Clare talks on Business Success – Sky News

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The Plea

Join us in the beautiful provincial city of Bendigo where another sort of gold rush has started in recent times. Once country folk would leave in their droves to build businesses in the big smoke. But theses days the locals aren’t leaving – and what’s more, the city slickers are joining them in the quest for a better lifestyle and business opportunities. The flood gates have opened, with all kinds of businesses making their mark both in Australia and abroad….and no wonder, with such great support services from the local community, councils and state governments, no longer is out of town out of the running – business in the bush is booming.

Business: Bendigo Magazine
Type: Publishing
Location: Bendigo, Victoria
Issues: 8
Established: 2005
Employees: 3

Case Study

Whilst travelling abroad, 31 year old Amy Heath was so impressed with a glossy publication that promoted regional spots in the UK that she decided to create a version especially for her home town – Bendigo, in country Victoria. After some research, Amy pitched her idea to a dozen local businesses that agreed to support the first edition of Bendigo Magazine.
It’s been an expensive exercise getting each magazine out but 2 years on issue number 8 has just been released – with 10,000 copies printed every quarter.

The Challenge

Having a background in business marketing has given Amy a solid background for the business.
The Commonwealth Bank Business Health Check shows that the magazine has followed and exceeded the initial BUSINESS PLAN, but Amy is struggling with CASHFLOW, paying out of profits to keep the magazine going. DEBT COLLECTION is always as issue. Amy hates chasing money as well as dealing with MONEY MANAGEMENT which cuts into her limited free time. She also needs a BUSINESS LOAN and wants to know how to best prepare an application for the bank.

Advice from Business Consultant 3: Clare Fountain – Sorted Business Administration
Clare Fountain is part of the Central Victorian Young Entrepreneurs Programme – just one of the many federal government initiatives designed to help local businesses succeed.

Business tips:
1. Make an appointment with yourself
2. Learn to say no
3. Block out personal time

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Brains of Business Succession

This will give you practical information concerning home based business as you learn from experts in their fields. The Brains of Business is a newsletter written by small business owners to support other small business owners.  Each contributor has their own area of expertise which they apply to a different theme in each edition.

This edition talks about SUCCESSION

A couple of teasers for you…

‘Find out how a succession plan can actually add dollars to the potential sale price of your business. Just another reason to get your plan started today.’ Jennifer Blainey, First Class Accounts

‘A good succession plan isn’t just about your retirement, it’s also about who’s running your business when you go on holidays… or don’t you do those either?’ Claire Fountain, Sorted Business Administration Services

Brains of Business Issue 15 Succession

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Relevant Reporting

Reports are how you find out if your team is taking your business in the direction that you want it to go.  They can be simple and the key is to make them effective.

It is like using a map to take you on holiday.  You choose a destination – plan the route and use the signposts along way to make sure you are still heading in the right direction.

Here are some guidelines to setting up your reporting;

-  Have clear overall business goals – your destination

-  Set clear goals for members of your team – their destinations

-  Identify milestones or regular performance indicators that they can report back to you – the signposts

-  Make sure you use the information to keep on track and if you are going off track to take action – if you get lost use the map to find the route to your destination

Keep your reporting Regular, Relevant and remember to React if you are going off the track.

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Business Expansion, How, What, When, Is It Viable?

So you want to expand your business?  With my passion for organising I get very excited when I hear this!

Be clear what ‘expanding’ means to you.  Doubling your turnover, doubling your profit (a very big difference between to two!), setting up in a different state, employing more staff to share the workload so you aren’t working around the clock.

What is your reason for wanting to expand?

Look at how your business is currently operating.  Is it

• Reaching turnover and profit targets
• Looking after the staff making sure they are living balanced lives
• Providing customers the desired standard of product and or services
• Giving you (the business owner) what you want out of life

If the answer to any of the above is no I suggest you improve the current model before you consider expanding.  Any weaknesses in the systems will be emphasised – if your time is already stretched expanding might lead to an increase in demand for your time.

Once you have your current business model organised it makes expansion much easier.  Imagine employing some when you have a “How To’ manual covering their roles and responsibilities plus details of how to carry them out.  Set up clear reporting requirements – if you employ more people you need to be able to supervise them effectively – especially if they are interstate or off site.

Consider your role as the business owner.  The requirement to work on the big picture will increase and so reduce your ‘hands on’ time.  Check with your accountant if this is viable.  Do you want to work at a management level if you enjoy the hands on aspects of the business?

The following also needs to be taken into consideration

• Will your current systems cater for expansion.
• Is your software and hardware able to process increased data eg if you only have one phone line is that enough with increased sales/enquiries
• Are your physical premises suitable
• Are your current staff adequately trained

These aspects are purely related to being organised– you also need to work with your accountant to check the expansion plans are viable, is there a larger market out there to sustain expansion, what are the risks and how are you going to manage them?

Have a look at how you can improve the efficiency of your current operations.  You might be able to reach your desired outcomes without having to expand.  Don’t rush into it and make sure you are organised and prepared for a number of possible scenarios both good and bad.

