Develop new business habits in 2019

Small Business Development Corporation (SBDC) executive director Jacky Finlayson
Small Business Development Corporation (SBDC) executive director Jacky Finlayson

SMALL business owners can get their business “fit” for 2019 the same way they stay mentally and physically fit themselves, according to Small Business Development Corporation (SBDC) executive director Jacky Finlayson.

The Acting Small Business Commissioner said a new year was a good time to develop new habits.

“Right up the top of the list is reviewing costs and negotiating with suppliers so you know you’re getting the best deals,” she said.

“Have up to date quotes for things like insurance so you’re paying competitive rates and consider using a bench marking tool.”

It’s a good time to review prices to make sure the business is generating enough revenue to cover costs and make a profit.

In 2019, the SBDC will introduce a comprehensive program of business development workshops through the metropolitan area covering topics like cash flow, budgets and digital to more complex issues like how to tender and people management.

Ms Finlayson said the Federal Government was offering grants for Cyber Security Health Checks that would help identify cyber security risks.

“We’re also working with small business friendly local governments who are working hard to introduce new events and policies.”

There are several issues small business owners will need to be aware of in 2019, including volatility in commercial property value and banks tightening lending following the banking Royal Commission.

“We may see some changes in labour supply because of new resources projects so specialised professionals will become hard to get,” Ms Finlayson said.

Finally, she said State and Federal government inquiries in 2019 relating to short stay accommodation, unfair contract terms, franchising and code of conduct could affect small business.

“Just be vigilant in keeping an eye on employee conditions and entitlements and regularly check in with WorkSafe and Fair Work,” Ms Finlayson said.

New Years Resolutions for Small Business

  1. Review your customer profile. Know which type of customer generates the most profit for the business and make sure your marketing is pitched towards those customers.
  2. Do a little bit of research on your top 50 customers that are generating the most profit and determine what else they are buying. See if you can add to your offering.
  3. Understand your cyber security risk. Make sure your business is keeping customer records safe. You need to be aware of how to protect that information and your business.
  4. Review and understand what the unique selling proposition is for your business and why a person should choose you over another business.