Business Innovation Services in Perth, Western Australia | Business consultant

Business Innovation Services

Locality: Perth, Western Australia

Phone: +61 402 843 314

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• Business service
• Personal coach
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23.01.2022 BALANCING BUSINESS AND LIFE Maintaining a work-life balance can be challenging for entrepreneurs. There is a constant need to find that balance between growing a successful business and having a life. Let me share some insights with you on this matter. It’s helpful to write down your personal life goals, just like with business goals. Both sets of goals need to be complementary or in harmony, otherwise, frustration will eventuate. For example, if your partner and childre...n are important to you then the last thing you want is to achieve a successful business at the expense of a relationship with your loved ones. Budgeting your time (eg week or month) between business and your personal goals will help with work-life balancing. For example, allocate certain times of the week for your loved ones and well-being activities. Schedule these times in your diary so you are prompted to consistently do them. However, like all plans, your scheduling needs to be flexible as business matters will sometimes intrude into your personal life and vice versa. However, but keep an eye that such allowances don’t become entrenched at the expense of personal time. Consider increasing flexibility by involving your loved ones in your business in some way. Apply effective time management. Review your work tasks and responsibilities. Identify the high-value priority tasks that only you can do as the business owner/leader. The remaining tasks should be automated, delegated (or outsourced), diarised for the future or deleted altogether. Learn to say NO. It can be easy to say YES to every opportunity, every client, every taskbig or small that comes your way. It can be hard to say no, but to have any chance of achieving a work-life balance, saying no (sometimes) is vital to making it happen. For help with your personal and business planning contact me on my Mobile 0402 843314 or [email protected]

18.01.2022 THE 90 DAY BUSINESS PLAN Business plans are typically between one to five years. For SME owners even a year may seem like a very long time when you have lots of urgent stuff to do in the here and now. Well, maybe the 90-day business plan may be helpful for you. Let me explain. A 90-day business plan contains between three to five projects or actions that need to be completed in the next three months by the business owner. The criteria for the projects are outlined belo...w. They meet important business objectives, that is, they help to grow or improve your business, or manage emerging risks. As a business owner, focus on increasing sales and improving business systems that will help you deliver your product. They must be achievable within 90 days. If a project can’t be achieved within 90 days, then what specific aspect or stage of a more long-term project can it be. Like most goal-setting activities the projects need to be SMART, that is Specific, Measurable, Achievable, Realistic and Timely. For each project, the actions that comprise the project can be listed. This helps in marking off progress. At the beginning of every day, consider your 90-day plan and identify the tasks and actions that you are going to perform that day. It should guide your daily activities and help you to focus on what’s important. Allocated a certain amount of time during the week to work on the projects. At the end of every week, update your plan with the progress that you have made. It’s important to keep score so that you can applaud and encourage yourself. You may also share your 90-day plan with your business partner, staff, and any others you may engage to help you implement your plan. For help with preparing a 90-day business plan for you and your staff contact me on 0402 843314 or [email protected] #smallbusinessperth #businessperth #perthsmallbusiness #businessadvice #perthsmallbiz #perthlocalbusiness

15.01.2022 CONTRACTING It Cuts Both Ways A great way for SMEs to achieve regular sales revenue is to enter into period contracts. Let me share some critical insights with you regarding this very tricky area of business management. Period contracts involve products or services being supplied to a customer for a defined period of time (usually one year or more) based on agreed rates and conditions. ... Period contracts can be great because they provide a foundation of regular work and sales revenue that supports your cash flow. They also help you to plan your work and utilise your resources, such as staff, equipment, vehicles, inventory and the like for a defined period. However, a note of caution; period contracts can also lock you in. You need to be careful that you don’t get trapped into rates and conditions which inhibit price increase for lengthy periods of time. To mitigate this risk, ensure you have clauses that allow for periodical reviews of prices based on relevant criteria, such as an industry inflation rate. Commitments to such contracts could also tie up your resources, such as staff and equipment, and therefore hinder your ability to pursue more lucrative and profitable work because you are unable to redirect your resources to such opportunities as they arise. Before entering a period contract, make sure you define your objectives. Identify the purpose for entering into a contract and what you are hoping to achieve. Answering these fundamental questions will help you to negotiate a better contract. Both parties to any contract need to benefit and feel they are getting a fair deal from the arrangement, and this ‘win-win’ outcome needs to be maintained for the life of the contract. If either party ceases to benefit, then it’s time for a contract review or it may even be time to part company. So, contracts can be a source of great benefit to an SME, or they become a real burden if not done well. For help with your period contracting, contact me on Mobile 0402 843314 or [email protected] #smallbusinessperth #businessperth #perthsmallbusiness #businessadvice #perthsmallbiz #perthlocalbusiness #contracting

