Overcoming the current challenges and unlocking new growth for small and medium businesses requires a collective effort – from banks, industry bodies and government.
Report
January 28, 2014
Make the most of 2014: top tips for your business
As Australian business owners return from the summer break, there’s plenty for them to be positive about. Now is the time to be planning ahead, so we’ve developed 10 top tips for SMEs to ensure they make the most of opportunities and grow their business in 2014.
As Australian business owners return from the summer break, there’s plenty for them to be positive about.
We’ve developed 10 top tips for small to medium size enterprises (SMEs) to ensure they make the most of opportunities and grow their business in 2014.
“Now is the perfect time for SMEs to be planning ahead with a positive mindset for 2014, and identifying opportunities to take advantage of throughout the year,” says Cindy Batchelor, nabbusiness Victoria & Tasmania State General Manager. “Refreshing business plans, considering your online presence and maximising cash flow are all simple yet effective ways SMEs can best set themselves up for success in 2014.”
Top tips for 2014
1. Dig out your business plan
Updating your business plan will provide you with focus for the year ahead and help you identify opportunities and priorities.
2. Maximise cash flow
Developing a cash flow forecast will help predict upcoming cash surpluses or shortages to help you manage your business. Consider changing the way you operate with cash, use real time payment systems and make international payments in the currency of recipients.
3. Grow your online presence
The online space continues to grow and could be another important revenue stream for your business. Do your research and consider what your online presence should look like and how you can achieve it in 2014.
4. Get tech savvy
Using the latest technology will be vital for small to medium sized enterprises in 2014, so speak to your banker and research the best offerings for your business. Consider utilising portable mobile payment devices, cashless payment options and other mobile online tools to get ahead.
5. Keep quality records
Central to business success is a robust Profit and Loss (P&L) and cash flow analysis to reveal your true position at month end. This will help you understand your current debt position, associated obligations and profitability of your business.
6. Never stop learning
The best businesses never stop learning and adapting. It’s important to keep working on your capabilities to run and grow your business. Setting yourself goals to add new skills won’t just benefit you; it’ll benefit your business.
7. Develop a winning collection plan
Healthy businesses stay on top of their collections. Collecting debts efficiently in 2014 will boost cash flow and help you meet your commitments for the year.
8. Never lose sight of the outside world
Keep on top of what’s happening in the wider world around you to identify and make the most of opportunities. A business that looks internally may only see cost challenges. Externally is where the customer sits and where the growth could be found.
9. Stay close to your banker
Talk to your banker and always provide them with an honest appraisal of your business. Your banker can better support you and your business if they’re across all the facts.
10. Go forward with a positive mindset
Make it a priority to be on the lookout for opportunities to grow in 2014. Successful businesses adapt and are willing to turn challenges into opportunities.
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