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Who is invited to your Table...or who is not invited?
Invitations to be sent! Check the list!
Just like a birthday or Dinner party, when planning a Business Meeting, it's critical that everyone is invited that should be!
That means inviting those invested in and concerned with the family, connections and networking to have the opportunity to sit at the table.
In Family-owned Businesses the Business Meeting is a significant event. For that reason, it’s essential that all vested stakeholders are invited to sit around the table, to be there to have a say or not. An Invitation helps in preventing sometimes perceived favouritism, being left out or neglected, feelings, that if left unchecked foster, can fuel disconnect, and disengagement.
Bringing everyone to the table provides the opportunity for;
- Ideas sharing, collaboration
- Everyone is involved, participation
- Joint decision making, empowerment
- Facilitating family harmony, unity
- Building relationships, strength
Importantly, in any Family enterprise, key players need to participate to meet their obligations. If operating under a Family Business Board this is critical as there is less opportunity for fluidity of role changes.
This is where having a strong formalised leadership structure is key. Crucial for all Businesses, including small owner led Family interests, with succession planning for retirement or leave of absence needs to be factored in.
Smart operators will consider adopting a leadership team model. This can comprise family members and non-family that are selected to undertake specific specialist roles.
When identifying individuals for roles it makes good sense to consider both job criteria credentials and personality characteristics. Develop the selection criteria for each leadership role based upon family values and the business situation.
The Table is set. Here is the Meeting Menu!
- Send Invitations and Meeting Agenda.
Give adequate notice. Prepare the Agenda, clearly state meeting purpose, and objectives. Be consistent with planning and scheduling Meetings to give advance notice. This will encourage better attendance and participation.
Leaders need people to lead!
Smart Leaders build a strong Team by nurturing potential and developing their people's abilities to bring out the best in all. Through mentoring, collaboration, effective engagement, and connecting the Team is united. Effective leaders empower their Team and are willing to step aside to let member's shine.
We know, a good leader has integrity, courage, respect, compassion and resilience, qualities they display, earning trust and loyalty. They communicate the vision and positively influence others. Learning agility is a strength.
We know also that managing things and leading people are similar but different complimentary disciplines that require the necessary mind and skillsets.
To quote ‘you manage things, you lead people’! Rear Admiral Grace Hopper
To lead, Leaders need followers, a Team to lead.
The skill is the ‘art of leading’!
Simply put, leading effectively, the Leader serves the Team, empowers their actions, enables their work and challenges them to succeed.
5 Key Skills Leaders have;
No matter your Industry, if you have something to sell start developing your Sales campaign now!
Black Friday will officially begin on November 29th this year but don’t let that stop you from getting into the action earlier.
Start by Understanding the importance of Black Friday sales opportunities
Australia has eagerly embraced this American tradition that heralds the start of the shopping season, after their celebrated Thanksgiving Day. Both retailers and shoppers enjoy the offers and benefits of highly promoted sales at discounted prices.
New research shows that the pre-Christmas sales opportunities in November, including Black Friday, will see an impressive number of shoppers bringing forward their spending to secure bargain gifts. This builds on last year's November sales that jumped by 2.7%.
7 Strategies to Maximise your Sales opportunities
- Plan, prepare and promote your Marketing campaign, NOW! Identify your deals and align with stock, supply, resources, budget etc. Explore all marketing options to get greatest exposure, such as; social media, display advertising, newsletters, and Instore promotions.
- Consumers' buying habits and behaviours have changed, since the pandemic and now with the cost-of-living crisis. Shoppers are savvier, more discerning, looking to increase their buying power, both instore and online. Bargain hunters are out hunting, keen, and eager to get ‘early-bird’ specials.
- Get your Business ‘house’ in order. Instore make sure your premises are ready and equipped for more customer traffic. Ensure you have sufficient and suitably trained staff. Online/digital make sure all systems are up to date, in working order and ready to go! Do a ‘test run’! Have a backup system, plan B!
- The Role of E-commerce to expand opportunities. Optimize your website and maximize sales opportunities with ‘Click and Buy’ purchase options. Make it simple and easy for shoppers. More direct methods mean less time and hassle for all. Explore new marketing tools and seek expert technical help if needed.
- Leverage social media to boost your exposure. Craft ‘clever’ emails, tailor content and personalize to regular customers, and re-engage with past and target potential ones. Be honest and authentic, avoid gimmicks. Utilize hashtags effectively to spread your message.
- Craft irresistible deals. Plan your ‘sales’ pitch and develop product offers to get ultimate results. Motivate customers, make offers attractive with ‘can't refuse’ incentives! Remember your (USP) unique selling point. Consider offering free delivery, bundled offers bonuses and gifts. Explore ‘upsell and cross-sell' methods.