11.01.2022 FINDING YOUR NICHE It is especially important for SMEs to identify and focus on their market niche. Let me share some thoughts with you about the reasons for this strategy. Selling to a niche market is a way to stand out from your competitors, and it helps your business to be recognised within the market. Your business can become an authority or specialist within your industry for a particular segment of the market. ... When your company offers specific products and services rather than selling a wide variety of offerings, you will benefit by being more efficient, productive, and provide a comparative advantage that can be marketed to a particular customer audience. By focusing on this customer audience, your business will be able to focus its resources on those customers who are closely aligned with your offerings. These are the people who will most benefit from your product, and therefore, are more likely to convert and become loyal customers. This doesn’t prohibit selling to customers outside your niche, but wandering away from your niche too often may dilute your competitive advantage, so be selective. Starting small is how you establish yourself in your market. Then, as your business scales, it's natural for your niche market to grow, or you may develop related niche markets. By providing value to your ideal customers, you encourage word of mouth and positive reviews which will help grow and make your business sustainable. Develop and promote business values that mostly align with your market segment. Employ staff and contractors that also have these values, as this will engender better customer relations leading to increased customer satisfaction and loyalty. Finally, continuously monitor your niche for any changes, as people will sometimes change their preferences, and you don’t want to be caught out by such changes. For help with identifying and targeting your company’s market niche, contact me on my Mobile 0402 843 314 or [email protected] #smallbusinessperth #businessperth #perthsmallbusiness #businessadvice #perthsmallbiz #perthlocalbusiness

10.01.2022 PROFIT AND VALUE Making a profit is what any commercial organisation seeks to do right? It's kind of obvious, so why do we need to talk about it? Well, maybe it’s more nuanced, and it’s worth discussing. Let me share some of my thoughts with you. Yes, it is the responsibility of a business is to make a profit which adds to the wealth of the business owners, and the community connected to that business. But which form of profit should we focus on. Is it net profit or g...ross profit, operating profit, pre-tax profit, or net profit after tax? Focusing or placing priority on the ‘wrong’ profit may cause us to make poor decisions. As business owners, we need to think about which type of profit deserves the most focus in our company. That focus should be consistent with the company’s strategic goals. And what about value, which is a measure of a company’s future profits? Remember that profit is a measure of what’s happened in the past. And because value is a measure of the future, this may be more important to us business owners and managers, as it encourages us to focus on the long-term sustainability of our company. Value, as measured by various means such as projected revenues and earnings, is a forward-looking indicator of a company’s future success. So, by focusing on the future we are more likely to make better strategic decisions in the present and going forward. If you have benefited from my business posts during the past few months, please support me by visiting and liking my business Facebook page. That way you will never miss out on helpful information from me in future. For help with improving your company's profit and value, contact me on Mobile 0402 843314 or [email protected] #smallbusinessperth #businessperth #perthsmallbusiness #businessadvice #perthsmallbiz #perthlocalbusiness

05.01.2022 A LEADER IS A LEARNER As leaders within our companies, it's good to continually be learning and developing ourselves. As Albert Einstein once said: "Once you stop learning you start dying." But what should we learn and how? Let me share some thoughts with you. An area of focus should be priorities regarding our business management. These include those activities that are important to the success and growth of our companies. Sales and marketing would be examples. ... We could also focus on areas of personal development. For example, we may be lacking in business planning skills, so learning about business planning techniques will support our leadership role. And finally, we could learn about new and emerging technologies and business practices. For example, we may have heard about business innovation, so learning about innovation practices and trends would be worthwhile. Once we have identified our learning areas, we need to think about how we learn best. The learning experts tell us that there are several learning styles and that people have a preference for a particular style, which include the following: Reading text Listening to others explain things Visual pictures, diagrams, and models Show and tell watching others demonstrate, and Inquiry style research ideas and identify relevancy There is no right way, just identify your preferred style and learn that way. So if you are a reader, you need to find books and online material that you can read. If you prefer a listening style, you need to attend formal training courses or engage a business coach to teach you the material you want to learn. If you have benefited from my business posts during the past few months, please support me by visiting and liking my business Facebook page. That way you will never miss out on helpful information from me in future. If you are already a follower, thank you for your support! For help with improving your business, contact me on my Mobile 0402 843314 or [email protected] #smallbusinessperth #businessperth #perthsmallbusiness #businessadvice #perthsmallbiz #perthlocalbusinesstrends