Small business owners should keep growth front of mind, writes Justin Morris from St George Bank.
By re-aligning your goals you can create a clear roadmap for your business.
Small businesses account for 96 per cent of businesses in Australia, employing more than five million people.
However 85 per cent of small businesses employ four or less people, which often don’t include important support roles like accountants, marketing or business development managers.
Small business owners are time-poor and are working hard to manage different parts of the business, but it’s also important to find time to consider how the business can grow.
To help make that easier, we’ve compiled a list of handy tips for business owners.
- Re-visit your original business plan – remind yourself what your business is about and what you want to achieve. By re-aligning your goals you can create a clear roadmap for your business, which will help you stay on-track for growth.
- Grow your knowledge – make time to meet with different experts such as cash flow specialists or small business accountants to gain new insights and knowledge on how to improve your business.
- Run your business like a business – get the right support by using tailored business transaction accounts, credit cards and payment solutions that are designed to help you maximise your business efficiency and growth.
- Get on top of your cash flow – mobile banking technology has made it easier than ever for business owners to keep a close eye on their incoming and outgoing cash to avoid over-spending. This helps save more money for business investment and growth.
- Invest for growth – growing businesses often need access to cash, however if done right and with good advice, the rewards can be significant.
- Take time out – your business is most likely your pride and joy, but it’s also important to take some time out to relax. It may help spark some fresh thinking and ideas to grow your business.
- Write your goals down – having your objectives in writing will help you commit to them. Make sure you set clear timeframes for each goal to be achieved. Make your goals realistic and celebrate when you reach them.
- Honest and regular evaluations – shine a critical lens on your business processes, systems and customer relationships and look for opportunities to improve. You’ll likely think of a way something can be done quicker or better.
Ask a St.George Small Business Expert how we can help grow your business.
You might also like…
Competing for customers in a digital future