Dear Aunty B,
DL,
Victoria
Dear DL,
Communicate.
SmartCompany had a seminar last night in Melbourne on planning, strategy and money. And if there was one theme that was mentioned over and over again it was around communication.
Understand your value proposition and learn how to communicate it so it takes a minute, not an hour.
Communicate regularly and openly with your bank. Ask the banker to come and visit and share the vision.
Communicate to employees what is happening to your business as morale becomes unsettled and they fear losing their jobs.
Communicate with minority shareholders who used to never give you any trouble but now are getting edgy.
Communicate with suppliers and find out how they might be changing your agreement this year.
Communicate with other business owners so you are not just carrying the stress of the business on your own shoulders.
Communicate with your accountant so you truly know your cash position, and communicate with debtors a lot! (So they pay your bloody bills on time.)
Lastly communicate with your spouse and children so they are on board with the journey!
And keep on communicating with me, so we can get through this together!
Good luck,
Your Aunty B.
MJ writes: Nice reply to today’s question… very good. Just a short note to let you know I enjoy reading your newsletter daily, the constant advice and sharing of thoughts is great.
I have been in business almost four years, just turned 30, and while hard and seems to be getting harder, I have really tried to learn from the 1980s when Mum & Dad had a business, boat, Range Rover, BMW, fuel accounts and a big house… then, when I guess what was proping all those things up ( the business ) one day, there was nothing left and we were turfed out of home and all the other reasons I was to young to understand.
I love the stories of high/fast growth BRW and often aspire to all that, but I prefer to try and run a lean controlled growth, maximise return, while knowing I can sleep at night. Unlike many younger than me, all these ones maxing out the credit cards you talk about – I remember the 80s highs, but keep the 80s lows very much in mind, especially during the current climate. Still with much more to learn, kind regards and the best for 09, Amanda and the team.
O wise one. If there is one thing I should do this year – just one – tell me, what it is.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
