The difference between a great idea and new knowledge.
A great idea or new knowledge? There are so many great ideas about and yet many will never become commercial businesses. A great sounding idea may be novel but is it actually “new knowledge”? “New knowledge” can only be proven through objective, repeatable experiments that prove or disprove a defined hypothesis. If an expert can predict the outcome, without the need for experimentation, then it is not “new knowledge”. Remember, just because the idea is new to you, does not mean that it is new to everyone! The discovery of “new knowledge” opens several opportunities to you: Developing...
Read MoreChange Management and Communication Begins with the CEO
In many SME businesses we regularly witness a change management culture that is toxic towards the CEO/business owner. The ramifications for the organisation can be the difference between success and failure of your business, particularly when you need a big staff effort at challenging times. Being honest with yourself, “Is this a problem you are facing today?” Are you that CEO? When it comes to business communications and change management, it is critical that you need buy-in from your workforce and must begin with the CEO and Board (if you have one) of your company. If the CEO lacks the...
Read MoreGet a Lean Cashflow Mindset
Get a lean cash flow mindset and save yourself a lot of stress. Mention cash flow to business owners or entrepreneurs and their eyes glaze over -boring! However, once they experience a cash “crunch” then suddenly, their eyes become wide open. Ignoring cash flow is simply perilous to your business. The lack of cash flow is not only a major constraint on business growth, it is one of the top killers of businesses. Ignoring it won’t help-understanding and managing it will. Understanding profit and cash The concept of profit seems easy for many of us to grasp and yet it is only an estimation...
Read MoreChallenging Times for Retail Franchises in Australia
A series of recent high profile cases of retail franchises in Australia behaving badly has increased focus on the franchising business model itself. Having said this, we know there are many retail franchises that are thriving without poor relationships between the franchisor and franchisees. These franchises have a committed franchisor, a proven and evolving brand, and franchisees that are well supported. The franchising industry in Australia is currently facing a range of challenges, including economic volatility, heightened international competition, and legislative challenges. In today’s...
Read MoreWhat has gone wrong with SME banking relationships in Australia?
The Banking Royal Commission has recently started taking submissions from Australian SME business owners and the tales of horror are very real for many families caught up in the grip of our major banks acting badly. The way our family business owners are treated by the major banks is nothing short of a disgrace. We have been working with a number of clients caught up with submissions to the Banking Royal Commission and have a detailed understanding of just what is going wrong with banking relationships in Australia. SME Responsibility Cash Forecasts We will start with the SME business owners...
Read MoreWhy Advanced Manufacturing Matters To Australia!
Advanced manufacturing may put an end to the decline of the Australian manufacturing sector. For over a decade, we have seen an exodus of manufacturers and Australia has lost a vital part of our economy as a result. This is changing right now as onshore advanced manufacturing is alive and kicking, thanks to “Industry 4.0”. Industry 4.0 is the cyber connected world of people, machines, robotics, data and artificial intelligence, all coming together in ways that have not been possible before. Whilst large scale heavy industries may still depend on offshoring, new or niche...
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