Assuming positive intent provides a way for us to think and respond differently, with empathy and curiosity. By assuming positive intent, we improve communication, build compassion and respect, and open ourselves up to better relationships.
We need to talk about the potential and impending impact of COVID-19 on small business. Once you have a plan, consider helping fellow small businesses, clients and suppliers who may not be in such a strong position to cope with the impacts of a pandemic.
Business advisory is all about creating value by solving client problems. Ask them about the problems they are trying to solve. Ask them about their hopes and dreams for the business.
Our business straddles two acronym-rich industries: accounting and technology. Some consultants and change managers would advise us to normalise the language we use because our conversations could be construed as esoteric. However, when operating internally, we do not isolate any individuals on the team, and we bring new team members up to speed when they join. Productivity is something we’re always working on, so we’d notice pretty quickly if we’ve gone too far.
The fitness of business. Is it so different from the business of fitness? I don’t think so. Having been proudly involved in both, I can say they correlate in more ways than you think.
Virtual CFO services are designed to bridge the gap present in an organisation that needs high-level financial advice but doesn’t yet have or require a full-time employee in the role. A VCFO should give you a better understanding of where your business is today and how you can maximise opportunities and avoid threats. Just like any relationship though, you need to find out if your candidate VCFO is the right one for you. There are three ways to tell if your prospect can deliver everything you need from a VCFO.
All businesses must deal with uncontrollable variables, but a forecast will prepare you for the future as much as possible. The primary purpose of a forecast when starting a business or considering a new business idea is feasibility. ‘Will this make money?’ ‘How long before we can turn a profit?’ ‘Will I be able to pay myself a wage or afford to hire staff?’
Real forecasting takes time. But it’s worth it. And it’s the perfect way for advisors to build a deep understanding of the businesses they work with. That’s the path to creating value.
When the human body experiences fear, our minds are automatically switched to ‘Fight or Flight’ mode. It alerts us that we’re headed in a direction that’s outside of our comfort zone and contrary to our primal instinct, this can be a good sign! Where we become uncomfortable is where we grow, and we shouldn’t let fear hold us back from realising our potential.
The Australian Small Business Champions Conference invited experts with real experience to share their insights and inspire small businesses.