One of the big challenges of modern business life is keeping up with change.
Ashton Wheelans partner Justin LeSueur says that in a time of unprecedented change, it helps to think about your business as if every day was its first.
These are the biggest changes we see currently affecting New Zealand businesses:
- New technologies rapidly disrupting existing business models
- New business models disrupting entire categories (e.g. Uber, Airbnb)
- Increasingly informed and demanding customers
- New expectations on employers from a younger, more aware and ‘entitled’ generation
- New models for collaborating with customers, partners and suppliers
If there’s one thing above all others we could recommend to help you address change, it’s to encourage you to treat every day as if it were your first in business.
A business’s early life is a time when you’re less likely to take things for granted or become entrenched in particular thought patterns. By doing this you get the clarity that comes with a start-up operation rather than being locked into the mindset of 'this is the way it’s always been done’.
The main focuses of a start up tend to be:
- The viability of the core proposition
- The adequacy of competitor intel and competitive advantage
- A full assessment of risks
- Whether the business structure is fit for purpose
- Ensuring forecasting is up to scratch
- Ensuring your capital position is adequate
- The adequacy of systems and technology
- Having the right partners
Of course, no business owner gets all these things right all the time. But, we’re confident if you revisit these cornerstones and consider them with the clarity that you might have had on day one, you can go a long way to being right on top of them every day of your successful business lifespan. On a regular basis, take the above list of eight points and run a mental checklist at the very least. Anything that doesn’t get a resounding ‘check’ should be looked into further.
To move forward sometimes you must look back.
No matter what stage your business journey is at, we have you covered. Utilising our team's skills, experience, knowledge and influence in business, you can be confident you’ll be partnered with the right people who’ll give the right advice and solutions at the right time. Contact Justin LeSueur on 03 964 7201to take the next step in your business journey.