bounce ideas off and enjoy a laugh. Why should I care if my stapler suddenly disappears? Just grab a new one out of the stationary cupboard. What’s the point in worrying about the noise? Take your call in another room, or plug in your iPod. That’s why hindsight is so amazing. You don’t know what you had until you lose it.

Aren’t all CoWorking spaces the same?

I’d had enough, so I set out on a mission to find a suitable CoWorking space. Being a first-time wannabe CoWorker, I had no idea what I was looking for in a solution. Aren’t all CoWorking spaces the same? How wrong I was. After completing some online research and taking advice from a few friends I soon learned how different CoWorking spaces could be. I had to think what was important to me and my business? Was it, Location, Cost, Facilities or maybe a free beer on Friday afternoon? What is going to help and not hinder the success of Usayso? Ah, let’s make a list….

Top 4 CoWorking considerations

Aside from the usual things to consider like, desk or office, daily, weekly or monthly rate. There are several other things worth considering. Here are my top 4 CoWorking considerations:

  1. Location, location, location – While being an online business, a location has less relevance than retail or a café; however, it is still an important decision. Do you need to be close to public transport? Who are your customers and where are they? Do you need a central location for the team? What sort of B2B networking community would you need to be around? Where is your competition located?
  2. Cost – Value for money play’s a significant role in most StartUP decision, especially if you’re bootstrapping it. Some questions to ask yourself include, how many days do you plan to work from the CoWorking space? Each provider offers slightly different packages depending on your usage. How flexible is the facility with contracts? How can they help in saving you money? e.g. free printing, coffee, and networking events?
  3. Atmosphere – Do you want a quiet office space, or perhaps something a bit more vibrant? Are you after an open plan layout or something more private? Do you want a desk and a chair or other creature comforts like coffee, kitchen, change rooms, access to a gym?
  4. CoWorking Focus – You have to consider that CoWorking is not a new trend. It’s being going on for years; however, the focus hasn’t always been about fostering business growth. The industry was dominated by companies wanting to save on costs by sharing resources. We now have a range of different CoWorking spaces catering for various industries and trends. Are you after a place that is full of Startups or mixed with established businesses? Some CoWorking spaces focus on Developers or Music and Arts, while others may take anyone and everyone.

So could CoWorking be the answer to business success? I have no doubt it can play a big part, especially in the very early stages of business development. Most offer a verity of flexible pricing packages. They have a mix of an open plan layout or private settings, as well as hi speed wireless internet, modern conference facilities, phone booths, standing work stations and a mix of indoor/outdoor work spaces. It’s now up to you to decide what best suits you and how you work.

So how do you choose the right CoWorking space?

I recommend shopping around and considering some of the points I’ve raised above. If you’re looking for a friendly hip, open plan space, with a focus on creative professionals and innovators, then maybe CoSydney is a place for you. Huddled in the back streets of Chippendale’s creative district, its private coffee house and regular art exhibitions may be of interest.

Or perhaps you want something more energetic and vibrant, with a pinch of an industrial feel. WeWork has a new Pyrmont location, which focusses on building a supportive community and growing your network. WeWork offers flexible packages as well as access to their extensive range of WeWork locations both locally and aboard. They have partnered with some other businesses to help reduce costs for everyday business needs. They also hold regular lunch and learns and networking sessions to help accelerate your business growth.

Perhaps you’re looking for something more closely to home. Some local business communities have created CoWorking spaces. Take Inspire CoWork in Miranda NSW. It’s close to public transport, and the local Westfield and its friendly owners and residents are very welcoming and eager to help. You also have Executive Republic, in Taren Point, who offer a range of flexible and cutting edge options for small business operators. Their personalised service approach helps in creating a professional and welcoming environment for you and your customers.

So how do you choose? Get out there and start exploring. Most CoWorking spaces will offer you a free trial. Understand what works for you and your business, and maybe CoWorking could be the answer to your business success.

Author: Clinton Smith