Whether you have faced success or setbacks this year, being in business is not easy. This is especially true for small businesses. In order to achieve success, we must continue to push through the challenges we face. To run a successful business, you need to have two characteristics: determination and resilience. I am sure this resonates with many business owners reading this article, as all we want is for our business to be successful and profitable. After all, success and profit are the cornerstones of a sustainable business.
To finish this financial year strong, don’t hold back! It is important to focus on reengineering your business over this quarter to set yourself up for a successful 2019/20 financial year.
Have the confidence to interact with your staff to work out ways you can get your business back on track to reach the best outcomes for your business. Be determined to take control and drive your team to make it happen.
Here are some great tips to ensure you are in the driver’s seat when it comes to your business:
Strategy is a powerful word. However, having a strong strategy in your business can be a powerful tool, providing you with a well mapped out plan for the future. It’s important to ensure your staff are on board with your strategy, so they feel empowered to make things happen. As a result, you will see greater engagement in collaboration and teamwork to help push your business towards success.
(See KBA’s Strategic Plan)
In business, you need to take risks to get results. But taking risks, takes courage. If changes need to be made in your business, such as introducing diversity or new skill-sets, you need to have the courage to address this with your staff. Being transparent about changes ensures a smoother transition for all involved and this is your opportunity to address any issues that may arise.
Once you have a strategy planned out with what you want to achieve, and you know what you need to grow or make changes, you need to have the determination to see your plan through and not look back. Stick with Plan A!
- Be Open-Minded
When developing a new business strategy, it is important to be open minded. Consult with your leadership team before executing your plan to ensure you get the buy in. If you’re struggling to get the buy in from your team, seek outside support for help. A fresh pair of eyes can be invaluable. This outside support could include a business coach or advisor, an accountant, HR expert or solicitor. As a result, you will find yourself with the support, unity and commitment behind you for success and to minimise risk.
Resilience is the key to success. Staying strong and withstanding outside influences allows you to focus on your strategy. Resilience will give you the power to do what it takes to execute your plan with sheer determination. Utilising professional, outside help as a resource will keep you on track to success and stop you from second guessing yourself.
Your company’s mission, vision and values are the key to keeping everyone in your company aligned. While it is the nature of business for things to change rapidly, a collaborative team that is aligned with your company’s strategy and vision will lead your company to success.
What’s holding you back from making the changes you need to in your business? Is it the fear of what could go wrong? Resilience is the key to managing change or challenges you may encounter when running a business. But remember, if you fail to plan, then you plan to fail.
When dealing with challenges, emotions are brought to the surface. At Key Business Advisors we’re here to help or provide you with further information on how to build better strategies in your business. We’ll help keep you accountable in decision making and support you through the hard times and on to success.