20 Best Business Advice from Business Owners

20 Best Business Advice from Business ownersGoogle “information for running a business”, “tips for running a business” or “business advice” (to suggest but a few) and you will be presented with pages and pages of links with a wealth of information you should know to run a successful business. Then of course there are books and magazines that we can also pour through to find out how to run a business and if all else fails, friends, families and complete strangers also have plenty of information to share. Even though there’s lots and lots of information and advice for running a business available, as a business owner, what we really want to know is which we should take and what’s the best for our business. I asked this question of the members of the Albany Creek Business Contacts and here are their twenty best business advice (coming from business owners):

  1. It is OK to fire a client. If the relationship between your business and a client is just not working, it is OK to work with the client to exit you as the provider and seek a better provider elsewhere.
  2. Make sure, as a business owner, you have quality home time. You have to switch off from your business, relax and undertake other activities and interests to be energized and motivated when you are working.
  3. Train your clients to the way you want them to behave when engaging with you. Clients need to understand your work hours, terms of trade, payment terms and options, turn-around times for work etc to ensure a successful working relationship.
  4. Don’t answer a mobile phone when talking face to face with a customer/prospective customer. The message here is the customer/prospective customer is not as important as whoever is on the phone so this more than likely will be a big turnoff.
  5. Manage debtors and look at ways to ensure payment within your timeframes. For example, it maybe beneficial to explore EFT facilities to ensure immediate payment rather than relying on customers paying in their timeframe.
  6. If you want to double your income, halve the hours in the business. Literally, it was agreed that this advice may not work for everyone, however, it does provoke a mindset and way of thinking in relation to efficiency at work.
  7. Look after yourself. As a business owner you need energy, sharp mind and motivation. Eat well, sleep, exercise and ensure downtime.
  8. Work smarter, not harder. Enough said!
  9. Small business find jobs, larger businesses build relationships and networks. The more you can work on your business rather than in your business the more you can establish networks and relationships to enable work to flow to you.
  10. Be honest and do the right thing. If for no other reason, it enables you to sleep better at night. However, if this is your business mantra, then it will form the foundations of a solid reputable business which enables the majority of time being spent producing for clients/customers and not cleaning up messes created by dishonesty and deceit.
  11. Don’t see others in your industry as competitors rather see them as adding value to your industry. Even those in your industry doing the wrong thing or providing poor service/product are at least promoting the industry and encouraging prospective clients/customers to seek out better providers.
  12. Focus 70% of your time to generate a $1 today. 20% of your time to generate a $1 in the next 3-12 months and 10 % of your time to generate a $1 longer term.
  13. Underpromise and overdeliver. Enough said!
  14. Periodically do a business checkup and health assessment. Find a good accountant who will work with you to maximise outcomes from these assessments.
  15. Periodically do a risk assessment of your business and ensure strategies are in place to mitigate the risks.
  16. If you can’t measure it you can’t manage it. Enough said!
  17. It’s OK to take your time on certain decisions and activities ensuring full information and research to maximise the success of the outcome.
  18. Play to the process not the emotion. In business you need to have good record keeping, processes and policies so if anything goes wrong, you can park the emotion of the situation to one side and be able to work through following process to ensure the best outcome. Think before you hit reply.
  19. What is the best use of my time right now?
  20. What do you do for fun? Be careful of chronic busy syndrome – always busy and working and not having fun.

(Blog contributors – Leonard Whittaker (Action Cycle Learning) Rob Carmody (Australian Integrated Communications) Mike McFillin (Australian Training School) Damian Jenkins (Australian Unity, North Lakes) Sally Balwin (Balanix Solutions) Matthew Fox (Brisbane hosting & Web Design) Kirsty Newbery (Caring Cottage) Brad Davies (Conquest Pest & Termite Control) Nathan Dobbins (Core Computers) Scott Deaves (David Deane Real Estate) De Wet van der Nest (Express Air Con Cleaning) Dan Milgate (Fit4Life Personal Training) Oriano Giammichele (GT Racing, Mobile Mechanic) Jason Matthey (Insurance Web) Andrew Gallagher (Lollyworld) Michael Manttan (Jims Car Cleaning Aspley) Anne-Louise Underwood (SMS Toolkits) Tracey Carter (Scrub Mutts)

Albany Creek Business Contacts consists of local quality and reliable businesses who provide a wide range of services from home and residential services to B2B and commercial services. Our service areas cover primarily Albany Creek, Eatons Hill, Brendale, Aspley, Warner, Chermside, Strathpine, North Lakes. However many members will cover greater areas.

Albany Creek Business Contacts meet fortnightly on a Wednesday morning for a 7am breakfast and networking meeting.

Balanix Solutions – Accountant, Business Advisor, Bookkeeping.

Situated in Strathpine on Brisbane North, we partner with our clients to assist them in their accounting, business management and bookkeeping needs. Our clients vary in industries from professional services (such as law, vet and dentist) to the trades (mechanic, bricklaying, plasterer etc), hospitality and retail. Are clients are located in the Pine Rivers area (including Brendale, Lawnton, Albany Creek and Eatons Hill) through to Kallangur, Petrie, North Lakes and Caboolture, as well as Brisbane South, the Gold Coast and various other parts of Queensland.