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YEAR OF THE HORSE

28 Aug 2014 4:57 PM - Article written by Robinson Sewell Partners

Year of the Horse. 

What does that mean for you? - Benchmarking the behaviours of the top 10% of businesses.

2014 is the Year of the Horse. What does that mean to you and your business?   Please take time to read the latest RSP article which attempts to bring together (and add to) some of those winning behaviours outlined in our recent series of articles.  Get ready to gallop with our list of the behavioural drivers of successful small businesses.

Successful business Plan, Plan and Plan!!!

(a)  If you don’t have a Business Plan then it is time to get one.

(b)  Have a vision of where you want your business to go to.

(c)  Set ambitious goals for short term and long term performance.

(d)  Develop forecasts for sales, costs and profitability.

(e)  Develop a marketing and sales strategy for new and existing customers.

(f)   Assess business risks and plan for risk mitigation.

(g)  Prepare scenario planning for risks triggered around your business.

(h)  Review Business plans regularly – the world is moving!

 

Top performers have robust Governance structures!

(a)  Develop robust financial controls and reporting mechanisms.

(b)  Report accurately and in a transparent manner.

(c)  Have clear accountability across your Governance structure.

(d)  Have a team of quality advisors around you.  

 

The best operate at maximum efficiency!

(a)Don’t lose focus of creating value for others – it is what businesses do.

(b)  Focus on lowering costs as well as increasing sales.

(c)  Maintain a good cash-flow buffer.

(d)  Pay your bills on time and don’t jeopardise your credit history.

(e)  Collect proper data to inform your business decisions.

(f)   Be flexible and be ready to adapt your planning.

(g)  Embrace technology, new ideas and Innovative processes.

 

Gold medal businesses build networks and relationships!

(a)  Build a strong relationship with lenders and your bank.

(b)  Reach out to others in your supply chain, and work together to solve problems.

(c)  Get to know and trust people and increases sales potential and widen your  base.

(d)  Think about a Mentor to lead you through the small business maze.

 

Successful business people are determined and execute plans!

(a)  Don’t just talk about it or develop a plan. Do it!

(b)  Love what you are doing and channel your energy into success.

(c)  Make mistakes and learn from them.

(d)  Be organised.

(e)  Don’t forget your family and friends.

(f)   Be persistent and determined.

(g)  Be self-aware and know your strengths and weaknesses.