Building Business Tip
Write your own business bible
There is so much information out there about how to run your business. This is terrific but can be a bit overwhelming. Besides, who has the time to sift through it all.
Keep a notebook or your tablet near you at all times. Record the tips, advice, ideas and inspirations that resonates with you and your business – make the information fit your business rather than the other way around.
Shine in 60 seconds
In the 1st 10-15 seconds of your 1 minute elevator pitch – Introduce you & your business, where your business is located & operating days & hours.
In the next 30-40 seconds explain what you do, why you are better & your competitive advantage, tell an interesting story or example & identify your target clients.
In the last 10-15 seconds, ask for a referral (be very specific) or set-up a coffee/meeting to discuss further.
4 Staff recognition and rewards with NO budget
- Post a thank-you note on the team member’s computer, chair or workspace.
- Greet team members by name when you see them and ask about something in their life (eg, how was Jonny’s 1st day of school).
- Always thank team members for a job well done.
- When discussing a team member’s or a group’s ideas with other people, peers or higher management make sure you give credit.
Turn competition into inspiration!
Knowing your competition very well can inform and inspire you to do things differently to gain a competitive advantage.
For example, teachers and trades people are on holiday’s over Christmas and not all go away. If these two sectors are target clients of yours and your competitors tend to also be on holidays at this time, makes sense to consider opening your business whilst the competition is closed.
Remember, GST collected is not your money!
As a business, you are collecting GST on behalf of the Australian Taxation Office which you have to give to them through your Business Activity Statement (BAS) lodgments.
Set up a separate bank account and put the GST collected straight into it when you receive it.
If your BAS payment is less than what you have in the account then this is a bonus – if you have to pay the full amount, then the money is there.