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Being Prepared For Anything As Australia Opens Up!

Good news for a lot of Australians this week as much of the country is fully opening up from almost two years of Covid lockdowns and interruptions.

It’s great to see many small business owners rebounding strongly despite all the challenges of the COVID-19 pandemic and supply chain disruptions.

Small businesses are the lifeblood of this country.

More than 90% of Australian businesses are small businesses – and they account for 33% of Australia’s GDP, more than 40% of the country’s workforce, and they pay about 12% of total company tax revenue.

So it’s vital that small business owners are supported by governments and our communities in the coming weeks and months.

It is also vitally important for business owners to support one another as we forge ahead. There will be new challenges, from increasing interest rates to stricter lending conditions, but with a focus on doing whatever is necessary to staying ahead and with the support of others in your network, we will build stronger, more resilient businesses that will stand the test of time.

So now is the perfect time to do a quick “business health check” to make sure your business is as prepared as it can be to face the challenges – and take advantage of the many opportunities – coming our way in the next year or two.

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Business Health Check – What to look for

Here’s our guide to conducting a quick business health check to identify what you’re doing well, and what areas can be improved. There are three main areas of your business that you need to be constantly reflecting upon and striving to improve in every meaningful way.

1. Businessflow

Businessflow is the ability to design a business so that it’s efficient and effective for predictable business profits.

Some questions to ask yourself are:

Do you have a clear organisational structure for each role in the business and how it functions against critical drivers?
Do you review your business plan every 90 days?
Do you know how many sales are required each month to breakeven?

2. Leadflow

Leadflow is the tenacity of attracting future A grade clients and making it easy for them to buy from you.

Some questions to ask yourself are:

  • Are you clear on your value proposition and what makes you unique in the market you compete in?
  • Do you have a flowchart in place to lead clients through your sales funnel and ensure that they become clients for life?
  • Do you measure the number of new enquiries you get and where they come from?

3. Cashflow

Cashflow is the velocity of building a repeat and referral based business run by a champion team. Some questions to ask yourself are:

  • Do your customers buy from you on value or on price?
  • Do you have a defined Customer Management Process (CMP) that builds advocacy?
  • Do all your staff provide the same high standard of customer care and service consistently, and are your customers’ expectations are always met?

These are the three key areas in your business that you need to focus on at all times. To ensure you’re focusing on the right things, the questions I outlined above are the type of questions you need to regularly reflect upon.

Every few months, grab a pen and paper, sit down for an hour or two and answer these questions as you think strategically about every part of your business.

Better yet – we’ve created a tool that helps you score your business’ performance by answering 12 short questions. It takes just 3 minutes – get your business health checked now – link is below!

Power to you!

Stefan Kazakis

Founder, CEO – Business Benchmark Group

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