May | 2015 | Teik Oh

Six Steps to Make Your Business Resilient

May 11 2015

As I write this, there are fresh concerns across the world economy over recovery in Europe and North America, Chinese GDP is slowing, and the Australian mining boom seems to be coming to an end.

These are world-wide economic affairs, and as owners of small businesses you might be wondering how this affects you, the small fish in a big pond.

The effect on you trickles down from what happens on a global scale. As countries batten the hatches, the larger companies in your nation’s economy slow down because their customers buy less. These larger companies buy from smaller companies, and these smaller companies buy from you. As the larger companies tighten the belt, employees might lose their jobs. Some of these individuals buy from you. Business might still seem good to you today, but it may take some time for an economic crisis to trickle down.

Nevertheless all is not doom and gloom, there are some signs of opportunity that encourages continued optimism. So what do you do today with these mixed messages?

As a small or micro-business you need to recognise and take advantage of modest opportunities to grow, but at the same time recognise the existence of potential downside risks.

Certainly, pay attention to your bottom line but at the same time, focus on cash flow and not just profit growth. Ensure that you are putting away sufficient working capital to survive any shocks. You need to continue pursuing business opportunities, but with discipline and careful planning. And, this is the time to put in genuine efforts at reorganising your business for efficiency.

As a small or micro business today, realising that you are at the mercy of market forces outside your control, I would look at these 6 steps to build resilience into your business.

Comment 13

Why write an Executive Summary?

May 08 2015

An Executive Summary is a summary of the key items in your planning or other document that is full of facts and information.

The best planning documents, whether strategic plans, business plans, corporate plans, marketing plans, or implementation plans, contain compelling Executive Summaries.

Yet at first glance (or indeed in a badly written Executive Summary) it simply appears as if information has been duplicated. Why can’t the reader simply go into the body of the document to read the information there anyway? The answer is because these documents are meant to be read by busy people. Often, they are to attract investment or engagement from these busy people who would be a befit to your business. They may be investors, bank managers, or even your own busy managers or team members. I order to get past the gate of continuing interest, and to engage them, you need to first draw them in by creating excitement and interest.

The Executive Summary provides that tantalising glimpse into the document – it creates a sense of excitement and gets the document through the gate so that they continue reading the document or pass it on to people who will then go through the document in detail. Business plans written as enticements to invest rarely get past the first executive reading it to see if they will be interested – often because there is no quickly read Executive Summary to entice them in.

This video talks about why you should have an Executive Summary, and what it should contain.

If you want to know more about planning in your business, come on over to teikoh.com and get the planning templates, tools and resources available for free. While you are there sign up for our newsletter that will deliver more resources on developing strategy, providing leadership, and growing your business.

Comment 13

Are YOU making your business too complex?

May 04 2015

Who said running a business was easy?

It’s a bit like learning to drive a car. You have to remember to look in the mirror; you have to press on the clutch and then change gears; don’t look down, you have to steer; and don’t forget which is the accelerator and which is the brake pedal – what, I have to do this all at once?

So, anything to reduce complexity would be a boon for business owners, right? A bit like driving an automatic, at least that’s ONE pedal and the gearshift out of the way!

A business has four areas that can attract layers of complexity:-

The structure
The products
The processes
Management behaviour.

The business structure can be complex. There is the legal entity, and each different one has different regulatory and reporting aspects, some more complex than others. You can review the legal entity and perhaps choose one that is more simple to operate (but be careful of tax ramifications in any change).

Comment 13

The Psychology of Business Success

May 01 2015

To be successful in business, you don’t just need to be skilful in what you do, you need the right psychology.

You may know your product well, you may have all the learning and skill to deliver it, you may have the experience of managing people, you may even have some training in all the subsidiary skill-sets like marketing and book-keeping; however without the right psychology, being in business could defeat you.

But I’m not a pessimist at heart. I believe that if your really set your mind to get something, you will find your way. And that is part of having the right psychology.

So what do you need to think and believe in to be successful in business? In this video I outline the characteristics you should cultivate.

As usual the fun is at the end – come on over to the website teikoh.com and let me know what you think. While you’re there subscribe to out email newsletter to be kept up to date with all the tools and resources you need to run a successful business.

Comment 13

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Archive - May 2015

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Six Steps to Make Your Business Resilient

Why write an Executive Summary?

Are YOU making your business too complex?

The Psychology of Business Success