It sounds confusing doesn’t it? But when you think about it, the idea starts to make sense. Not every business owner transitions well into being an astute business person.
Going into business is an exciting time and there is a lot to think about. You have to set up business premises, organise stock and perhaps engage new employees. It sounds intoxicating! You have a skill or passion in a particular area and you are so damned good at it.
So, the dream becomes a plan to turn your passion into a business and earn a living from it. You even look at bringing in a business consultant to help guide you in the establishment phase.
Time passes and you open your shop or office or mobile service all the while thinking that your renowned skill will lead you to riches. But……maybe the phone doesn’t start ringing as much as expected, and you have to think about marketing to generate new enquiry and hopefully a few sales. Then before you know it the first 3 months have passed and it’s BAS time. What’s BAS you ask your partner across the dinner table whilst trying not to choke on your snags and mash potato. Before long your old ute passes its used by date and you find yourself inspecting new vehicles at the local car yard. Next thing, the sales person starts asking you whether you are paying with cash or finance, and, taking into account potential tax advantages, will it be a chattel mortgage or lease or plain old personal loan. You head spins as you ask, “what’s a chattel mortgage?”
You see, your knowledge and skill in the area of your core business may well be the foundation upon which it is built, but the skills you learn in marketing, finance, HR, risk management, business development, customer engagement and old fashioned service are what keeps things moving forward and avoids the business imploding.
If you don’t have those key skills before you start out in business, then don’t lament the fact that you have made life a little bit more difficult for yourself, just go out there and get them. Sign up for courses in small business management or finance or marketing at your local TAFE or training college. Seek out free workshops and seminars organised by the tax office or offices of state development in your home state. Even local councils sponsor workshops for small businesses in the local community.
Whether you are a business owner in Toowoomba, Brisbane, the Gold Coast or anywhere else in Queensland or Australia, you need to build those skills so you can strengthen the foundations and grow your business. After all, insufficient foundations won’t allow you to build a second story on your home despite your best intentions. Likewise, failing to build your skill across a range of key areas won’t allow you to take your business to the next level.
Partnering with Present Professionally will help you build your business carefully and strategically.
Present Professionally serves customers across the Toowoomba Region and South East Queensland. You can follow Anthony at https://au.linkedin.com/in/anthonyferro1 or view details at www.presentprofessionally.com.au and LIKE us on Facebook @ https://www.facebook.com/PresentProfessionallyAustralia/
Written and Published by www.presentprofessionally.com.au