How to Develop the Right Habits for Success as a Business Owner

There’s no exact formula for success. However successful businesses maintain good habits and it is one of the reasons why they managed to be where they are now. Habits they have picked along the way, such as having good contracts, structure and management, has helped successful owners get to where they are and take their business to the next level. In a highly competitive landscape, it’s important and vital to make sure you ensure good habits are enforced so your business continues to thrive. Most of the successful people develop and maintain good habits consistently and religiously in their worlds.

To ensure you utilize every minute and hour of each day, it’s important to learn how to focus on the most rewarding tasks, this is crucial for achieving high levels of success. One of the biggest mistakes that many people make is directing their energy towards low-valued tasks. Take a look at everything you have going on right now in your life. Review your list of things to do and evaluate which task you can do now that will bring forth the most value to your customers and team. Give each task a percentage of impact and how it can benefit your business, mostly learning how to direct your energy towards your most rewarding tasks on auto pilot is the skill require not identifying it. Pay close attention and ask yourself what the high-valued tasks are the ones that have the potential to bring the most reward to you and your business leverage your time and have this structural traits embedded into your business model always.

The most important thing you need to prioritize in order to set a foundation for your business it process of your thoughts out habits physically put down on paper in manuals and checklists to ensure as the business scales so does the standards. It’s always important to think about how something can help you to increase revenue or reduce your operating cost making reviewing your current structure a part of the discipline to ensure it is still the most optimised way to operate. Knowing when you should create a strategy for long term goals while balancing short term objectives which Gary Vee calls it the clouds and the dirt, need a long term vision but some days you need to grind away in this tedious tasks to reach that big picture. Most businesses have their objectives that they want to accomplish each quarter. Everything else you do should coincide with those objectives. Never lose sight of the goals you have set out for yourself. Once you have a goal in place, work each day to get closer to those goals. Always think about the thing you prioritize the most and how that is contributing to the end goal. Learn how to manage your time, get a planner and plan everything ahead of time. Always keep your eyes on your goals, learn how to say ‘no’ on the things that are not so important. High achievers never lose sight of what their major goal is. Do something every day that will bring you closer to achieve your main goal.

Be happy and having a positive mental outlook can help with any situation. It is always said that you don’t have control with external factors, but you do have control over how you handle situations internally. With positive thinking regardless of what you are going through, you will continue to work through situations and reach your goals. A great attitude for success and having gratitude can go a long way making this a aspect of your self discipline will work wonder especially managing day to day business stress.  If you understand what you’re trying to achieve and have patience with the process, you will be ahead of the rest. It means that understanding where you place your focus can have an intense impact on what happens to you, knowing the journey ahead in wanting to be successful. If you only have negative thoughts, chances are you will be settling for average. Instead, you need to constantly feed your mind with positive thoughts. Successful people experience failures too they have the choice to quit or to stop. Instead of dwelling on their failure, they continue and have a Positive Mental Attitude which helps them to reach their ultimate goal. When you constantly strive to become a better person, refine your skill set and invest in your future daily, you become more as an individual. When you become more as an individual, your value increases.  The more your value increases, the more successful you will become and it all starts to become much easier and all with your habits building the blocks of foundation to work off. Always remember that attitude is more important than skills so start with the internal habits of your thoughts and emotions as they will flow outwards into the physical world and your day to day life.

Written by:

Kane Hansen

True North - Founder.


How to Track and Manage Cash Flow for the Tough Times in the Economy

Tracking and understanding cash flow is vital for any business. Cash flow is one of the most critical components of success for a small or mid-sized business. Without cash, profits are meaningless. Many a profitable business on paper has ended up in bankruptcy because the amount of cash coming in doesn't compare with the amount of cash going out.
You need to know how the amount of money you bring into your business compares to the amount going out. If you're spending more than you're earning, you need to make changes to avoid going out of business. There's an old adage about business that "cash is king" and, if that's so, then cash flow is the blood that keeps the heart of the kingdom pumping. Put simply, cash flow is the money that will be coming in and going out.
To achieve a positive cash flow you have to work at it. Positive cash flow does not come by chance. You need to analyze and manage your cash flow to more effectively control the inflow and outflow of cash.
A positive cash flow is actually needed to generate profits. You need enough cash to pay your employees and suppliers so that you can make goods. It's the sale of those goods that helps generate a profit. But if you don't have the money to make the goods, you don't end up with the profit. So you really need to structure your business to have a positive cash flow if you want your business to grow and increase profits.
And it's important to regularly track the movement of funds in and out of your organization to identify where your business is from a financial standpoint and where it will be in several months.

Why Knowing Your Cash Flow Will be The Thing to Save Your Business

Dealing with cash flow issues is most difficult when you are starting a business. You have many expenses and money is going out fast. Think of 'cash flow' as a picture of your business. If more money is coming in than is going out, you are in a "positive cash flow" situation and you have enough to pay your bills. If more cash is going out than coming in, you are in danger of being overdrawn, that's why you need to know where your cash flow is, to save your business. When your business grows, it’s essential you fully understand the movements and volume of your cash flow on a micro level of month to month.

