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Real truths on running your own business

  1. Real Truths On Running Your Own Business Helping businesses reach their full potential
  2. #1 Success in business is a mindset True entrepreneurs, never think about failure, they think about what is not working, and what do I have to do, to get the best results. But not all business people are entrepreneurs, but they can learn from their mindset. Don’t allow failure to be a part of your thinking. It comes down to analysing every part of the business and monitoring the performance in order to determine weaknesses and then improve or eliminate them. Doing it better Failure is no option Change is a constant
  3. #2 Many businesses fail within the first 3 years The majority of businesses in Australia are small – accounting for 97% of all businesses. 1 According to the Australian Bureau of Statistics, more than 60% of small businesses cease operating within the first 3 years of commencement. 2 Those that dwell on what if, and have a way out if things are not going the way they should, are the ones who will surely fail. They will fold rather than solve the issue. 3
  4. #3 The only certainty in Business is that many challenges are ahead of you. • You need to step up and face the obstacles in your way to get your business to the success level you envisaged.
  5. #4 Working “in the business” always takes priority
  6. #5 Working “on the business” never seems to happen
  7. #6 A partnership of two may overcome the issue • How do you find a partner who is on the same page as you? • Even in a marriage a partnership can be difficult when it had so much love and positivity initially. • A business partnership is even more difficult to successfully navigate.
  8. #7 Most business people are over worked and lack time to strategize their business • Experts say that the best way to view your business is from a helicopter perspective, looking down on the business from above. • But that all takes time and you need to be in a relaxed state and not stressed out by work issues. • How objective can you be when you are stuck in the day to day?
  9. #8 Have you ever discussed any of the following topics… • What is the actual business you are in? • How good is your product? • What differentiates you from your competitors? • Are you using technology to its’ full potential? • What is the single major factor that is limiting the advancement of your business?
  10. #9 Most small business owners don’t have anyone available to discuss their business with. • Having a discussion with yourself is not much better than having no discussion. • How many times have you discussed a topic with another person, and thought “Gee, I had never thought of that before.” • Another person’s opinion can be a stimulus to a whole different way of thinking. • Talking through issues with someone else, can often make challenges manageable.
  11. #11 Most large businesses have a Board of people whose major role is to develop future strategies. • The discussion with knowledgeable people is important to think differently. • Different views on things are essential, for developing innovative ideas and new directions. • Challenging existing ideas provides the impetus for change. • Change in the modern world, is an ongoing process, not to be ignored. • Too often businesses get themselves in a rut.
  12. #12 Why shouldn’t Small Businesses have experienced people who are available to advise on their business. • People are available who do not need to be paid on a full time basis. • They are not involved in the day to day operations. • They are looking at the future development, profitability & risk profile of the business. • Monitoring overall performance, highlighting weaknesses and determining ways to overcome them. • Looking for opportunities to broaden the base of the business and strengthen the client base by effective marketing strategies.. Mark Phillips Strategy development & implementation Specialised research W P (Barry) Osborne Business Development Product Differentiation Marketing BAZMARK