Published on 21/06/2019 by Any Business.Com.Au

New Financial Year = New Opportunities

Now that you know what you can and can't claim as a small business owner this EOFY, it's time to take a look at the bigger picture.

Is a new financial year the chance to change that process, adjust that structure or launch that new product you've been thinking about?

Perhaps it's just an opportunity to sit back and take a look at your business as a whole and assess what improvements or changes can or need to be made.

Change isn't easy. Small business owners however, need to be flexible and ready to adapt to an ever-changing market.

Procrastination may seem easier in the short term, but in the long run, putting off necessary changes can lead to missed opportunities.

Identifying the big picture

Sometimes we can picture the long term goal clearly, but the steps to getting there aren't clear. Challenge yourself to come up with milestones to reach over a specific course of time, then use it like a map to reach the big goal.

Name each milestone (e.g. launch website), add a due date, set a budget, and the steps needed to reach it.

What is the current market doing?

Is it a good time to take risks in your industry, or should you play it safe for now? The best way to determine this is with good old-fashioned market research.

Survey your own network of customers and potential customers, whether by phone, mail, online focus groups, etc. This will help you find problems if there are any and customer needs that you may not be aware you're not meeting.

Gather data from government agencies, trade associations media and magazines in order to identify trends in the current market, your industry, the population you target and of course, the competition.

Are your competitors doing something different?

As much as we hate to admit it, our competitors are out there, hungry to grab what they can.

Keeping tabs on the competition may feel a little underhanded, when in fact it's anything but. You can bet that your most successful competitors have their fingers on the pulse of your industry. They're always studying their competitors to see what's trending so they can be one step ahead.

Google alerts are a good way to find out what, where and how often your competitors are being mentioned in the media. Do the same for your own business. If you see their presence heavily in one place, try to get your business advertised or look for leads in that same space.

Follow your competitors on social media, and sign up for their newsletters. Adopt some of their promotional strategies if you can. Attend conferences and trade shows. Ask your suppliers what products are popular with your competitors. Search review sites like Yelp to see what customers are saying about the competition is there an area where they are dropping the ball - could your business do it better?

Use the EOFY as a time to reinvigorate your business

The end of the financial year is a great time to decide that what isn't working and needs to go. If your customers aren't buying it, then you're wasting your time, money and the potential for future growth.

Of course, there is a flip side to that, identify ways to increase your business, try out that new idea, launch that new product or figure out a better way to do what your business does best.

Plan and be smart

Be future smart in your approach. Know your market, study your competition and cut your losses. From here you'll be able to make a clear plan in order to execute effective changes to your business both big and small.

AnyBusiness.com.au

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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New Financial Year = New Opportunities

21/06/2019 by AnyBusiness.com.au

Now that you know what you can and can't claim as a small business owner this EOFY, it's time to take a look at the bigger picture.Is a new financial year the chance to change that process, adjust that structure or launch that new product you've been thinking about?Perhaps it's just an opportunity to sit back and take a look at your business as a whole and assess what improvements or changes can or need to be made.Change is...