This week we’ve published a new podcast that draws valuable insights from past guests.
I’ve summarised their 10 key lessons below, but I encourage you to watch or listen to the podcast to hear their full explanations:
- Be an A-class ‘student’ of your business, your sector and your industry, then take what you learn and use it to innovate.
- When investing in your business, time your investments based on solid research and know that the payback has every chance of delivering for you.
- Driving a profit is fine in business, but it doesn’t mean that you’re cash positive.
- You’ve got to be targeted when choosing the people that you work and partner with. Make sure they share your goals and values.
- Cashflow is critical, but communication with clients, suppliers and stakeholders is also key to success.
- Don’t grow for growth’s sake. Make sure your sales and your profits are growing – not just your sales.
- Maintain a cash buffer to ensure you’re able to weather any storm that presents itself.
- Smart business owners set up a delivery process that is effective, efficient and profitable.
- Understand the 3 C’s of banking: capital, cashflow and character.
- While you can learn from other business owners, every business is unique. It’s up to you to be curious and open to learning, and then willing to test, trial and implement to discover what works for your business.
Free resources
Our guests’ key takeaways encompass a range of business topics which we have also covered in our free online resource library:
- How to make your joint venture a success [infographic]
- Working Capital Checklist
- Managing your banking relationship
- Cash flow management for small to mid-sized businesses
- Stakeholders in your business: from private equity to key staff
- Managing cash flow and working capital
- Business systems and processes.
If you would like support or advice about any aspect of running your business, contact the team at JPAbusiness on 02 6360 0360 or 02 9893 1803 for a confidential, obligation-free discussion.
