Plan your small business like an election

The announcement today by Prime Minister Julia Gillard (‏@juliagillard) that the next Federal election will be held on September 14 has sent waves of wonder through the business community. Why announce it eight months out? How many months of political ads and door stop interviews do we really need to be exposed to? 

But if you set the political agenda aside for a moment, the announcement is really just like a small business letting their customers in on their strategic plan. Most of us wouldn't do it. But why not?

Strategic planning is all about considering the big picture, knowing where you want your business to go and how this all fits together.

Just like an election announcement, it needs to be articulated by the business owner. The question is, would it hurt if your customers knew what you wanted to achieve out of your small business?

Why not make today's election news a good excuse to start having some strategic conversations with your customers? Find out exactly what it is that they want, why they want it, how you can better deliver on their expectations. Then take a good look at your competition.

Having a few strategic conversations might just help you pip the opposition at the post on polling day!

Margie 

Cash flow checklist: How to manage your costs

Are you managing costs? So many small businesses I know have great intentions, but they operate on a fine line between keeping the costs of doing business under control, and getting swamped when unexpected bills crop up.

The trick, according to Avron Newstadt, of Expense Reduction Analysts, is to get into a cost management mindset.
If you can say 'yes' to the following statements, then you are a business that has the potential to manage your costs well:

* You dedicate ongoing and regular time each week to the principle of cost management

* You have developed a cost management culture in your business, so that your staff know it's important

* Your staff think before they spend

* You have systems in place to track your costs

* You keep your finger on the pulse of a wide range of costs out there in your marketplace.

Give it a go!

Margie

The magic of small business mentoring

Ive just joined Women's Network Australia, and spoke yesterday with the dynamic and insightful founder of the group, Lynette Palmen, AM.

Her passion is to connect business women to each other, giving them a forum for discussion and knowledge sharing, and I spent a wonderful half hour speaking with her about her journey.

I came away from our chat feeling inspired. I realised it's been a while since I've spoken with another business person who I know will be able to offer me valuable advice for my journey. Since writing The Small Business Success Guide, the shoe has invariably been on the other foot, with me mentoring small business owners on how to do things smarter.

So what is it about mentoring that helps light your fire? Well, the focus of mentoring is on you, and your professional growth. Unlike a coach, who assists you in a specific task or skill, and follows up to make sure it's happened, a mentor lets you set your own direction and make your own decisions, and supports you along the way.

Every small business owner should have a mentor: someone with more experience and success on the scoreboard who can guide you through your entrepreneurial adventure.

Finding a mentor for yourself, not just your staff, could make all the difference...

To your success!

Margie