With the global economy looking fragile and one of Australia’s largest trading partners, China, slowing down, it’s important for Australian business decision-makers to re-evaluate their position as the new financial year begins, according to Atradius. Mark Hoppe, managing director, Oceania, Atradius, said, “The start of the new financial year is traditionally an ideal opportunity for Read More…
How to give your business a bigger growth potential
Thu 16 June 2016 - 9:45 amGrowing | Growth | Import | Export | Small Business
Everybody who launches a small to mid-size business of their own these days hopes to hit the bull’s eye as soon as possible. The problem is there are literally millions of other people aiming at the same target.
This produces competition of millions, meaning the risk of failing to stand out is high. Here are some handy moves that should provide your business with a continuous nudge forward.
Easy with launching
Even if you have already developed a plan and tactics for your business effort, do not rush into the whole thing immediately. Registering a business and equipping your office without any tangible business projects or partnerships is ‘all show and no go’. Instead of that, you can continue working in your old company and/or try your luck as a freelancer. This will turn out to be precious experience for your future career. When you get familiar with your own possibilities and feel the pulse of the market, it will equip you with skills necessary for steady growth. Here you can find out more about freelancing and job sites on the web.
The key aspect of every successful growth is having a plan and constantly measuring your lap time, in track-and-field terms. For instance, if you want your revenue to grow 5% every month, it is a great frame for your work organization. Also, in months that do not meet that requirement, it is essential to sit down with your employees, if you have any, and makes changes to the agenda.
Nevertheless, while growing is something every business wants, the growth plan should be followed also as a way to protect your business from too fast growth. Too rapid a development can put your business at a serious risk.
Gradual employee improvements
While this might be harsh, the worst thing you can do is to give a new employee a long-term contract. Such a move is really humane, it might not be the best choice for your business. You should never perceive your business as a charity fund. What you should do instead is to offer them short-term contracts first. Later, as they make progress and yield positive results, they should be given contracts for longer periods of time. Only when an employee becomes irreplaceable cog in your machine should you give them a permanent contract. The Fair Work Commission’s website has information on this matter.
Communication with partners
The business owner, their employees and their partners make the holy trinity of successful business conduct. If even one party side is neglected, the final outcome will not be satisfying. Therefore, a small- or-mid-sized business owner has to start developing trusty and reliable relationships with their partners from the beginning. This includes offering your services at lower rates to your biggest buyers, as well as inviting them to your business events.
On the other hand, if anybody betrays your trust, do not hesitate to act at once. For instance, if a partner refuses to pay for the services you have provided for them, use legal debt recovery channels to get what is yours. Small to medium businesses do not have many assets and every such inconvenience can ruin them.
If you manage to ensure those conditions, you will build firm foundations for continuous growth. Moreover, as your small company continues improving, always introduce new features and keep pace with contemporary business trends.
About the author
Dan Radak is a web hosting security professional with ten years of experience. He is currently working with a number of companies in the field of online security, closely collaborating with a couple of e-commerce companies. He is also a coauthor on several technology websites and regular contributor to Technivorz.
- May 24 2019 How to scale up your business globally – and effectively
- May 13 2019 Five things you need to know before selling overseas
- April 29 2019 When businesses are born global
- April 10 2019 Going global with your business