We recently presented at a conference for Pharmacy Professionals and like many business owners, they wanted to know what they could do to improve and grow their business.
We take the view that you need to look at your business holistically which means considering innovation, staff, risk, finances, and performance indicators.
Our top five tips for running a successful business and ultimately growing personal wealth are as follows:
1. Innovation: Challenge the status quo. There are always new products and ways of approaching business and your own personal financial situation. You may just find that new technology, finance and insurance arrangements are all areas where you can improve your business performance and mitigate risk.
2. Establish your top three indicators: Work out the top three pieces of information that you need to know off the top of your head that indicates how your business is going. This may be sales figures, cash flow and staff costs for example. If there’s a dramatic change to any of these, you can address it quickly.
3. Keep your staff happy and motivated: It’s so important to have fun at work and it’s great for productivity too. Happy and motivated staff adds to the top and bottom line of your business and can help to solve little problems before they become big problems.
4. Protect your business: As a business owner you’re also exposed to certain risks. A catastrophic event, a legal matter or health issue can put everything you’ve worked for, in jeopardy. Make sure that you’re adequately protected which will give you peace of mind and allow you to concentrate on running a successful business!
5. Review your finances. Debt can be a shackle to some and others a useful tool to increase wealth. Don’t wait for your bank to suggest how to use it as a proactive tool. You need to regularly review your debt and avoid entanglements so that you can make the most of business and personal opportunities.
Call us today to review and compare your finance and insurance arrangements on 1300 76 40 30.