The New Year is an excellent time for small business owners to reflect and reset for the year ahead.
Research from the Westpac Small Business Report in collaboration with Deloitte found that small businesses who are open to innovation and doing things differently are more likely to be growing their sales, profitability and productivity.
But how can businesses find the time to innovate when they’re busy managing the never ending to do list that comes with running your own business?
Here are some tips to help businesses grow and proper going in to the New Year:
1. Make time to look after yourself
Being in your best health mentally, physically and emotionally will help boost your business, especially when it comes to making decisions and innovating. Make time to take a step back to focus on the bigger picture of your business rather than the day to day. By planning your strategy and the future of your business, you may discover new sources of revenue growth through competition, new channels, or innovation. If you have a banker or accountant, organise a meeting and use them to help you develop a plan for next year.
2. Embrace technology to free up time
Implement technology that reduces the time spent on administration tasks to create time for more important tasks. Tools like digital invoicing can drive efficiencies and reduce admin work, boost productivity, and give back precious time that can be spent on growing and running your business. A solution like Westpac’s Biz Invoice which enables users to send and manage invoices directly through their online banking is an example of using technology to save time.
3. Find resources to take your business to the next level
Sometimes you need advice from an expert to think of ways of looking at your business differently. Websites such as The Davidson Institute offer webinars, workshops and tools to assist Australians in operating and growing a business, covering topics such as getting started, business planning, cash flow, breakeven analysis and managing growth. Or try reaching out to a professional contact you admire to see if they can mentor you.
DISCLAIMER: This information is general in nature and should not be relied upon for personal financial use.
