What happens if you connect the ATO to your myGov?

7 Ways you can grow your business

If you are looking to grow your business, you are going to have to commit a portion of one of your most valuable resources – time. Most business owners readily acknowledge that time is their most valuable resource, and it’s not something most business owners will easily part with unless they know that they will get a return on any time invested.

For this reason, I’ve created a list of seven ways you can invest your time wisely as well as how often you should be doing those things to ensure you grow your business.

If you are looking to grow your business, you are going to have to commit a portion of one of your most valuable resources – time.

1. Learn a New Skill (Weekly)

If you are looking to improve your business, you are going to have to commit a portion of one of your most valuable resources – time. Most business owners readily acknowledge that time is their most valuable resource, and it’s not something most business owners will easily part with unless they know that they will get a return on any time invested.

For this reason, I’ve created a list of seven ways you can invest your time wisely as well as how often you should be doing those things to ensure your improve your business.

If you are looking to improve your business, you are going to have to commit a portion of one of your most valuable resources – time.

2. Go to seminars and workshops (Monthly)

Spending time going to the right seminars and workshops allows you to gain insight into what is coming next in your industry. This will ensure you stay at the cutting edge. Unfortunately, many people see and fear the changes occurring within their industry for the perceived threat to their current business operations.

At Fitzpatrick Group, we view change as an opportunity for growth – it’s one of the key aspects that we value under innovation. We don’t just accept change, we embrace it.

Don’t just accept change, embrace it.

Collect information on your industry (Ongoing)

Collecting information to benchmark your business against the rest is critical to any business that takes growth seriously. Information gathered can give you clues about how you can approach your audience and will allow you to make informed decisions about revising marketing plans and advertising strategies.

Review your business plan and marketing strategy (Quarterly)

Reviewing your business plan and marketing strategy is crucial to your business development. You may need to adjust or alter certain aspects of your business plan to better align it with your current goals. An example of this could be a realignment of who your target audience is. A realignment will inform the types of goals you set and aim to achieve.

There is no point in having a goal to specialise in servicing a specific audience if they are no longer your target audience. Recognising and realigning who you’re targeting is crucial to ensuring your marketing strategy is effective.

Recognising and realigning who you’re targeting is crucial to ensuring your marketing strategy is effective.

Review your finances (Quarterly)

This will help you assess areas you can improve upon. If you aren’t keeping track of your business’s finances, can you really call yourself a business owner? Checking what funds are flowing in and out of your business could also help you notice redundant ongoing debits like software and services that are barely or no longer being used. It’s also a good opportunity to audit your current service providers and check that they are providing your business with good value for money.

As a business owner – you are allowed to hold service providers accountable for their work.

This is especially important for ongoing services rendered on a recurring payment. If you feel a cost isn’t justified for a service provided – bring it up, ask the question. You never know how a 5-minute conversation can improve your business.

If you get any pushback – it may be time to contact a competitor.

Expand your business online

If you haven’t already done so, you should think about expanding your business online. A lot of entrepreneurs have gotten their start in the social media space, only expanding further down the track with a website.

Having a website and active social media pages allows you to (with the right setup) monitor and track your client activity on your website. This can help you better understand the changes that may need to be made to your marketing campaigns. It can also give you good insight into how users within your target audience are engaging with your brand.

Having a website and active social media pages allows you to (with the right setup) monitor and track your client activity.

Look for a good Business Coach

If you’ve done all the things above, and you still feel like you aren’t getting anywhere, it may be time to ask for help. Finding a business coach could push your business to the next level, but you have to make sure that you get the right one first. When searching for the right business coach, you will need to consider the amount of experience they have with your industry, as well as the amount of success they have had with the businesses that they have coached.

If the business coach you’ve engaged is worth your time they’ll gladly provide examples of the success they have achieved for their clients. No evidence of success always means no success.

Rick Fitzpatrick | Director

Rick Fitzpatrick is the founding director of Fitzpatrick Group. Rick is a Certified Practising Accountant (CPA), Chartered Accountant (CA), Registered Company Auditor, Registered Tax Agent and Certified Business Coach.

Rick has over 40 years of accounting and taxation experience. During this time he has mentored many business owners on the concepts of what’s required to be successful in business. Many of these business owners credit part of their success to Rick’s guidance, especially during the growth stages of their business.

Learn more about Rick

Still have a question?

Feel free to get in touch with a member of our team today.