Why should I grow my business?
Your business is paying all the bills.
You don’t have to work (most) Sundays.
You are paying off your home.
Your football team is winning games.
Why should you think about growing your business? Your friends who run their own businesses have been able to grow, but they have been lucky, have grabbed a great contract or customer and do not operate in your market so growing was easy for them.
If this sounds like the thoughts in your head then you will have proven yourself right!
The saying goes “If you think you can, or you think you can’t, you are right!”
The first thing that needs to happen for your business to grow is for the leader (I am talking to you) to believe that you can grow it. If there is belief, then anything is possible, because it is the belief that will provide the inspiration for action.
Of course, ACTION is required for change.
So first, believe, second, act, and third monitor the impact of the action.
Then, when your business grows in a way that frees you to spend more time doing what lights you up, you will know why you wanted to grow your business in the first place.
Go to it!
To improve your business, first commit to change
The key step to improving your business is to commit to changing one or more aspects of the way you do business today.
To think that you will be able to improve your results by continuing to do the same things today as what you did yesterday, is to hope that someone else will change.
But to make sure you have an opportunity to improve your business, you need to implement the change, not just think about it.
So here are 4 steps to improving your results today:
1. Determine the drivers of your business performance (KPI’s).
2. Identify one activity to change that will impact a key driver.
3. Implement the change.
4. Monitor an measure the result.
Whilst nothing will happen without you DOING, (number 3 above), to be effective you need to monitor and measure.
This way, you will understand the impact of the change, positive or negative, and take the appropriate action moving forward.
Then, go back to number 1.
If you would like help in identifying your key performance drivers, email Adam@mbrgroup.com.au for more information.
6 keys for success in 2010
1. Get clear on your vision – It is far easier to reach a destination if you have clarity on that destination
2. Make sure you know where you stand – No point pretending you are something you are not
3. Recognise that things changed in 2009 – Particularly if you need finance
4. Identify the Actions that will move you from where you are now TOWARDS where you want to be
5. Most importantly, implement! An action not taken is no more that a dream or a passing thought. It has no impact.
6. Build accountability into your plan – Making sure that you continue to take action by making yourself accountable to someone other than yourself. The best sportspeople in the world have coaches. If you want to reach the pinnacle of performance, shouldn’t you?
MBR Group and Hospitality – Advising a Rock Solid industry
What a relief it is for an industry specific public accountant to have his or her industry speciality in a field where proprietors interact with their customers in a relaxed and leisurely environment, the industry is financially secure presuming the specific business is correctly sourced and funded and its businesses are available to all prospective first time entrants irrespective of their knowledge background and qualifications. Try and name one other industry which has all of these characteristics!
MBR Group have been through two recessions, including Mr Keating’s “the recession we had to have” in the early 1990’s, and have never had a client in the hospitality industry go broke or indeed experience great financial distress from their business. Now, we would like to tell you that this resulted from our great advice and dedication to the cause however in reality most of the credit for these results can be credited back to the industry itself and the people that it attracts to join the ranks of hospitality proprietors.
Hospitality traditionally, in industry speak, included hotels motels and caravan parks. From MBR’s point of view however, hospitality certainly includes motels and caravan parks and also now incorporates a phenomenon to the southern states of Australia (previously only the domain of Queensland and coastal northern New South Wales) called management rights. Hotels, being the regular corner pub, country watering hole and the more upmarket food orientated bistros and restaurants, we believe generally require a proprietor with some industry experience in food and beverage and a knowledge of the industry to have a better chance of survival. Not so the case for prospective purchasers of management rights, motels, and caravan parks. The ability to relate well to people and to maintain a clean and hospitable destination for customers is 90% of the future success of the business. Sure, as in all businesses, it is always helpful to have some financial, marketing and networking acumen, but people skills and a good work ethic are in most cases absolutely pivotal to success in the hospitality industry.
Clearly, other elements come into play when entering the hospitality industry. You need to be able to find a range of appropriate businesses from which to select your business. It was once very wisely written that you only ever buy one bad business! So, you need a reliable and experienced business broker to organise the right introductions in the right locations and to match these with your financial position, lifestyle requirements and family considerations such as nearby schools family support, etc. The financial accounts provided by the vendor must be assessed by an accountant who possesses considerable experience in the industry. The business must be correctly funded in order that the debt can be repaid in no more than a 10 year period with a minimum of personal assets used as security. Finally, you need a solicitor who has experience in the industry and understands hospitality-based commercial leasing. An experienced hospitality broker can assist you with all of these introductions.
Apart from this, the success of the business is in 99% of cases determined by the efforts of the proprietor. It is a wonderful industry for families specifically those with children, young or old, and can achieve financial security for people within a relatively short period of time. This comes with minimal chance of failure given that the above steps are carried out thoroughly using professional experienced in the hospitality field.
MBR Group specialise in the hospitality industry and have clients and contacts to solicitors and finance Australia-wide. We always provide an initial free consultation to all new clients. From an accounting point of view, we could not more highly recommend management rights, motels and caravan parks as rock solid industries in which to be involved. We spend considerable efforts in assisting our clients to purchase the right business in the right location for the right price. Most of our clients only have happy memories of their time in the industry and, almost without exception, our clients stay in these industries often buying and selling into bigger and better businesses and, in many cases, achieve their long-term security by purchasing their freehold premises.
As reputable accountants we feel the suffering of our clients should they experience financial distress – it really hurts. This is something we protect our clients from at all costs. Being so involved in the hospitality industry protects us considerably from clients suffering financial woes and provides our clients with a wonderful opportunity to have the freedom of running their own business at the same time achieving the financial and personal goals which we all crave during our working lives.
MBR Team
L-R: David Buff, Avril Walker, Karen Palmer, Josie Vella, Obeida Abou-eid, Monica Waters, Kathryn Matheson, Suzanne McHugh, Adam Ramage and Braden Johnston
Our staff members are highly qualified and motivated to help our clients achieve their business and personal goals.
They use their skills and experience to provide the right advice for each individual client.
They value the working relationships that they develop with their clients and will go out of their way to meet their client service expectations.
Clients can be assured that the advice they are receiving is the most up-to-date information available in relation to their financial circumstances.
Staff Profile:
- Adam Ramage CPA — Partner and 10x Business Coach
- Karen Palmer — Business Manager
- Kathryn Matheson — Senior Client Manager
- Braden Johnston –– Client Manager
- Josie Vella — Client Manager
- Debra Mc Carthy — Client Manger
- Suzanne McHugh — Trainee Supervisor
- David Buff — Accountant
- Obeida Abou-eid — Accountant
- Dhara Oza — Sales & Marketing Co-ordinator
- Avril Walker — Client Service Co-ordinator
- Monica Waters — Receptionist