Business Essentials

Business Coach Dan Williams says he can chalk up most business failures to weak processes. An Asia Pacific business coach for coaching firm EOS Worldwide, he says successful firms need to have strong processes at their core, otherwise their possible growth and ability to scale will be hobbled. And he says strong processes will lead to fewer people leaving the company. 

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The good old days in agency land saw long lock-in contracts, mark ups on media buying and the money flowed. At a time when there are more ad, digital and PR agencies than ever, James Smith, CEO of digital agency Smith Brothers Media, explains why there’s a shift in monetization strategy across the industry.

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There’s a goldmine of extra income a lot of businesses are missing out on because they don’t follow up effectively. Sales expert and Founder of BOOM Sales!, Trent Leyshan, reckons businesses haven’t implemented a proper follow-up process or structure. Trent explains how to follow up, using both traditional and digital methods.

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Rarely do we know when crisis will strike – a pandemic, war, or a GFC-like event – but if it does happen, the impact on your business and staff could be just as seismic. So how can you prepare for a potential disaster?

It helps to have an adaptive mindset, insists Prof Martin Bean, CEO of The Bean Centre, and former Vice Chancellor of RMIT University, during the lockdown days of COVID-19. He has co-authored a book, ‘Toolkit for Turbulence: The mindset and methods that leaders need to turn adversity to advantage’. An adaptive mindset, he says, equips you and your team to deal with fast and unpredictable change, to navigate in uncertainty, to collaborate on complex entangled problems, and to embrace ambiguity and paradoxes.

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To maintain long-term profitability, you need a strategy that can adapt to new trends and consumer demands. Companies that don’t change will fall behind, says consumer and marketing guru Barry Urquhart. Barry identifies three pillars of business success, and offers the example of a particular Australian hardware company, which is pivoting from hardware to homeware – a subtle, yet powerful realignment.

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Many businesses are being held back because their owners either can't, or won't, identify what they are bad at. That's according to Dan Williams, Asia Pacific Business Coach for EOS Worldwide, a global network of business coaches. Dan says it is crucial for business owners to identify what they "suck" at. He says that by slowing down and taking stock of everything you do, it's possible to identify tasks that you either hate or are bad at. Only then can you work on solutions, which may include outsourcing.

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Several years ago the corporate world was going crazy over the latest business fad of Blue Ocean Strategy. The book of the same name won a slew of awards and sold millions of copies worldwide. The concept was simple: try to capture "blue oceans" of unexplored new markets. Like many theories, it just doesn’t work in a practical sense. Entrepreneur Roy Osing unpicks the problem of Blue Ocean Strategy specifically, and why some in academia are too far removed from the practicalities of running a business. And so, he warns, be careful of who you listen to.

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Workplace culture is fundamental to the success of your business. If your people aren’t happy, the productivity and profits of your business are greatly impacted. Corporate mental health advisor, Kerry Howard, addresses the issue in her book, ‘How to heal a workplace culture: tackle trauma, foster psychological safety and boost happiness at work’. She says it’s up to the business owner or leader to learn how to manage interpersonal connections among staff.

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Workplace productivity has taken a dive in the last couple of years. In fact, it dropped 3.7% in 2022-23, according to Australia’s Productivity Commission. Productivity in the workplace involves effectively leveraging resources to deliver outcomes. So how do you do that? HR consultant Karen Gately says bosses should set clear expectations, fostering engagement, and focusing on intrinsic motivators.

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Traditional sales skills may not be sufficient to overcome the challenges faced by sales teams today. A new approach is needed to end rising disengagement, stress and burnout, and equip sales leaders to lead their teams confidently to success. That’s according to Anna Glynn, who says leaders need to ensure that their teams have the mindset and toolset – not just the skillset – to succeed in sales. She calls these the off-field factors and they relate to the resources available that help achieve long-term sustainable performance.

Business Essentials Daily is produced by:

SoundCartel
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