{"id":29,"date":"2016-06-15T04:44:32","date_gmt":"2016-06-15T04:44:32","guid":{"rendered":"http:\/\/www.trakaccountants.com.au\/wp-blog\/?p=29"},"modified":"2017-03-15T08:31:49","modified_gmt":"2017-03-15T08:31:49","slug":"10-things-big-business-do-that-small-business-should-be-doing","status":"publish","type":"post","link":"https:\/\/www.trakaccountants.com.au\/blog\/10-things-big-business-do-that-small-business-should-be-doing\/","title":{"rendered":"10 THINGS BIG BUSINESS DO, THAT SMALL BUSINESS SHOULD BE DOING"},"content":{"rendered":"

1. Early penning of goals, mission, vision and objectives<\/strong><\/h3>\n

The best CEOs I know often sit very early with a pen and paper and write the fundamental goals and objectives that they expect to get from their business.\u00a0 They\u2019ll go so far as writing a very simple profit and loss, which will act as the foundation for more detailed business and financial planning.<\/p>\n

What\u2019s essential is that the CEO develops a core mission and vision statement, that can be easily understood and shared with everyone that deals with their business.<\/p>\n

2. Feasibility and planning<\/strong><\/h3>\n

It\u2019s easy to find a good idea and even easier to rush into it because you have a fear that you are going to miss an opportunity.\u00a0 Big business recognise the saying \u201cIf it\u2019s meant for you, it won\u2019t miss you\u201d as being extremely valid and therefore they never rush into a project.\u00a0 They\u2019ll undergo proper investigation into the financial, operational and market viability of the project by conducting detailed due diligence.\u00a0 That due diligence will consist of a feasibility analysis, forecasting, market research, SWOT, pilot projects etc.<\/p>\n

3. Structure comes first<\/strong><\/h3>\n

CEO\u2019s understand that for any new business or venture or market entry, they initiate the project by deciding the correct\u00a0structure<\/a>\u00a0to operate in to ensure that they have maximum asset protection, minimum tax exposure and optimal operational versatility.<\/p>\n

4. Organisational structure<\/strong><\/h3>\n

Every CEO should visualise how they expect their business to look when it achieves its mission in relation to size and scale, therefore better CEOs will, very early in the process, establish what their hierarchical chart will be and establish a clear definition of roles, responsibilities and reporting lines.\u00a0 That way as the business grows they simply find the people to fit the roles.\u00a0 Rather than find the roles to fit the people.\u00a0 Which ensures a more controlled and productive growth path.<\/p>\n

5. Training and development<\/strong><\/h3>\n

The best and most successful people in this world intimately understand that they learn something new every single day, and yet many businesses fail to have a regular and scheduled training and development program.\u00a0 To get the most out of yourself and your human resources it is essential that you include a training and development schedule in areas such as management, speciality skills and self-improvement and motivation.<\/p>\n

6. Higher levels of expectation<\/strong><\/h3>\n

The biggest limitation to any business is defined by the boundaries the CEO sets.\u00a0 While it\u2019s important to be realistic with your forecasts and objectives it\u2019s just as important to set the \u2018big hairy ordatious goals\u2019 \u2013 the type, which finish with you and all your staff flying on your privately-owned jet, to enjoy a reward for successful results.<\/p>\n

It\u2019s only by setting these goals that you stand a chance of achieving them.\u00a0 \u00a0A common link between highly successful owners is that they believe anything is achievable.\u00a0 For them the sky is not the limit!<\/p>\n

7. Staff buy-in<\/strong><\/h3>\n

Big business consists of many stakeholders and none are more important than your employees.\u00a0 Engage your employees in creative thinking and facilitate a way for them to communicate so they can be involved in the decision making process.\u00a0 Additionally create\u00a0remuneration programs that incentivise your staff<\/a>\u00a0based on the results you are trying to achieve.\u00a0 That way you are all working towards a common goal.<\/p>\n

8. Focus on culture<\/strong><\/h3>\n

Culture is a combination of so many things.\u00a0 You don\u2019t plan culture.<\/p>\n

Culture is an extension of being able to communicate, to all the members of your organisation, what you are trying to achieve \u2013 the values behind the goals and your desire to achieve those goals.\u00a0 It\u2019s compelling the organisation to join you on a path, not because of financial rewards and remuneration but more because the fundamental inspiration and gratification that they will achieve from being on that journey.<\/p>\n

Culture is set by how you talk, how you motivate and inspire, how you encourage and listen, the environment (setting), internal office space etc.<\/p>\n

9. Growth and end game strategy<\/strong><\/h3>\n

CEOs make a very clear definition, early in the lifecycle of a business, what the effect of the end game of that business will be.\u00a0 They may decide that they are building a business to:<\/p>\n