We are all looking for the silver bullet to propel our businesses to success and beyond. Advice that works for one business, does not necessarily work for another. The proof lies in the implementation of ideas and advice elements. There is no need to bet the farm, but some effort will quickly show which piloted elements have merit.
In our first article we focused on the first three elements below. This article will focus on the last two subject matters:
The intent of the article is to leave you with a list of “easy to implement” guidelines and questions to ponder on that will enable you to identify a couple of blind spots in your business operations which you will be able to address.
For business owners it is lonely at the top. The questions are (1) where do I go for advice and (2) who can I trust?
Primarily you have three considerations:
The benefits include that you will receive an objective opinion, leveraging the knowledge and experience of another person, be exposed to different points of view and who will take accountability for their advice as these people have your best interest at heart and their integrity to protect.
Are we paying attention to the important things or are we ignorant and only act or re-act when a crises arises?
We need to mind our business by:
We also need to pro-actively manage business continuity. In 2018 Sanlam took the outcomes of 310 completed Financial Fitness Analyses and found the following:
11% of the respondents did not insure their personal assets and 25% had no short-term insurance for their business assets. More than 15% who had short-term insurance in place for themselves or their businesses have never reviewed their cover amounts, or have done so more than two years ago.
72% made no provision to insure the lives of key staff in the event of their untimely death or disability and 21% had no buy-and-sell insurance in place.
Most business owners agree that their most important asset is their employees. How well are you looking after yours?
Here are a couple of frugal employee practices which will stand you in good stead to have them in place:
The Financial Fitness Analyses we received highlighted that 24% of business owners made no retirement provision for themselves and 66% made no provision for retirement for their employees. 16% made no provision for medical cover for themselves and 79% made no provision for medical cover for their employees.
Be diligent and acquire the services of a qualified financial planner to evaluate your unique situation after which a customised solution can be implemented that will meet your needs.
Lastly the focus moves to the wellbeing of you – the business owner. If you are not on your top game, it will impact on your business in due course.
Remember, the buck stops with you – you decide!
I trust that this article will help you to answer a couple of critical questions and will lead to pro-active actions that will benefit your business and ultimately lead to your success.
To support business owners with the important task of business planning, Sanlam gives you free access to the book Your Annual Business Game Plan for Success, which provides an easy and straight forward framework needed to draft a well-crafted game plan that will create the positive change and growth necessary for business success.
Go to www.sanlamgameplan.co.za to download your free copy.
Article written by Jannie Rossouw, Head: Sanlam Business Market