Have you ever been part of restructuring an organization? As what Heraclitus said, “The only constant in life is change.” And in this modern world, whether a complex or simple change happens, this highly affects all aspects of our daily routine. Restructuring a business is tough, and it takes a great deal of careful planning and execution but at the same time, we also need to remain adaptable to the ever-changing environment and maintain its competitiveness. Therefore, we must deal with these changes differently according to the situation. If you are considering to restructure your business or make organizational changes in the near future, there are a few things you must consider. In this episode, Tim Wilshire shares tips on how to restructure your business properly.
Business Tips to Help You Get Ahead of the Competition
It’s important for business owners to understand the ins and outs of operating a business. Read on for some business tips and best practices that you can take advantage of.
Are you handling business for a while or about to start a new one? Have you thought about the advantage of technology in your business? Whether you agree or not, we are now living in a wonderful era of advance technology. The progress we see is rapid and overwhelming. But we must also admit that whether you are an entrepreneur, a student or an employed citizen, it is very much important that you keep your self up with what's new in this digital age. We must dedicate at least some time to become aware of new technological trends and even test driving them to prepare our business to have a competitive edge from the rest. In this episode, Pip Meecham shares her experience and insights into business process flow and how to improve it with the help of technology.
When you open and run a business in a unique industry, it is important to differentiate yourself from the competition and win over your audience. Entrepreneurs should find a specific business niche to target a market strategy, and the broader the market, the more businesses you can serve. You should also find a niche in your industry that has unmet needs and select your target clients, define an underserved need, research customer base, create your business plan and market your business to a specific audience. The good news is, If you think of a specific product that serves one of your unique needs, it can probably be classified as a niche business idea. And in today's episode, we've got Kirsty-Lee and she's going to discuss niching the current position of Australia's financials.
"I believe that leadership is like a wilderness and that you can learn to read the map."
- Zoe Routh
In today's episode, Zoe Routh of Inner Compass talks about how to better your business. You may be in a position where you're worried about possibly a looming recession (or maybe you're not). Some businesses we have been working with have gone from 30–50 employees down to 3–5, so it's scary times. But Zoe is an expert when it comes to building relationships and making sure the relationships you have with your teams and with yourself are on point. She helps leaders manage that kind of process and its effects on their people, instead of cutting expenses and other business decisions.
Our special guest in this episode is Leschen Smaller from Element Business and Accounting Solutions. How come so many businesses have collapsed? Where have they gone? Why didn't they save for a rainy day? These are just some of the questions we have in mind and Leschen is here to enlighten us. She explains 13-week cash flow and talks more about getting projections for when your cash is coming in and when your cash is going out—something that is certainly important and that has been highlighted through this whole COVID crisis thing. Normally, businesses might save a little bit for a rainy day, but Leschen shares a better way to stay afloat in times of crisis: forecasting. Read more or listen to the podcast!
Are your products overpriced? Does your service cost too much or too little? Most entrepreneurs will have that problem with pricing. How do we set our prices or rates? Is it what would cost us plus a percentage or do we look into the wilderness to see what our competitors have in there? Perhaps there's a formula to doing it right. Courtney Deagon, pricing expert and the CEO of Court & Co Value Group Pty Ltd, shares with us some great tips on setting the prices of our products or the rates of our services.