- Delivery methods. Critical to have delivery systems in place for Online shoppers. Check your providers/arrangements are reliable and ready to go to deliver orders as promised. Carefully monitor and manage inventory to ensure supply.
Seize the moment to capitalize on this year’s Black Friday sales opportunities, crank up your campaign
And get your early bird deals out now!
You can’t escape the headlines, news reports coming in every hour, every minute!
If you are a small Business owner, it’s likely you are affected by these stories. Market forces, economic fluctuations, swings and roundabouts, ups and downs. 'The global economy is heading towards a year end with unexpected tailwinds! '
It is easy to be influenced, positively or negatively! You might find yourself nodding in agreement with such bold catchy statements. Do they resonate or relate to your situation. Yes or no, if you are one of the savvy operators you feel good knowing you have adopted sound, best practice strategies to help you weather any storms. Oh, what a great feeling that is! Create and share your own successes!
Did you catch these Headlines!
Small Business never had it so tough – a Perfect Storm of rising costs, including Industrial Relations issues, Labour shortages and the cost of doing business! Reported (9th October) ‘2100 small and medium Businesses surveyed said their top three concerns for 2024 were energy prices, wages and cybersecurity threats.
Household budgets are being squeezed. Small Businesses are facing the toughest trading environment in recent years as household budgets experience cost-of-living pressures. Discretionary spending is affected.
What’s Driving up Burger Prices! Even the humble Big Mac is affected by the cost-of-living crisis! With a smorgasbord of ingredients making up a Mac, including beef, special sauce, wages, Royalties and intellectual property, nothing is spared!
Consumer sentiment fell in September, as the pessimism that has dominated for over two years still showed no signs of lifting.
Come October, consumer confidence, potentially the confidence of your customers is up, according to Commsecs Market Analyst saying, ‘confidence has reached its highest level in two and half years since the Reserve Bank started hiking interest rates.’
Importantly, whatever your Industry or Business it’s critical to stay on top of operational activities and legislative responsibilities, such as meeting Taxation obligations, workers entitlements and all reporting requirements.
Equally important is having your Business affairs carefully managed. Keeping your ‘house’ in order is a must, including Tax matters, accounting and bookkeeping, along with having your cashflow flowing. Is your Business Plan current and your Marketing reaching existing and new markets!
Smart Businesses seek professional services. Blackburn Accounting is well placed providing a range of services, including cashflow management, assisting with strategic planning and helping develop your Business capacity for growth and expansion.
Don’t wait, contact us today to discuss your Business Accounting needs.
Phone: +61 8 6454 5831, email
Big Mac helping understand cost of living pressures
The humble burger, the Big Mac is affected by the cost-of-living crisis! But if you are a regular Mac Burger eater you already know that!
We know from the tracking system, the Big Mac index. It measures prices across 55 countries as a way of keeping an eye on the global economy.
You may recall back in March we presented ‘the Humble burger! A great takeaway meal or measure of Business success.https://www.blackburnaccounting.com.au/blog/218-the-humble-burger-a-great-takeaway-meal-or-measure-of-business-success.
But, How, what’s driving up prices today
Let’s start back in 2017 a Big Mac cost $5.80 in Australia. And year by year the price crept up in small rises reaching $6.15 in early 2019. This was prior to inflation that sent us into a cost-of-living nightmare. By 2020 prices steadily increased then the pandemic hit!
Surprise, can you believe, with consumers stuck at home the cost dropped for the first time in years. Price stayed around $6.40 until 2022 when the cost-of-living crisis hit. Nothing was sparred, goods, essentials like toilet paper and services, plumbers, dentists, all visits started costing more! Ah yes, painful, at the dentist and checkout!
And the humble burger didn’t escape!
Let’s look more closely at what’s been happening.
Across the globe this treat, with the same basic ingredients, bun, beef patties, single slice cheese, pickles, onion, lettuce and blob of sauce is produced at an industrial scale. It’s a mass-produced commodity, linked to the intricacies of the global economy. Suggested by associate professor of economists ‘if the price of a Big Mac’ is moving there’s something really strong going on in the economy at large’. And don't we know that!
It’s basic economics 101! When McDonalds has to pay more for its ingredients it passes those costs onto consumers. With a smorgasbord of ingredients making up a Mac, including beef, special sauce, wages, rents, Royalties and intellectual property. The list goes on, nothing is spared!
Examples, bread prices rose, cheese too, add electricity costs. With all corners of business expenses rising - It is forcing sale prices up.
Inflation, cost of living, watch this space for more and follow the Big Mac index!
Enjoy your Big Mac!
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