They say an “apple a day keeps the doctor away”. The same can be said for implementing good practices to keep your business thriving. A healthy business is a successful business.
There is no one size fits all approach. However, there are proven ways to reach growth milestones. We have compiled a list of some of these ways to keep you on track.
Running a regular assessment of your current processes is beneficial. Your assessment will help pinpoint if there are any bad practices that don’t serve your business. Cut them out and work to put your time and energy into the good stuff.
Of course, you’ll need to have systems in place for tracking your goals and performance. It’s good practice to monitor things like website traffic, sales, subscribers, and of course, finances.
Without adequate profits, regular flow of cash, and strong sales numbers, no business can be successful.
“In order to assess the performance of your business, there are many critical questions that need to be answered. Is the business running smoothly? Is it successful, or is it failing? What part of the operations setup act as bottlenecks, and what parts are acting as growth drivers? The answers to all these questions lie in regular financial monitoring of the business."
Senthil Kumaran, operations manager for Invesis Technologies
It’s key to have a business plan in place. It should outline your objectives, how you’ll run, and your financial and marketing strategies.
Financial advisory company Wave talks to business plans as road maps. ‘It’s possible to travel without one, but that will only increase the odds of getting lost along the way.’
Owners with a business plan see growth 30% faster than those without one, and 71% of fast-growing companies have business plans.
Referring back to it often helps keep you focussed on your targets and goals.
Our friends at Xero have written a great blog on how to write a business plan. It’s well worth a read if you need to start afresh or modify yours.
If you’re going to stay in business for years, you’re going to have to adapt. Change helps keep your customers engaged.
Keep an eye on changing communication strategies and be agile enough to adapt. Along those same lines, you might also notice new technology emerging that could help your business in some way. If you keep an eye on these tools and are able to adapt quickly, you can take advantage of opportunities before your competition.
When it comes to leading a team of people, it can be tempting to micromanage. But the best way to ensure that people are working up to your standards is to show them.
It’s common for business owners to try and take on too much. But there are people out there who can help you if you actually trust them to do the work.
Risk is an inevitable part of starting and growing your business. It’s impossible to control everything, but there are many ways to limit threats to your company’s growth. This is an area we can help.
The theft of employee data, and customer records, and privacy breaches can destroy a small business. Not only generating significant costs but also eroding customer confidence and loyalty.
It’s a good idea to get a privacy policy and your website terms of use implemented, so if anything happens to go wrong – you and your staff know exactly what to do. These are services we can provide.
As your business grows, you may start to hire out your goods/ personal property to others. Ensure those goods are protected. We can assess this for you and register your goods on the PPSR. To find out more about how we can help, click here.
Your Terms and Conditions of Trade are also vital for the smooth running of your business. Having the necessary clauses, such as payment terms, customer data use and PPSA will help cover your business as you expand.
Our team have a wealth of knowledge. We will assess your business’s systems and processes. Work with you to implement solutions to help your business thrive. And be on hand to support you every step of the way.
Thank you to SmallBizTrends and Business News Daily for your amazing content to help write this article for our clients.
EXCELLENT Based on 166 reviews Jarrod Hope28 March 2025Trustindex verifies that the original source of the review is Google. Colin at EC Credit Control provided us with clear and comprehensive terms of trade for our business. Their professionalism and attention to detail made the process smooth and stress-free. Highly recommend their services!" Nick Watts26 March 2025Trustindex verifies that the original source of the review is Google. Super stoked with EC Credit Control - They fulfilled all our requirements for our customers TOT's. They also offer a great PDF fillable account for which makes filling them out a whole lot easier. Shaun at EC was extremely good to deal with. Prompt quick turnaround service, highly recommend. Rowan Meade10 March 2025Trustindex verifies that the original source of the review is Google. Shona at EC Credit Control was excellent. She gave me fantastic advice, and was great at communicating with me quickly. Highly recommend their services if you need someone to collect a debt for your business. Mr Lift Accounts10 March 2025Trustindex verifies that the original source of the review is Google. Fantastic professional service I highly recommend G J7 March 2025Trustindex verifies that the original source of the review is Google. Great company to deal with Keith Tarsau19 February 2025Trustindex verifies that the original source of the review is Google. Great team, great communication and great results. Thank you so much for your help! Issy Lu13 February 2025Trustindex verifies that the original source of the review is Google. We are fortunate to have Toni as our credit consultant. He is exceptionally professional, patient, and consistently takes the time to explain complex concepts in a clear and understandable way. His support has been invaluable to our team. Carl Barakat16 January 2025Trustindex verifies that the original source of the review is Google. Great to work with, makes everything super clear and easy to implementVerified by TrustindexTrustindex verified badge is the Universal Symbol of Trust. Only the greatest companies can get the verified badge who has a review score above 4.5, based on customer reviews over the past 12 months. Read more
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