The upcoming months of October and November are some of the best months in Australia. With Spring season in full bloom, the weather is pleasant to spend some quality time with your friends and family. And these are also the best months to spring-clean your business.
If you are a small business owner, spring cleaning your business can give you an advantage for the rest of the year. And with spring cleaning your business, we don’t just mean to clean your premises. But we also mean to take a fresh look at your critical business functions.
Our business mentor Sydney gives you a few different ways to spring-clean your small business to ensure steady growth for the rest of the year.
Take stock of your finances
Many small businesses fail to continue and maintain consistent growth. This happens because they don’t keep a close eye on their finances.
Hence, it is always best to keep track of your business finances and spring season is the month to take a fresh look at the finances. Here’s what you should take notice of:
- Invoicing and Payments: For a small business, it is important to ensure that you have made the necessary payments to vendors. Additionally, you must also ensure you have received payments on your invoices. You also need to take a review of the invoicing method and payment terms. Make changes where needed.
- Cash Flow: A small business must maintain a constant cash flow to ensure enough budget to grab critical business opportunities. Make sure to assess and improve your current cash flow processes. You can also take advantage of different tools provided by the Australian Government (Business) to ensure you maintain a good steady flow.
- Pricing Strategy: This is also the best time to take note of your current pricing strategy and make necessary changes. This will also include researching the market and your competitors to create a competitive pricing strategy.
Check your inventory
During this time of the year, you must also check and keep a thorough record of your inventory. This can be a game changer for your small business as you will now know which products are selling fast and which ones are not in demand. This can work in your favour in two ways.
- You can always keep your inventory stocked up with items that sell fast to ensure you can cater to every customer’s order for the product.
- You can always research, develop, and improve the products that don’t sell fast and are lying in your inventory. You may want to read feedback on such products and make improvements to make them fast-selling products.
Also, make sure to improve your inventory management process.
Make your business environmentally friendly and sustainable
It is high time for businesses to invest in processes that are environmentally friendly and sustainable. Do you have such processes in place in your business? If not, you might want to strategize. However, if you already have such processes in place in your business, you might want to improve them to ensure reduced waste. This will also help you save time and money in the long run while reducing your carbon footprint. Moreover, several customers prefer brands that are eco-friendly and sustainable. In the long-term, sustainable practices can yield your business more profits and loyal customers.
Take care of your people
In our business coaching Sydney sessions, our business coaches heavily emphasize taking care of your employees. Any employee will be motivated to deliver only when they see an opportunity to grow with your business.
Hence, staff training and compensation are critical elements of making your employees respected and valued. Make sure to assess the lack of skills in your employees and provide them with the training to develop and improve their skills.
Futureproof your business
End your spring cleaning by futureproofing your business to ensure steady business growth. You must start looking at new business opportunities while also understanding the obligations.
Make sure to get the right advice and support, research, plan, and grow along with improving your business processes and understanding the obligations. Hire the right people, contract the right vendors, and bring quality clients.
Wrapping It Up
Spring cleaning your small business will always turn out in your favour as it will offer consistent and steady business growth.
If you want more insights on how to improve your business for a steady growth curve, get in touch with us at Keystone Executive Coaching. We are the leading provider of business coaching services Sydney to small business owners and budding entrepreneurs.
Call us now to find out how we can help your small business excel.