2019 is here, and so is a new opportunity to exceed in your business space.
One of the most critical aspects of doing well and going the extra distance with business is analysis. Getting off the tools (just for a little bit!) and back to basics to look at your business strategy is the way to small business growth according to Books4Tradies founder Genaya Hutchinson.
Australia’s leading construction companies are projecting further expansion in the value of significant non- residential project work in 2018-19 and 2019-20, according to the latest Australian Industry Group/Australian Constructors Association Construction Outlook survey released in December. Growth- this is awesome for anyone in the construction industry. Record population growth continues to fuel demand for housing, maintaining an overall undersupply in the market, the report stated.
Knowing the market
Knowing how the domestic and commercial market is going and keeping abreast of industry information helps forecast and lift spirits, creating a positive environment in your business says Genaya. This is important for personal success as well as smarts.
Realizing that while time on tools brings in income,
So does business management is another aspect you must integrate into your idea set says Genaya. “Making sure clients either pay you on the day or are meeting their payment terms and not accepting unreasonable terms on large projects is a healthy beginning. Chasing up those invoices and keeping an eye on the margins is crucial to any business success” says the successful business strategist.
It’s pointless spending 80 hours on the tools at $110 an hour when you are only making $15 because your overheads are high and no one is paying! This is indeed a sure way to business gloom.
Finally, make sure you have BALANCE-
I know, so many people harp on about it. However, it’s true. If you want a better life, a happier life, family and longer life, then the balance is the only way you are going to achieve it. Existential crisis and running your own business don’t always go well together. If you don’t know how to- seek someone who does know and work out a plan you commit to for 2019. You will produce more grins all round, and your sleep will thank you for it. Get goal setting today!
If you would like to know more about how you can stimulate balance and need guidance to create a balanced and successful business- click here to have a chat with Books4Tradies.