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HOW WE CAN HELP
What is common amongst most business owners is accountability.
Throughout our lives, whether we think about it or not there has always been somebody ‘coaching’ us to succeed. Our parents coached us into the people we are today. Athletes are coached to become champions. So why would you not have a coach to guide you in your business or be there from the beginning as you embark on perhaps one of the biggest decisions of your life? Starting your own business!
Why do you need a coach? Starting or running a business takes a lot of hard work, sweat and tears! When it comes to a business, most business owners ‘know their craft’ but soon the excitement of opening their own business is hit by the reality of running and administering a business.
The Victorian Government is providing eligible Victorian businesses up to four free two-hour FREE business mentoring sessions through the business recovery and resilience mentoring program. Nicholas Kalogeropoulos (Global Hospitality Group) has been engaged by the Victorian Chamber of Commerce and Industry as a Business Mentor and can help you make informed decisions about the future of your business. Nicholas can offer tailored guidance on business recovery, market transformation, digital literacy and engagement, market and supply chain diversification, reskilling and retraining.
Learn more about these FREE business mentoring sessions.
A solid review of their own supply chain and the opportunity to identify alternate more cost effective suppliers with greater value proposition. Review of all costs to identify ways to deliver their business more cheaply.
Plan the workforce recovery in line with the business recovery and understand the levers they can pull as they ramp up. That is the ability to change an employee’s employment status and have them legally on reduced hours as the business ramps up. Ensure the mental health of their workforce who will have their own issues to deal with.
Online communication will be instrumental in growth. If businesses do not have an online presence they will need to transform. Modern communication sales strategy will ensure they are ‘on the radar’ of consumers.
Fresh thinking of how to grow and innovate their business will be key. Greater insight into what the customer wants with stronger point of difference and/or attractive value proposition.
The key area that most business owners will struggle with is the most important - business survival. Managing the financials and day to day running of the business to ensure that all controllable costs are managed is fundamental to the viability of the business. The key issues as the economy comes out of lockdown are;
Business activities may be slow to come back and with that costs may increase due to the change in government support. If not done already, a strategic recovery plan will be required to be drawn up with a worst-case scenario on their cash position and revenue/cost projections to ensure viability. This will need to be revised often. Ensure they are receiving all relevant government support.
During theses times of uncertainty it is important to look after your mental health and those that you work and engage with. Heads Up, ‘better mental health in the workplace’ is a valuable resource. If you or anyone you know is having some difficulties during this time it may benefit them to visit their site.
Without the added impact of Covid 19 there are already many challenges faced by owners, some of them being loneliness, isolation, financial pressures and at times, the pure overwhelming nature that comes with owning your own businesses; unfortunately there is no silver bullet.
FREE BUSINESS MENTORING
HOW CAN WE HELP?