Paul Hilton - October 23, 2013

Winter is over and Spring is well and truly in full bloom. Your garden is just like your business – you need to fertilise your soil at least every year to ensure you get maximum blossoms and good root growth.

To ensure your business reaches its full potential, you need to spend time on your business, not just in your business. This involves planning for the immediate year ahead as well as strategically planning for the medium to long term. This planning is even more important with the way technology is changing our lives on a daily basis.

I recently read an article by Deloitte on how digital disruption will affect one third of the Australian economy in the short term. The Australian internet economy is expected to grow at twice the rate of GDP up until 2016, from $50 billion to $70 billion. Online retail sales accounted for $11.3 billion of sales, or 5.2% of all retail spending for the year ended May 2012, when 10 years ago it was nil! These statistics go to show that, in relation to digital disruption, the biggest risk to your business could be to do nothing!

To respond to these challenges it is important to:

1) Review cost structures via making changes to supply chains, people and overheads to control costs and utilise technology to compete against new competitors;
2) Review and build new revenue streams via different geographic locations and segments; and
3) Review business strategies in relation to risk and asset allocation with the ability to act quickly when needed.

Here at Power Tynan, our business is no different to any other. We have spent many hours fine tuning our Strategic Plan to ensure we remain competitive while offering our “Financial Solutions for a Better Life” to our clients in the most efficient and relevant way. This involves not just technology but also our most valuable resource – our staff. Without engaged staff we will never be able to deliver good service and advice.

Whatever business you are in, it is imperative to set aside some time to review and work on your business, and plan ahead for the immediate and medium term to ensure you achieve your goals.