Rolling up your sleeves and doing it yourself
While many of us may fantasise about opening a business, the dream is often quite different to the reality. Once you progress from goal setting to planning, your vision may seem significantly more challenging to achieve. But if you’re ready to roll up your sleeves and do the hard work, it can be incredibly enriching and rewarding.
If you’re thinking of taking the plunge into business ownership, here are three strategies that can sharpen your outlook and build your confidence.
Be prepared to accept new perspectives
No matter what industry you’re in, you’ll inevitably encounter roadblocks that will cause you to question your expertise. Instead of falling into negative thinking patterns, take the lead and address issues head on.
For example, if you’ve encountered resistance from key stakeholders or a new investment partner, try putting yourself in their shoes. Being able to acknowledge different business practices and past experiences shows that you’re capable of negotiating the best outcome while maintaining mutual respect. After all, honing your ability to adapt is vital to the longevity of your business.
Balance your vision with flexible thinking
Ideally, your business is built upon a clear idea and a steadfast vision. But while sticking to your plan is crucial, you also need to be in tune with the market. Unforeseen socioeconomic or political issues could impact the way you operate.
Rather than resist change, try to embrace the bumpy road. Brainstorm ways to react as new circumstances arise. Research what your competitors are doing and try to stay one step ahead. Keep a close eye on your market too – this can help you prepare for the next big shift.
Being flexible often means thinking outside the box. It’s important to be okay with taking a different path to get where you want to go. No matter what, if you have a strong vision, your customers will come along with you for the ride.
Build upon your strong relationships
Building your business with the community in mind can work wonders to get you across the line, especially if you plan to operate in a regional area. For example, you might be nearing the completion of your business build, but the work seems to never end. Now is the time to call upon the relationships you’ve built. With strong morale behind you, you’ll be able to call in the troops and turn many hands into light work.
The right financial support can make all the difference to your business, too. From day one through to expansion and beyond, the team at Judo doesn’t just see the facts – we believe in people and their dreams. If you feel ready get in the trenches with business ownership, contact Judo today.
Disclaimer This document has been prepared by Judo Bank Pty Ltd ABN 11 615 995 581 AFSL 501091 and Australian Credit Licence 501091 (“Judo Bank”). Any advice contained in this document has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice in this document, Judo Bank recommends that you consider whether the advice is appropriate having regard to your objectives, financial situation and needs. In particular, you should seek independent legal, financial, taxation or other professional advice and read the relevant product disclosure documents and consider them prior to making a decision.
So far as laws and regulatory requirements permit, Judo Bank, its related companies, associated entities and any officer, employee, agent, adviser or contractor thereof (the “Judo Bank Group”) does not warrant or represent that the information, recommendations, opinions or conclusions contained in this document (“Information”) is accurate, reliable, complete or current. The Information is indicative and prepared for information purposes only and does not purport to contain all matters relevant to any particular investment or financial instrument. The Information is not intended to be relied upon and in all cases anyone proposing to use the Information should independently verify and check its accuracy, completeness, reliability and suitability and obtain appropriate professional advice. The Information is not intended to create any legal or fiduciary relationship and nothing contained in this document will be considered personal advice or an invitation to engage in business, a recommendation, guidance, invitation, inducement, proposal, advice or solicitation to provide investment, financial or banking services or an invitation to engage in business or invest, buy, sell or deal in any securities or other financial instruments.
The Information is subject to change without notice, but the Judo Bank Group shall not be under any duty to update or correct it. This document does not make, nor purports to make, any forward-looking statements, forecasts or financial projections. All statements as to future matters are not guaranteed to be accurate and any statements as to past performance do not represent future performance.
Subject to any terms implied by law and which cannot be excluded, the Judo Bank Group shall not be liable for any errors, omissions, defects or misrepresentations in the Information (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (whether direct, indirect or otherwise) suffered by persons who use or rely on the Information. If any law prohibits the exclusion of such liability, the Judo Bank Group limits its liability to the re-supply of the Information, provided that such limitation is permitted by law and is fair and reasonable.
This document is intended only for clients of the Judo Bank Group, and brokers who refer customers to the Judo Bank Group, and may not be reproduced or distributed without the consent of Judo Bank.
The Information is governed by, and is to be construed in accordance with, the laws in force in the State of Victoria, Australia.
How to take a calculated risk
Starting a business can be as stressful as it is exciting. Whether it’s your first business or seventh, it’s important to lead with confidence and not let your feelings get in the way. To steer towards long-term success, it helps to learn about calculated risks as much as you can. Knowledge and awareness can keep you on track and help you feel more in control.
Navigating uncertainty – Covid-19 and beyond
The Covid-19 outbreak has shaken the SME sector to its core. As the situation stabilises and the environment remains uncertain, we are acutely aware that the recovery of entire industries is dependent on many factors entirely out of our control. We therefore need to focus on what we can control or at least, influence. In these unprecedented times, businesses have a choice – waive their white flag, or step up. While any level of certainty has gone out the window, innovative thinking and a ‘big picture’ approach are SME’s secret weapons when it comes to surviving the crisis.