Funding a business throughout a period of high growth is often a difficulty that many businesses face. There are many sources of funding that are available to business owners, the most common sources (according to the reserve bank) are:
Each week, I think during the week about what interesting tid-bits have come up in the world of business. I have to admit this week I was a bit stumped and was talking to my daughter about it. She is a fashion victim and immediately instructed me to write about handbags – my initial reaction was to laugh, then I thought about it.
In many businesses a key economic driver is employee productivity. Obviously if you are able to get the same amount of people to produce more, your business will be more profitable.
Your market is no doubt crowded with competitors and competitive forces that inherently mean your business needs to differentiate itself from “the crowd”. Customer “service” has long been considered table stakes in modern business. I.E. If your customer service is poor, your business will go backwards, with a clear and defined customer experience you business is a long way toward differentiating itself from the pack.
A while back I wrote a blog post on Steve Jobs’ explanation of the rules of success, in essence do what you are passionate about. However, more recently I watched a video of Ben Horowitz, the famous Silicon Valley investor who has backed many highly successful tech businesses including – Facebook, Skype, Box, Groupon and Pinterest – his assertion is in actual fact don’t follow what you are passionate about.
Winning new revenue for your business is always a great feeling. The thrill of the chase, the thrill of the win, the feeling of being invincible and many other feelings that course through your veins. All of these great emotions can be undone in a heartbeat when you realise that your new client is just not right for your business.
Its late July 2009, my 16 year journey into building a national healthcare staffing business has come to a horrible end. I put my business into Voluntary Administration, a business that employed over 700 casual staff and 50 permanent staff and had offices dotted all over the nation. It left me tired, broke and very worried about the future.
Western Australia experienced an economic super boom in the years between 2009 and 2014. This boom had a positive impact on almost every industry and as a consequence every business. As global demand for our resources has cooled, so too has our state economy.
Famous Australian entrepreneur Alan Bond died this week aged 77. Bond’s legacy is a complicated one and opinion is divided. Bond, however will be remembered as a person who achieved some amazing things as well as a person who did some very bad things.
Business is hard work! There is no one thing nor collection of things that you can copy from Disney, Apple or Pixar that will allow your business to emulate their success.