The larger the business, the more complex the cash flow is, so you need to examine everything thoroughly. Some factors to consider when reviewing your cash flow include target pricing, and understanding the true costs of each sale which helps know when to hire a salesperson and the KPI's they will need to work towards. You might notice some services are costing you more money than you thought, or choose to focus your efforts on the most profitable products your business offers though you sometimes don't where that is within the business unless the numbers are maxed out to track it adequately. It’s always worth keeping an inventory of your strongest performing products and generally set up a culture of observing your key performance indicators around these to see their consistency. Then keeping in mind those learning so you can replicate their success moving forward on other products or strategies for growing the business.

Monitor your business’s cash flow, look at your current financial situation, but also pay attention to patterns, such as how long certain clients take to pay their bills. If problems arise, it can be critically important for you to be able to pinpoint the causes early so that you can act on them effectively. If you do your own books you need to allocate time to follow up outstanding invoices. But over time it would be more ideal, having a contractor or in house employed book keeper that can do the numbers for you and chase funds owed. You want to be at the front of the ship leading the way and not bogged down tracking the numbers weekly, keep in mind understanding them and knowing the flow of how the businesses oxygen source moves is critical to controlling the ship sustainable.

Learning the basics to monitoring cash flow, every business owner could probably benefit from a basic accounting course when they are starting out. Learn what the most important measurements are to apply to your business financially, even if you have designated experts on staff you need to know how to manage them and know what they are doing in your business as they have one foot of the blood line of the business. Delegation is important and necessary, but the buck ultimately stops with you. Being able to understand financial concepts and the language of accounting better enables you to evaluate the financial health of your business so keep this in mind always.

At this stage, it can be enormously beneficial to partner up with a cash flow finance expert or look for quality outsource companies that offer book keeper services if money is an issue. Not only can they help a lot with complicated processes like weighing up future investments and cash flow, but they’ve seen and done it all before. So when doing your book keeping, make sure to have the structure mapped out for efficiencies earlier rather than later, should be aligned to the work flow of your business model.

So take the numbers of your business serious it is the life line of your business and this has taken out many businesses before over the history of time, from small to large operations, when you don't forecast things, knowing how the business is actually performing as in daily profitability as the causes. So go learn the basics, ensure you allocate quality time to this aspect of your business and utilise the knowledge of others to help plan the business for growth without putting your dreams at risk.

Written by:

Kane Hansen

www.truenorthbusinessconsulting.com.au


Why you need to stay on Top of the Marketing World in Today’s Times

It is an undeniable fact that technology has, and is continually changing the way we do business, and has no doubt about it made it's impact on digital marketing as well. In fact, it has brought digital marketing a long way and its future looks bright. Technology is inescapable now and those in business that choose not to face it will fizzle out. It pervades every facet of our life just see people everywhere now glued to their phones right! From how we work, play and live our lives, technology has created a revolution that will grow for as long as humans continue to advance in their capabilities.

As the days, months and years go by technology just gets better and better. What was once the latest and greatest yesterday, is old news today. The bottom line is, technology doesn’t wait for you and if your organization isn’t keeping up with it, you will surely be left in the dust by one of your competitors. They surely would have used social media as their advantage in this technology era. Social media is growing at warp speed and isn't going to slow down. With more and more people joining social media sites and using them regularly or efficiently, the social media industry is bound to become bigger in the coming years. It’s booming like never before, just knowing the technology abilities for social media will be one of the best ways if not the only way to use in your business for scaling and profiting solid results.

Yes, the social media wave isn’t ending anytime soon. And your business should take advantage of it if you want it to survive. With such amazing growth, every business today needs to leverage proper social media channels in the best possible way. Not because it’s the “in thing”, and not because it sounds simple, but because their target audience is hanging around the popular social networks with over 4 Billion active users world wide. And they’re engaging with their favourite brands and connecting with them on different levels don't you want to meet your current or future potentials clients eyes where they are focusing most of their attention on? By giving your businesses brand the social media touch, you not only generate more business but also connect with your EXISTING customers better and serve them on a higher level which has shown to result is retention of customers. It actually makes your online marketing easier once you have a execute strategy in place and it can save you a lot of your time once done. You can also contract it out, hire in house or do some training to look after it yourself if you aren't in a position increase business expenses currently.

No matter what industry your business is in, social media offers the opportunity to establish your brand as a thought leader the go to source for information on topics related to your business. Perhaps the most important thing social media can do for a business is to give business owners a way to engage customers in a whole new way. Social media allows you to get personal with your customers, and form a bond of trust with them. By replying to the concerns of your customers and asking for their opinions, you can enhance customer satisfaction while getting more traffic for your site, which further promotes your business.

So just as any means of marketing has been done previously in history from having a stall in the local market, door knocking, mailing, radio, television and emails the principals aren't different you just want to been seen by your customers eyes, identified as an authority in your space and they know you can add value to them. The new world of social media allows a small business to use these same principals but with huge leverage at very low costs, so the margins of ROI can be massive. If you aren't taking advantage of these things already then you need to start this process NOW!

Please download our FREE eBook on 12 tips to marketing and grow your small business here: www.truenorthbusinessconsulting.com.au/freeebook/

Written by:

Kane Hansen

True North Business Consulting.