Newlands Real Estate
2 Elkhorn Avenue Surfers Paradise
07 5592 1464
07 5592 4465Contact us
In recent times, businesses have become more focussed on income generation, with multiple income streams proving important.
To sustain performance, businesses are divesting of non-dollar productive activities. The focus has shifted from maintaining a company to identifying the best ways of generating income and making sure people are performing to stringent key performance indicators.
Businesses need to be aware of the ongoing challenges facing the world’s economy and focus on activities that generate income, set specific and clear goals, and closely monitor financial performance.
The following tips for business success were provided by Westpac:
look over your business objectives and make sure you are on track to achieve your goals and take your company in the right direction.
consider your staffing levels and their ability to assist your business growth; do you have the right balance of operational and support staffing?
check in with your team and make sure there is a high level of staff morale and commitment; boost their spirits and create a team that is working toward ONE goal.
use quiet months to identify potential clients and develop strategies to approach them.
offer customer incentives for early payments, use electronic transfers for quick access to cash inflows.
look at your profit and loss statement and cut back on unnecessary expenses; for those expenses you can’t avoid, shop around for cheaper options.
identify gaps in the market and consider potential opportunities to fill them.
if you’re looking to grow, explore the various options available for finance; careful consideration must be made to ensure your business maintains a healthy cash-flow.
get the right advice from someone who knows your business well.
in the midst of all the stress of running a business, don’t forget to step back and recognise your milestones!