Great news for all local Aussie businesses, entrepreneurship is alive and well in Australia! The latest report of the Global Entrepreneurship Monitor (GEM), the world’s leading research study on entrepreneurship, found that over 13% of working age Australians are now either starting or running their own businesses. This is up from 9.2% when Australia last participated in GEM in 2011. This current total entrepreneurial activity rate is among the highest in developed countries – almost the same level as the USA and Canada (which is at 14%).
Aside from having a large number of entrepreneurs, the report reveals that Australia can rival other major economies. With its prevalence on new economic ventures and innovative products and services, Australia continues to have a strong entrepreneurial quality.
Here are surefire tips on how to develop your small business for success:
Reinforce Your Brand
Small but terrible. Though your business may be small, it has an enormous brand potential. Focus on the emotional attachment that connects your clients with your company’s products and services. This emotional attachment is what makes your customers keep coming back for more. Make sure your company serves as an inspiration to your customers and leaves positive memories. Always reinforce your brand image through your company website, product offerings, advertising efforts, and employee policies.
Set Dedicated Time For Your Business
Set a dedicated time to better manage your business. To effectively run a business, you need to designate work properly in order to maximise your limited time on more important matters. If you’re constantly doing all the menial day-to-day tasks, such as answering every request or email issue, then it means no one else is actually working on the business for its long term survival. You need to set aside time in your busy schedule to acquire new business ventures or plan for your long-term business strategy. Some owners choose to work on new business deals only until 11 am every day, while others set Friday afternoons or Monday mornings. Choose whatever time can work better for your schedule. Stay disciplined and focused so you can grow your business.
Hire Great People
A successful company requires a dedicated team, not just a single person. You may consider delegating some of the tasks that you can assign to qualified contractors, employees, and even relatives. When your business starts to grow bigger, consider hiring senior employees with an impressive achievement from bigger companies. You need to hire smart people with good work ethics and with proven track records rather than just fancy words on their resume.
If you’re venturing to sell a business in Victoria, or don’t know how to sell a business fast in the area, consulting with business brokers Victoria delivers the best results and not excuses.
Since 1883, National Brokers Network has been one of the most trusted business and property experts in Australia. With hundreds of offices around the world, National Brokers Network is committed to providing you with exceptional service across the globe. Take advantage of National Brokers Network’s marketing power to get the best value for your business. Talk to us today at 03 9226 9222 or email us at businessbrokersvictoria@rhc.com.au
