Make the most of your business planning in the new financial year

Business PlanningAs a business owner, there is always something to do, however many owners often spend more time working in the business than they do on managing the business.

Here are ten business management tips to help make the new financial year a successful and profitable one for you.

  1. Watch trends in your industry.  Compare your business performance with your competitors and to performance in previous years.
  2. Review your financial management.  Timely accurate reporting is vital to the success of any business. Continue reading

Business Planning: Do you have a business plan and the courage to stick to it during tough times?

Business PlanningIt has been a tough period for the Melbourne Football Club. The death of their much loved former president and club stalwart, followed by allegations against their new coach and then most recently a scandal involving the CEO of their major sponsor that involved the posting of sexist and racist comment on his Facebook page. Whilst all of this was outside of their control, the Melbourne board members must have been wondering what they had done to deserve all this. It’s what they did do though that says so much about them as an organisation. Despite not being one of the most financially secure clubs in the league and not having secured a co-major sponsor they terminated their agreement with the major sponsor they did have. This cost the club a reported $2 million in sponsorship and left a large hole in their budget. A brave and bold decision no doubt but did they do the right thing? The short answer is absolutely. Continue reading

New Year, New Business?

It’s that time of year again, as the new year dawns, where we begin to ponder the year gone and start to make all kinds of resolutions about what we are going to change in the future. New years resolutions are a bit of a mystery in that why do we feel the need for a new year to herald a change in our lives? Why is this week any better time to start than last? Regardless it is somehow built into our psyche that this is our big opportunity to make changes to our lives for the good. For most it is some sort of lifestyle change like giving up smoking, drinking less or getting fitter, but what about our business? Continue reading