Professionally Managed Business

Valued Information (Business Boost 70) is the difference between an 'owner or family managed' business and a 'professionally managed' business? Simply stated, it is the difference between the reliance on 'gut feel' and the availability and use of 'valued information' in making decisions to guide the business. In the beginning most of the decisions made by 'start-up' business owners is based on 'gut feel'.  It is often the reason we go into business in the first place.  So when does it change? It changes when the Founder makes the 'mental shift'! There is no other way to describe it.  It is also when the technician moves to become a ‘business manager’. It can start on day one or day one thousand.  Until the founder realises that the future cannot and must not rely solely on their ability to have the correct 'gut feel', nothing changes.  The business owner who makes the decision on day one has a distinct advantage over all the other players in their area of business as they are starting from the outset to 'professionally manage' their business. If you would like a copy of Business Boost 70 - Valued Information, please send an email to bizplan@brightwater.com.au    with 'Business Boost 70' in the subject line.  Written by Anthony Davis

Digital Strategy in Business

Digital Strategy in Business

Digital Strategy is a very hot topic around Brightwater.  You might think this expression refers to Social Media and Web based marketing.  Well it does … and a whole lot more!

Digital Strategy impacts on every single part of your business.  Take the time to determine how you do, can and will integrate Digital Strategy across your entire business.

Two Interesting Examples ...

Two interesting examples of technological development that impact positively on trades business are simPRO for the electrical and plumbing trades and Co-construct for the building industry.  The use of these types of Digital tools assists business owners to effectively manage the operational side of their business.

Products are constantly being re-invented in Digital form.  How do you incorporate these opportunities into your Digital Strategy?  Some of these products can provide an effective interface between your operational controls and the management of your people.

iPads and tablets make communication and information readily available and improve management of people and materials.  Many apps are available to assist you.

And, of course, there are the Marketing tools of Website, Facebook, LinkedIn and Twitter, to name a few.

If you think you have implemented an unusual Digital Strategy in your business, please advise by sending an email to bizplan@brightwater.com.au    We will circulate the interesting replies we get on this important topic. 

Written by Anthony Davis

Goal Correcting

Goal Correcting

Now might be a good time to pull out this year’s goals to review and correct them. If you're challenged by some goals and are thinking of giving them up, ask yourself these five questions before letting them go:

1.  Do I need to break it into smaller, more bite-sized action steps?  If you force too many goals at once, you set yourself up for failure.  

2. What is the biggest obstacle to achieving my goal? Identify the things that are impeding your progress.

3.  What can I do to break through that obstacle? Address every obstacle by brainstorming for a workable solution. It needs to be a solution you will actually use. 

4. Is this the right goal? Ask yourself, "Why is this goal so important to me? What's the purpose?  Is there another goal that resonates with me more?"

5. Am I holding on to the wrong goal just to prove I'm not a quitter?  Sometimes it is wiser to let go of old goals so new, bigger, better and brighter goals can take their place.

Regularly review and correct your goals.

Thanks to the Centre for Powerful Practices for this Business Boost.

If you would like the full article, send an email to bizplan@brightwater.com.au with 'GOALS' in the subject line.

Written by Anthony Davis

Financially Savvy

I learnt to read a P&L and Balance Sheet over my Father’s shoulder on our monthly visit to the Bank Manager.  Who taught you?  I’m sure that like many in small business you are ‘self-taught’ … or still without a clear understanding.

It all starts with an understanding of the importance of establishing a correct ‘Chart of Accounts’.  Your Chart determines the structure of your reports, Profit & Loss and Balance Sheet. 

So who set up your Chart of Accounts?  Time and again we see them created by Accountants for taxation purposes rather than management purposes.

In creating a Chart for management purposes, you need to separate your Cost of Sales (COS) from your Overheads.  Cost of Sales are a combination of Cost of Goods Sold (COGS) plus any Direct Costs such as labour and subcontractors.

When you take the Cost of Sales from the Income of your business you reveal the Gross Profit.  This is the true measure of income for your business.

The remaining expenses called Overheads are subtracted from the Gross Profit and this reveals your Net Profit.

If you would like a detailed paper on the subject, send an email to bizplan@brightwater.com.au with 'FINANCIALS' in the subject line.

Written by Anthony Davis

The Power of Positive Language

The Power of Positive Language

This blog post has a new home. Click the Power of Positive Language link to read more.

Introduction to Business Coaching Package ... Fire up your business!

The difference between success and failure in business is KNOWLEDGE!

• Are you looking for BUSINESS SUCCESS, and are not sure where to look or how to get started?
• What are the possibilities in your Business?

A Brightwater Business Coach can help you identify and maximise these possibilities and help you achieve:

• Business Wealth;
• Business Freedom; and 
• Business Excitement.

Your 'Start Today Business Coaching Package', allows you to focus on a very specific area of your business. Experience the positive impact quality one-on-one business coaching can have on both you and your business!

Your package includes:

• 3x 2-hour one-on-one coaching sessions (face-to-face or on-line);
• Your Business Health Check - an analysis tools used to identify and prioritise the major issues requiring attention;
• Your Ultimate Business Resource Tool - over 100 business articles;
• '6-step Business Improvement Activity' e-book - developed by Brightwater Business Coaching to get you started working ON your business;
• and more ...

Follow the link to discover the benefits for yourself with our fantastic 'Start Today Business Coaching Package' ...

OR ...

For more information call Brightwater on +617 3367 0967 or email bizplan@brightwater.com.au

Marketing Pillars

The concept of a ‘Marketing Parthenon’ originated with Jay Abraham, a brilliant marketing guru whose ideas have profoundly influenced many marketers and business leaders.

Many companies get leads from just one or two marketing strategies believing that this is sufficient to support the sales and marketing requirements of the business.

When you expand the strategies you use – developing a number of marketing techniques that work for you successfully across the Identification, Attraction, Getting and Keeping of marketing - your company will be built, like the Parthenon, on a more solid and sturdy foundation.

If one of the Pillars stops working, your company is still secure because you can rely on the other Marketing Pillars to hold it up.

Think about where you get your leads. By analysing this information you can start to experiment with new methods of generating leads.

Set a goal of building one new Pillar at a time – mastering a new marketing technique and making it work for your business.  By measuring how your Marketing Pillars work, you determine what you keep doing and what you change.

Business Boost 46 mentioned the I.A.G.K. of Marketing.  If you would like a copy of of that Business Boost plus a paper on Pillars, send an email to bizplan@brightwater.com.au with 'Business Boost 84' in the subject line.

Written by Anthony Davis