Unlocking Business Success in the new financial year: 6 important tips for Stellar Business Performance
1. Have a clear vision, mission and value proposition and share this with your team.
A clear vision, mission, and value proposition helps a business understand its objectives, directions, and goals. By collectively sharing these with the team, employees work with a unified purpose, driving them towards accomplishing the company’s aspirations. Clear communication of this shared purpose also encourages people to contribute creatively and meaningfully towards the vision.
2. Have a clear Business Growth Strategy and financial road map for accelerated and profitable business growth.
To secure accelerated and profitable business growth, it is necessary to create and implement a comprehensive Business Growth Strategy that covers aspects such as target customer, product development, marketing & sales, financial, operations, customer service and human resource requirements. Having a clear strategy and a solid financial road map and sticking to them ensures you remain focused, maximising profits, managing your cash flow and reducing risks along the way.
3. Have the right people on the bus and the wrong people Off the bus.
Employing the right people and maintaining a firm but supportive work culture is vital for a stellar business performance. By selecting the right talent and making sure those not aligned with the company’s goals leave, you create an optimized environment that fosters productivity and growth.
4. Have a regular/monthly holistic business performance review and take the necessary corrective/improvements actions promptly.
A regular/monthly holistic review of the business performance allows you to identify pain points, making prompt corrective actions, celebrate accomplishments, and make informed decisions for future growth. Promptly taking corrective and improvement actions based on these reviews ensures you stay on track with your goals and can adapt quickly to shifting market conditions.
5. Have a clear visibility regarding your cash flow (cash is king) and profit, ensure a sound financial control is in place to avoid hitting an iceberg.
Cash flow management is essential to the success of any business. By keeping a clear focus on cash flow and profit, you can avoid financial surprises that might hinder the company’s growth. Establish sound financial control measures, monitor revenue and expenses regularly, and avoid risks or uncertainties that can compromise your financial stability.
6. Do not juggle too many balls yourselves and get expert professional help where needed.
As a business leader, it is important not to overwhelm yourself with too many responsibilities. Delegate tasks to specialists or bring in professional help wherever needed, so you can concentrate on core areas that drive success. This approach is key to maintaining a balanced workload while ensuring excellence in all aspects of your business.
Also Read: What Are The Great Ways To Kickstart Your Business In 2023?
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Eric Tjoeng – CEO, Business Growth and Exit Specialists
The 10 Australian Business Strategists & Experts to Watch in 2021, Growth, Future
