Today's success tip comes from Wayne Burgan.
Wayne Burgan is the creator of the book-keeping software Cashflow Manager who has served on the Public Practice Committee, the South Australian Small Business Committee, and the Small Business Centre of Excellence for CPA Australia.
What are your top tips for developing a great small business?
1. There are four primary functions in a business and you must provide adequate focus on all four: leadership and direction; marketing and sales; product or service fulfilment; and administration and finance.
2. Delight your customers. Focus on their needs rather than on getting them to accept what you have to offer. Surveys show that most customers change suppliers because of the perception that their current supplier doesn't care about them. So focus on delighting them.
3. Get good people around you. This applies to mentors and mastermind groups - people with experience from whom you can learn, gather ideas and fast-track your success. It also applies to your advisers and to the people you employ as your business grows.
4. Be continually working on your business. It is easy to get so focused on the demands of delivering products and services that we ignore the other elements of building the business. Allocate time to work on things such as your marketing, strategic direction, planning, and both personal and business growth.
5. Learn and implement. We received an email from a client recently thanking us because their average contract had increased from $3,000 to $30,000, and they had grown from a one-man operation to seven employees as a result of a marketing book we had sent them. The difference between them and everyone else who received the same information and didn't experience similar results was that they implemented the information they received. Knowledge without implementation is just knowledge. Knowledge plus implementation equals unbelievable results.
6. Make sure that you have passion and all that entails from what I have discussed before.
7. Remember that your business is a means to an end, not an end in itself. To be successful in business you need to lead a balanced life so don't become so absorbed in your business that it becomes your life and everything else falls down around you.
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