Turning your small business into a great enterprise – though this may be hard to do, according to Ed Chan and David Naylor, it is not impossible.
In their book ‘Small to Great’ the founding directors of the accounting firm Chan & Naylor share their success story of transforming their small suburban accounting business into one of Australia’s most promising financial service businesses offering consultation on investment property strategies and tax advice in Sydney. In the book, they give other small businesses a chance to replicate their success by sharing the key concepts and strategies that contributed to their business’ growth.
Among the many points that were raised in the book are four important practices that can help you stop working IN your business and start working ON your business to help it grow into a successful enterprise. They are as follows:
1. Organise your business
Organisation is considered the framework or the structure upon which the business is based. It is therefore important to make sure that you have a well organised business. Ensuring this will create a ripple of positive effects. Among the benefits that you will experience are effective communication, efficient administration and utilisation of resources, and ultimately, increased production or level of service.
2. Practise effective time management
There’s a lot to do in a business, especially a growing one. So that every employee in the company can carry out his task efficiently, time management is vital. And for the business to practise this, it must first start with the owner. Apply this in your day-to-day life then train your team to do the same.
3. Build trust and maintain good relationships
In a business, there are important relationships everywhere that need to be nurtured. From the owner, to the employees, up to the clients and the suppliers, it is important to maintain a strong and reliable relationship with each person. It is this emphasis on strong relationships that will help you in your business’ growth.
4. Cultivate a culture of independence
Each company has its own identity and culture, but there is one important culture that should be consistent in order to reach success, and that is a culture of independence. A business should not be reliant on the owners alone for its operations. The employees must be capable enough to handle the everyday operations of the business even without the owners constantly behind them. This is so the owners can concentrate on strategic areas and focus on how to grow the business.
These business philosophies, among many others mentioned in the book, should be your guide to help propel your company to greater heights. As Chan & Naylor have said, if two ordinary accountants can transform their business from ‘small to great,’ you can too. Start working ON your business now and experience the difference that this brings to your company. To read more, get your copy of Small to Great today for just $24.95 plus postage.
Chan & Naylor is a property and business wealth advisory group offering finance services including tax, accounting, wealth creation and asset protection. You can get a free 10 minute phone consultation with our Senior Partner or Client Manager by submitting an online inquiry here.