Welcome to the UHY Haines Norton Brisbane Blog...
Sometimes the biggest barrier to growing your business is knowing where to start
We recommend you ask yourself four questions:
- Can you think of any existing products/services that you can offer to existing clients or customers?
- Have you any products or services that you can sell into new markets?
- Have you any new products that you can sell to your existing clients or customers?
- Have you any new products that you can sell into new markets?
A Hint - Number 1 is the easiest way to unlock growth.
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One month in - have these New Year resolutions been implemented?
Already one month of the year is passed and it is now appropriate to consider if we have achieved any of our New Year resolutions.
The New Year is often a time to consider implementing the habits and actions that will bring about a change to the outcomes we are accustomed to, both personally and in business.
It is a time to acknowledge the truth in the saying... “If you keep doing the same things, you will get the same result."
If you have not made any of the necessary changes to your business yet, then it might be time to ask for assistance in helping you implement change.
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Failure to implement is the largest issue faced by businesses.
Businesses can obtain lots of advice, in depth reports and glossy business plans – all of which will be worthless unless plans are implemented successfully.
The key to success is accountability – the business must be held accountable for taking the actions required to implement.
So – set your measurable performance indicators, and hold yourself accountable. Even better – get a third party to hold you accountable.
Follow Rowan on twitter or connect with him on linkedin Follow UHY Haines Norton Brisbane on twitter or connect with us onUltimately, all the best planning in the world will amount to nothing unless there is some commitment to action.
Brilliant plans will remain just an idea, or a missed opportunity, unless there is a commitment to implementation.
Commit to just one action today, no matter how small, and you will reap the benefits.
Follow Rowan on twitter or connect with him on linkedin Follow UHY Haines Norton Brisbane on twitter or connect with us onLike it or not, business, like all things, is undergoing constant change.
Business people can choose to ignore change, preferring the attitude that "if it's not broken....don't fix it". This is fine - for a while.
Ford Motors relied on a winner - the Model T - to gain a dominant market position in the motor car market - however, if they had not enhanced the change to developing a range of models to meet different customer needs, they would not have survived. The Model T was a winner then.... but times changed.
Add to that list Beta Tapes, video cassette players, and so you clearly see change is a constant.
Internet use and social media are now changing consumer sentiment and business practices quicker than ever.
Business owners can choose to embrace change and it is only by acknowledging change and harnessing change that the business can survive in the long term.
What trends are changing your business?
Follow Rowan on twitter or connect with him on linkedin Follow UHY Haines Norton Brisbane on twitter or connect with us onProfit is easier to achieve when broken down into its components.
Put simply:
Profit = Sales - Variable Expenses - Overheads
By looking at each component individually, we can then put in place strategies, for example,
Sales 
Implement a contact program 
Variable Expense Review the sales and production process and eliminate inefficiencies
Overheads Eliminate non-necessary overheads We have had great success helping clients in the process.
Follow Rowan on twitter or connect with him on linkedin Follow UHY Haines Norton Brisbane on twitter or connect with us onBusiness success can often come down to a commitment to excellence for one key driver. That is, the one key thing that the business must excel at - the thing that requires 100% performance.
For instance Rod Eddington when in charge of British Airways identified adherence to on-time departure as the one area that the company would not accept mediocrity.
Identification of the item that the business must excel at, be it customer service, on-time delivery, quick response time and so on, will often provide the difference between success and mediocrity for the business.
Follow Rowan on twitter or connect with him on linkedin Follow UHY Haines Norton Brisbane on twitter or connect with us onI had reason to be in Paris recently and took the opportunity to visit Versailles, a truly magnificent and opulent place - but also the place where the revolutionaries captured the King and Marie Antoinette.
This got me thinking - this was the Royal family, the rulers of France, and they made the fatal mistake of not listening to the needs of their subjects.
You have probably heard the famous line "let them eat cake" as the subjects starved. This got me thinking about the lesson for business today ....
"Listen to our customers, or the business will suffer a royal fate".
When did you last really listen to your customers?
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Over the years, I have identified that the difference between winners and losers in business is often "focus".
The easiest way to start focusing on the important things in business is to "Pareto yourself to success".
As a general rule, the following may be true in your business:
20% of your customers provide 80% of your sales
20% of your products provide 80% of your sales
20% of your customers provide 80% of your profit
20% of your products provide 80% of your problems
20% of your customers provide 80% of your problems
This analysis will make it clear where to focus your time, resources and energy.
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Uncertainty in
- The performance of the economy
- The impact of the carbon tax debate
- Interest rate movements
- Changes to human resource laws
and many more.
It is easy to lose focus on the important things in your business and your life.
Recently I have had a number of business people bemoan the fact that business is the toughest it has been for some time ... and from my experience, I cannot disagree.
However, I have observed that some businesses will continue to prosper during these times, and others will not.
So what separates the winners from the losers?
Obviously many factors contribute - but the one common factor is that the winning businesses have a clear focus. Clearly these businesses have an internal focus of control. They do not spend time worrying about things over which they have no control - all their energies are focused on the items they can control.
For example, consider the following responses:
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External |
Internal |
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My sales are down because the economy is weak |
I can re-invigorate sales by mining my customer base for lapsed customers |
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The banks won't extend my overdraft |
I can collect my debtors quicker by changing my follow-up system |
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Staff today do not show any initiative |
I can better train and incentivise my staff so that they show initiative |
It is clear who the winner is here.
Your challenge is to only focus on the things you can control.
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