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10 Keys to Successful Business

21 Jun 2016 Surfers Paradise 0 Comment


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:

  1. Plan For Success –

    look over your business objectives and make sure you are on track to achieve your goals and take your company in the right direction.

  2. Assemble Your People Power –

    consider your staffing levels and their ability to assist your business growth; do you have the right balance of operational and support staffing?

  3. Check In With Staff Morale –

    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.

  4. Fill Up The Business Pipeline –

    use quiet months to identify potential clients and develop strategies to approach them.

  5. Concentrate On Cash-flow –

    offer customer incentives for early payments, use electronic transfers for quick access to cash inflows.

  6. Spend Smarter –

    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.

  7. Explore Expansion Opportunities –

    identify gaps in the market and consider potential opportunities to fill them.

  8. Secure The Right Financing –

    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.

  9. Seek Professional Advice –

    get the right advice from someone who knows your business well.

  10. Celebrate Your Business Success –

    in the midst of all the stress of running a business, don’t forget to step back and recognise your milestones!

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