• Kieran Powell

9 tips for running a successful business

Running a business can often be complicated and confusing but a bit of direction in the right way can make a world of difference.

1. Focus

Focus on the right use of your time. If you were an employee of the business being managed by yourself how would you want you spending your time. As business owners we often get distracted from what we should be achieving not what is effective and efficient for the business

2. Keep accurate reports

Keeping accurate and up to date records gives us real time data. Its important so that we can track how you are going in real time not 12 months in the past when it’s too late to adjust course.

3. Provide a great product/service

It becomes a lot easier to sell a product or service when you and your staff truely believe in what you are selling. If you treat every $500 job like a $5,000 one soon you will be doing the $5000 ones same for $50,000 ones. Focus on what you are delivering to your customers and add value to their lives.

4. Be prepared for sacrifice

No matter what you read or hear I don’t believe there is any shortcut to success. A few days a very successful friend of mine said “You know what Kieran, it’s funny, the harder I work the luckier I seem to become”. Running a business is a consuming process but can be highly rewarding both financially and for personal value

5. Be consistent

Consistency is a key component to making money in business. You have to consistently keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.

6. Planning

Pray for the best, plan for the worst. Often a lot of businesses don’t consider either side of the scale and move along on a day to day basis. Work our what your business is about, where you want it to go and then create smaller achievable steps to get there.

7. Play the long game

Having the attitude that you there for a long time shows. Eventually people will gravitate towards your business as they can see what you are about and that you passionately care and will be there for the long run. Cutting corners will only lead to a headache down the road and who wants to have to do a job twice.

8. Be creative and adaptive

Always be looking for ways to improve your business and to make it stand out from the competition. Recognise that you don't know everything and be open to new ideas and new approaches to your business. It’s a far better approach to consider that you can always learn something from everybody whether it be a good or a bad trait or idea.

9. Trust yourself

Most times when we make a decision in business we have about 50% of the information. If we wait for all of it the opportunity goes. Make the best decision you can at the time with the information at hand and trust yourself.

Never stop improving your business, continually adapt and find out what makes going along this difficult journey worthwhile for yourself!

Powell Enterprises are small business accountants based in Wamberal on the central coast New South Wales that service between Sydney, Central Coast and Newcastle area. We cater to businesses from startup to under $50 million.

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