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The aVers team interviewed a number of business owners at the Brisbane Small Business Expo, on the 17th October 2015 at Eagle Farm Racecourse. We asked them a not so simple question: what does a small business owner have to do in order to become rich?
Respondents identified the following key responses
- Having systems and well documented processes was mentioned as one of the first things to do. According to Savannah Falzon from Retirement Care Solutions, the key is to be able to duplicate your region over and over again, so you can build it all over Australia.
- Understanding personal strengths and weaknesses. Really understand what your strengths are and work on them, then work out what your weaknesses are and pass them onto someone who works better in this particular area. Enjoy what you do and outsource those things you consider boring to someone else.
- Human Resources. When you do all of the work yourself, you will reach the glass ceiling really fast. A lot of business owners emphasise that you can become rich only through other people. Always make sure your staff are productive and that jobs are completed in a timely manner, as well as being completed to a high standard.
- Customer service and delivering on time. Customers are a huge part of any business and without them it can easily fail. So yet again, customer service is a key to financial success. Always make sure that your services are delivered on time.
- Passion comes across in everything that you do, from productivity to customer service and people will recognise if you are unhappy in a business, and it gives a horrible vibe. If you are happy and doing what you love, people will see that and they will also be happy. So do what you love every single day!
- Repeatability. Have a business system where people will want to reorder, so you have passive, accumulative sales process - not just one off sales.
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“To become rich a small business owner firstly needs to focus on what they decide outcome is and then create the right frameworks to establish that it's a pretty easy process that said so simply this more difficult to manage” |
"Set solid foundations and create the right systems and processes" |
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“Really understand what your strengths are and work on them, and whatever your weaknesses are, resource them out to people who have them as strengths” |
“Manage your staff, make sure they are productive and ensure they get the right jobs, and they are completed in a timely manner” |
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“Be very focused, know what you are doing and be passionate about the business” |
“Provide excellent service so people know what you do, that you like what you do, and keep coming back to you” |
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“Do what you love every single day” |
“Give outstanding customer service with every client you meet” |
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Repeatability
One particular answer by Jason Haks stood out, we wanted to highlight in separate video:
Conclusion
Written by Sangeet Hunter
This is the Million dollar question which doesn't always result in a million dollar result.
"If your only goal is to become rich, you most likely will never achieve it" – John D. Rockefeller
You risk becoming a dis-functional entrepreneur If the only thing you care about is making money. No matter how much money you make it will never be enough. Still, even though we all define and calculate success differently, most of us would like wealth to factor into our equations.
Obviously you need to keep in check on money in and money out.
Subscribe by email and instantly get FREE Illustrated eBook. Adequate ‘positive’ cash flow is essential for the survival of any business, yet this is something that over 50% of small business owners struggle to manage.