How are your new year resolutions going – A distant memory?

I didn’t make any resolutions this year, but I have made some choices. When a you make a choice, it is different – its about making that choice happen! Achieving any kind of growth, personally or professionally requires a commitment – and that can take many forms:

• Investing in people, products and technology
• Investment in marketing
• Making time to execute your marketing and sales plans
• Embracing new ideas
• Hiring someone to help you achieve your growth

Growth doesn’t happen by sitting back and waiting for it to fall on your doorstep – it happens only by doing. Here are 5 ideas I havbe found work for me:

1. Commit X hours a week towards your goal and block it in your calendar
2. Create a way of measuring your effectiveness in achieving your goals. If it is not working, review and revise your approach.
3. Write out how you will achieve your goals
4. Keep your commitment posted where you can see it every day
5. Persevere – you will have good weeks and bad weeks – continually review and find out what is working.

Mike Harding is a Chartered Accountant who specialises in Owner Managed Businesses on Sydney’s Northern Beaches – although I can be persuaded to travel!

Call me on 0401 631 904

Do you remember your first customer? I think you do – its like you first girlfriend or boyfriend!

But, what about all the ones that follow – customers that is? All businesses, especially start up businesses need to have a method of collecting customer data. We all know how difficult it can be to allocate our time in a busy growing (or not growing) business, but remember the majority of your business will come from existing clients. Look after your clients and they will look after you!

We need to know what customers bought what product from us and when (do they need a new product or restock of consumables?). Keep in touch with your customers and show that you are interested. If you don’t, a competitor will be…

To keep track of who your customers are and what they are interested in, set up a CRM (customers relationships management) system. There is no excuse not to have one given the cost reductions in recent times. Consider a cloud based system that you can access wherever you are…and other staff can access at the same time. This ensures you are all working form the same data base.

Mike Harding

0401 631 904

There is no doubting the success of franchising – especially in Australia, which is now the most franchised nation in the world on a per capita basis!

Australia currently has over 80,000 franchised outlets, employing 413,000 people! That’s a lot of Hamburger Bars, Mowing Operators and Pizza restaurants! You only need to have a look at a franchise directory to see the huge range of businesses you can buy into.

There is no doubting the benefits that can be gained  from entering into a franchise arrangement, but there may be alternatives. To be fair, the franchising sector has boomed by giving consumers what they want: better value and standardised products. Consumers know that if they go to Starbucks in Melbourne they will get exactly the same product as if they went to Starbucks in Brisbane.

I would argue however that there is now room for individualism – for something that is not standardised. One only has to look at the success of the website NotOnTheHighStreet to understand that people want something different. This website specialises in giving a marketing advantage to those businesses who are different and who want to reach a larger target market.

From my year s of experience, there are only two thing that I am certain of – after a boom comes a bust and after a bust comes a boom! It may be that we are over franchised now and that it is time to think for ourselves again. It is true that franchised outlets have a lower failure rate than independently owned small enterprises – but the assistance of good advisers can help you through those dangerous early years .

Take care of paying big prices for a franchise – do your due diligence and search for value. No one ever made money by paying top price at the top of a boom!

If you would like to discuss this article or anything else about accounting, tax and business life, call Mike on 0401 631 904