Strategy is an important aspect for any business, including Tradies. Knowing where you are coming from, where you want to be by a certain time and how to get there separates successful and failed businesses.
You might have just started your trade business or have been in business for a while now, but one of the things that any business owner looks for is profit. Profit is why most people start their own businesses because it comes with early retirement or peace of mind knowing your income is secure.
To conclude our blog series into the recent amendments made to the QBCC Act, we will discuss the increased penalties, fair commercial conduct and rectification changes.
Goal setting is more than just giving yourself a to-do list. You should set yourself a really meaningful long-term goal and then break it down into smaller achievable targets. Business owners should articulate this long term goal to the team through various mediums. Having a really well defined vision for the company provides clarity for all of your team members.
The first thing a business owner should consider when going into business, is the available exit strategies. Setting up a strategy to exit your business should be planned from the start so that the business can create the maximum value for the owner. The reason you own a business is to create wealth. The following strategies outlined below can help you with this process.