If you have come to the uncomfortable conclusion that your business is no longer growing, or at least not growing at the rate you are wanted, you are not alone.
According to the government, there are 2,051,085 actively trading business in Australia, and many are struggling. As an average, liquidation from 2003 to 2008 were 7,162 per year and then when the recession hit in 2009, liquidation, as you expect, jumped to an average of 9,705. That’s an increase of 35%.
So yes, it gets tough when the growth in the economy slows down. But what is surprising and shocking is that even when times are good there are still well over 7,000 liquidation every year. You can’t blame the economy for this.
Of course, there are many reasons for the failure of business, but almost every one of these can be overcome by getting in more cash. More customer. More Sales from existing customers. When you have positive cash flow – you have a sustainable business and most problems disappear.
A wise man once said: “If you have stopped growing, you are actually shrinking”. Nothing is fundamentally true when it comes to your business. If you are not acquiring new customers then you are almost certainly going backwards. Even if you are great at serving customers, you will always lose a small number through the likes of mergers, acquisitions, retirement, bankruptcy (more so at the moment), death, relocation and of course competition. In iXpress, we lost 3 clients due to bankruptcy in year 2015, most of them are in the retail business.
However, the good news is, with the right advice and good old-fashioned hard work, you can break this trend and create a fast-growing and dominant business. A business that grows month on month. That’s why I want to create program in business Profitability – in every business, profit is the king. Nobody tells me money is not important when they run a business (people who have made huge profits and plan to retire are exceptions).
Please follow me to read a series of articles to help you to
- Stand out from the crowd
- Attract customers easily
- Remove price from the mind of the customer
- Provide added value that no other competitor can compete with
- Aquire the right type of customer at the right price
- Achieve everything your skills, effort and experience deserve
It doesn’t matter if you are a sole trader or in a business with 3 or 10 partners/directors, this will help you to get results. But to get results, you have to change what you are doing. You have to be different. You cannot hope to achieve all you want with an attitude of “this will never work for my business”. You have to open your mind to the opportunities that present themselves to you. And if you do then, you are going to enjoy the results of your efforts. I promise you that.
Let’s start and enjoy the journey.
With love and gratitude