When I start to reflect on discussions, interactions and business dealings with entrepreneurs over the past years they all seem to have some things in common. Typically, they have a good appetite for risk, but more importantly is that they are able to think quickly and make changes in their business that allow for adaptation as they realise what it is the market wants.
Branson has a great gift of training staff and managers and then giving them the authority to do their job without him constantly interfering.
Being able to delegate is crucial in business. There is no way you can grow a business trying to do everything yourself. However, it’s easier said than done.
No doubt we’ve all been in an organisation where managers attempt to garner team involvement in growth and decision making through a suggestion box. Sometimes it works, or works for a time, and other times there’s either no involvement from the team (no suggestions) or nothing that is relevant in the eyes of the decision maker.
If we don’t actively encourage true problem solving and endless opportunities to try and fail until they succeed so they learn how each feels and to get up and try again our children will have a hard time as adults in the future job market.
Understanding your business numbers isn’t always easy. So here are 5 Financial Ratio’s you can use to gain further insight into the performance of your business.
You’re looking to buy an investment property and wondering how it will affect your tax situation?
Firstly, it’s important to note the difference between a residential or commercial property. If you purchase a residential investment property, there is no GST applicable. This also means you cannot claim any GST, however a commercial property will require you to charge GST and lodge BAS on a Quarterly basis. There will also likely be GST on the purchase and sale which you need to consider.
How often do you have a subpar experience as a … Continued
We often are faced with problems to solve in business but struggle to generate multiple solutions. Often, we miss the solutions that are in plain sight as we can’t get past the traditional uses of products or ways of doing things – this is termed “functional fixedness”
Our advice to clients is to try to set things up correctly from the outset, but if you are in a situation with workers who really need to be moved over to be employees start planting the seeds and making them aware things will need to change. It can take time and you want to avoid losing good team members if you can.
No one can dispute that Uber has thrown the world’s taxi industry into disarray, however the process itself was not technically disruptive. By understanding the true meaning of the theory managers can make better decisions in regard to competitors entering the market.