Hot Tip

If the expansion goes to plan look at what your role in the business will be and make sure that is where you want to be!

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Brains of Business Power of Priorities

This will give you practical information concerning home based business as you learn from experts in their fields. The Brains of Business is a newsletter written by small business owners to support other small business owners.  Each contributor has their own area of expertise which they apply to a different theme in each edition.

This edition talks about POWER OF PRIORITIES

A couple of teasers for you…

‘Thinking ahead and prioritising responsibilities marks the difference between leaders and followers. Use the Pareto principle to focus on those top 20 percenters.’ – Paul Henshall from ActionCOACH Business Coaching

‘To go from ‘motivated’ to ‘implemented’, priorities must be written down, measured constantly and reviewed regularly.’ – Jennifer Blainey from First Class Accounts

Brains of Business Issue 14 Power of Priorities

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December Tip – Renew and Recharge

Enjoy the networking opportunities over the festive season. Do you have a plan of action for the New Year?  Some small business owners are quiet in Jan/Feb so make the most of it and review your Business Plan, Budgets and Marketing Plan.  Take Stock and take action to make the coming year the best yet!

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Brains of Business How to be The Leader in a Field

This will give you practical information concerning home based business as you learn from experts in their fields. The Brains of Business is a newsletter written by small business owners to support other small business owners.  Each contributor has their own area of expertise which they apply to a different theme in each edition.

This edition talks about HOW TO BE THE LEADER IN A FIELD

A couple of teasers for you…

‘True leadership is born from a powerful vision that enrols and inspires followers. A leader paints the picture, shares that vision and allows followers to grow it’ – Paul Henshall, ActionCOACH Business Coaching.

‘To establish yourself as the expert in your field online, follow these 4 basic steps and you’ll be well on your way.’ – Nathan Hulls, Internet Marketing Expert

Brains of Business Issue 13 Leader in a Field

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Home Based Business

Running a business from home is a smart thing to do. Historically there was a stigma attached but not any more.  A Home Office enables you to juggle family and business logistics effectively.  For start up businesses it also keeps the set up costs to a minimum.

When setting up home offices for my clients I run through the following check list so they get sorted;

Create a professional image.

-  Check background noise when you are on the phone – make sure you can quickly ‘escape’ from the noise of the house/family

-  If you intend to have staff at your home office make sure they feel comfortable – having a desk in the corner of your bedroom or in a hot/cold shed would not be appropriate

-  What impression will a client get from seeing your home? What does it say about the way you live your life.  Make sure your personal ‘image’ compliments your professional one

-  It is vital that your business phone is separate and is not answered by your family.  I’ve had some great chats with kids and for some businesses it might work but not many

Create Rules

-  How will you switch ‘modes’ between ‘home’ and ‘office’?  Most people get to travel and switch off between work and home.  A Challenge if it only requires 3 steps! Some people change clothes to get into/out of the headspace

-  Managing working hours.  Close the office door at 5pm and don’t open it again before 9am?  Make sure work doesn’t intrude into family or ‘you’ time

-  Sharing the office space.  Clarify with the family what they can and can’t do in the office

-  Confine the office.  Create ‘work free’ zones eg the lounge room, bedroom and kitchen.  I have seen some offices with a bed instead of a home with an office

-  Friends need to be aware of when you are wearing your work hat and when you are available to socialise.

Making a home office successful requires strong self discipline.  At home you are surrounded by distractions so the ability to focus and strong Time Management skills are imperative.  Setting up a daily, weekly and monthly routine is the first step.  Having clear expectations of what you can achieve in the time available for both work and home is also important.  Is the priority to make marketing phone calls or hang up the washing!

Hot Tip - Enjoy the benefits of working from home (like a fully stocked fridge!) but make sure they don’t become distractions.

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Brains of Business The Science of Selling

This will give you practical information concerning home based business as you learn from experts in their fields. The Brains of Business is a newsletter written by small business owners to support other small business owners.  Each contributor has their own area of expertise which they apply to a different theme in each edition.

This edition talks about THE SCIENCE OF SELLING

A couple of teasers for you…

‘The 7 keys to selling that will put you on track to greater business success’ By Paul Henshall, ActionCOACH Business Coaching

‘Learn 3 ways that bookkeeping can contribute to the science of selling in your business.’ By Jennifer Blainey, First Class Accounts

Brains of Business Issue 12 The Science of Selling

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Brains of Business Beating the Recession

This will give you practical information concerning home based business as you learn from experts in their fields. The Brains of Business is a newsletter written by small business owners to support other small business owners.  Each contributor has their own area of expertise which they apply to a different theme in each edition.

This edition talks about BEATING THE RECESSION

A couple of teasers for you…

‘Adopting a willingness to change is the first step in meeting the recession full on’ Paul Henshall from ActionCOACH Business Coaching talks about procrastination, identifying slowing areas and working with confidence.

‘Reducing your current expenditure by eliminating wastage is a smart move’ Dean Murphy from Valentini and Murphy also emphasises the importance of increasing your sales.

Brains of Business Issue 11 Beating the Recession

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