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Recorded guerrilla-style in the basement of York Butter Factory, the linked video course is a rollicking, authoritative lesson (with some colourful language, mind you) from someone who has been through it all. In this Cheat Sheet, we cover three hot tips from the lesson, with a focus on helping business owners grow and increase profitability: Why entrepreneurs need to think about “the end," why cash flow is king – no matter what you’ve heard, and why you need to have a vision for success.
Businesses make this mistake time and time again: their customers buy from them but they never get their details. Then they just sit around and hope and pray that they will remember them...that somehow the "exceptional" service they have offered will keep them coming back for more.
Over the past fifteen years, outsourcing has been an increasingly common practice allowing businesses to reduce costs and therefore pour resources into growth. However, with the upheaval of the last eighteen months, business as usual has seen its foundations shaken and reshaped. Is outsourcing still the best option, or should businesses be trying to claim more of the value chain for themselves? Should they still be offshoring, or will nearshoring bring greater profits in the future?
In this week's interview, Ruslan Kogan, founder and chief executive of Kogan (formerly Kogan Technologies) and recent Anthill 30under30 winner, discusses his take on changes being wrought in retail by direct to public online traders. Word of mouth, service and good value are the keys to success, he says, and his company has just reported a 48 percent quarterly rise in revenue at a time when High Street retailers are feeling the pinch.
In this podcast, Garry and Leon talk about the surprising growth in Australian GDP and soaring gross operating profits. Confidence among Australian farmers has reached a two and a half year high with rising commodity prices and winter rains. But unemployment is rising and companies are paying out less with dividends.
Business is best defined as: “Creating wealth through profitable transactions.” I came to this definition many years ago after winning a job as General Manager of a medium-sized company and later boasting to a friend that revenue had increased threefold under my guidance. “Great,” he said, “but what about profit?” This was a great question.
There is an old saying: "If you aim at nothing you will hit the target with amazing accuracy." If you want to improve the results in your business, you need a target to aim for and a system for monitoring progress.
Your goal in these challenging times is to keep focusing on how you can generate more income for your business. Keep asking yourself: "Is this the best use of my time? Is this going to generate more money for my business?" If it is not, stop doing it, or outsource it.
Microsoft. Amazon. Intel. Federal Express. Google. Due to economies of scale and network effects, these firms are likely to dominate - for decades - the global industries that they created. Australia desperately needs to create new industries as the USA has done and as all other first-world nations are struggling to do.