What needs to change for your business to thrive in 2018
The 2018 year is off to a flying start and it’s time to think about what changes need to happen within your business. Change comes in many forms for business, some internal, some external – think growth, innovation, redundancy, outsourcing, relocation, diversification and competition.
It is better to be driving the change in your business, rather than letting it control or surprise you. This way you will be on the front foot of change so that you are in control of guiding your business, your clients and your employees through the transition.
A good starting point in reviewing what changes you should make, might be to look at what didn’t work last year and what do you want to achieve this year. What changes do you need to implement for that to occur?
A COUPLE OF FACTORS TO CONSIDER –
Review your client/customer market, what is it that they want from you? Is what you provide, and importantly, the way you deliver your service to them, still relevant. Consider asking for feedback from your clients – see exactly what they want from you. Armed with this feedback what can you change and improve?
Also, review benchmarking standards for your industry. As a starting point, the Australian Taxation Office has on its website small business benchmarks. Your accountant may also have access to industry benchmarks. Get the facts.
If you have mapped out a large change program for your business – you will need to prioritise and focus on the critical changes which will deliver the biggest potential benefits. Consider whether the change can be implemented over a series of small changes instead of a large change. Small changes overtime will ensure your clients and employees come along as part to the journey.
Depending on what changes you are trying to implement, it’s important that all stakeholders of your business are aware, kept informed of the reason for the changes and the expected benefits. This way you will be able to introduction a positive culture of change within your business.
WAIT THERE’S MORE…
Depending what you are planning to implement for the year ahead, you will also need to factor in the financial impact of those changes. This should mean you review your budgets and cashflows to ensure the impact (cost and benefits) of the changes are correctly factored in the business’s bottom line.
As always remember, think positively about the changes you wish to make and let 2018 be the best year to date for your business.
Need help and want to know more? Call Holmans for assistance on (07) 5430 7600 or send us an email.
DISCLAIMER: This article contains general information only. Regrettably, no responsibility can be accepted for errors, omissions or possible misleading statements or for any action taken as a result of any material in this guide. It is not designed to be a substitute for professional advice, as such a brief guide cannot hope to cover all circumstances and conditions applying to the law as it relates to these items.