As business owners, we face constant pressures such as inflation from the Reserve Bank of Australia (RBA) and changes in workplace laws by Fair Work Australia, which include new policies and minimum wage increases. The ever-evolving WHS (Work Health and Safety) laws and the ongoing challenge of staff and skill shortage in Australia, particularly in Victoria, can be overwhelming. Many small and medium businesses (SMEs) struggle to operate on a daily basis. Some business owners are questioning the viability of staying in business due to the increasing difficulty and stress of maintaining a positive mindset and keeping their heads above water.
The media reports on the “Great Resignation,” “Great Burnout,” “Recessions,” and businesses going broke, and over the next six months, significant changes are expected to shake up our world creating a sense of impending doom. In such circumstances, it is crucial for business owners and managers to rethink their strategies for survival. While change can be daunting, positive change can lead to growth, it is essential to focus on moving in the right direction and increasing sales. To succeed in business, I believe two things are crucial: determination—how hard you can push yourself to thrive—and resilience—how much you can endure to sustain your business.
To overcome challenges and trade your way out of any situation, it is crucial to rebuild the sales culture within your business. Sales are the lifeblood of every business, and without sales, there is no business. This requires a positive mindset and unwavering focus. Despite the economic slowdown, people continue to make purchases, which is why inflation is rising. To ensure revenue growth and healthy profits, you and your team must work harder and smarter. Numerous businesses are currently under immense pressure, but my advice is to maintain your focus and drive, ensuring everything is geared towards achieving more profitable sales.
Here are some tips to help you start the new financial year with a solid structure, foundations, and a clear roadmap for the next 3, 6, and 12 months:
- Review or create a strategic plan for the next 12 months. This involves budgeting, consolidating, or expanding your company’s operations to make informed decisions and generate profits in the coming year. For example, reset your budget for 2023/2024.
- Develop a robust sales plan aligned with your company’s goals and objectives. This should include individual and team targets that connect back to your budget.
- Set clear expectations for individual and team targets, emphasising their importance in supporting your company’s future survival and growth. Create a win-win scenario by providing financial incentives to motivate your team.
- Invest in training your team to become more engaged with customers and increase their hunger for sales. Encourage them to present themselves better in educating your customers about your products and services. Provide comprehensive sales training and motivation to enhance their sales focus and resilience.
- Increase your marketing spend, and align it with a strategy that brings together your company and team, aiming to create more opportunities with existing clients and attract new business. This requires Sales and Marketing to collaborate effectively.
- Empower your team around positive client outcomes, emphasising teamwork, motivation, and driving the delivery of promises. Set team goals and acknowledge milestones achieved. Stay focused on meaningful work while fostering a winning team culture through collaboration.
- Celebrate major successes through recognition and praise. Maintain a positive mindset and remain committed to your game plan, regardless of the circumstances.
It is evident that the next 6 to 12 months will be challenging for many business owners, pushing them to their limits. Be prepared and stay determined and resilient, not allowing negative situations or people to dictate how you run your business. Surround yourself with positive individuals, seek the right advice, and take action if negative staff members are affecting your team.
At KBA, we believe that running a business requires strategic thinking in every aspect, ensuring all pillars of the business work cohesively as one. We all have strategic intentions, but sometimes we may drift. It is crucial to make good decisions and learn from the bad ones. Continuous learning and experimentation are vital to changing the landscape for your company. Adversities only make you stronger, so avoid the blame game, take ownership, and get back on track.
If you need assistance with business strategy, improving sales results, enhancing team culture, or require HR advice and support to steer your company in the right direction, engage Key Business Advisors. We question, motivate, and drive the necessary outcomes to help your business not only sustain itself but also thrive during competitive times. With over 15 years of proven success, our committed team delivers results. We follow our mission, vision, values, and purpose, ensuring our work is meaningful and highly motivating. We appreciate what we have achieved and the opportunities we’ve had along our 15-year journey.
To access more information about our company and download valuable resources to help your company grow and reach new heights, please visit the following links:
- Key Business Advisors: keyba.com.au
- KBA Professional Sales Training: https://keyba.com.au/professional-sales-training/
- KBA People & Culture: https://keyba.com.au/people-culture-business/
- KBA Strategic Planning Workshop: https://keyba.com.au/hr-advice-support/
- KBA Business Strategy & Growth: https://keyba.com.au/business-advice-strategy-and-growth/