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Advice from Outside the Square

Category Archives: Small business

10 Tips to Avoid Insolvency

It is a tough world out there for small business at the moment. Interest rates are bottoming out yet not much consumer spending is being seen. Here in Perth, iconic restaurants and pubs are closing down, strip shops are empty, fashion labels are rationalising their stores and outlets. While we cannot succumb to all this bad news, and we must look forward to our continued success in business, nevertheless you cannot simply ignore what's going on. No matter how many times you visualise success, if you don't do something tangible, those problems are going to come and get you. (more…)...
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Creating An “Advisory Board” For Your Small Business

In larger companies, establishing an Advisory Board is becoming more commonplace as these large businesses seek to add to the value and experience of their Board of Directors. This is a trend that can also be of great help to a small business, whether you are operating as a company or not. Most of my clients and readers run family-owned companies or husband and wife operations. Their Boards of Directors are usually the owners. While this provides control of ownership, it does not provide these businesses with fresh perspectives on strategy, reaction to economic trends, specific industry or geographic experience as well as on markets and legal and legislative circumstances. Knowing your business in and out is great - but think of the added value of a pool of new minds that have a different and fresh perspective on the wider business world. (more…)...
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How To Become A Resilient Small Business Owner

This week, I was reminded how stressful owning and operating a business can be. A friend had a stress attack that seriously stopped him in his tracks. His doctor said that it could have led to a heart attack from the stress it put on his body's systems. Now, I’m not saying that it was caused by something in his business, but I know he works hard in the business, always looking ahead and thinking about his team, the business key indicators, and on how to improve the business. What I am saying is that for all of us, business is stressful. As business owners we owe it, not only to ourselves, but to our families and loved ones, and to those who depend on us, to stay healthy and resilient. At the end of the day, resilience is about mental flexibility and the ability to adapt to change and uncertainty. How do you do that? Incorporated into our mental flexibility is the mental capacity to understand what you can control, and what you can’t. First, understand what you can control, and what you can’t. Solve issues that you can control. The best way to do this is to act strategically rather than one issue at a time....
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