Complete Live Session from Business Wealth Seminar
Melbourne, July 2015
During a short 15 minute presentation as part of a wider Business Wealth Seminar, Stewart provides 5 practical business tips - plus an extra recommendation, to a room of small to medium business owners - all aimed at improving their bottom line.
Tolerance in Business
In this segment, Stewart talks about the flat tire moment in business where owners tolerate too much. The cost of tolerance in business can be extremely high, as it draws attention away from the real focus of the business, fosters inefficiency and heightens stress levels. Likened to the flat tire on a car, the business can still run whilst tolerating a lot of issues, but of course - not as fast, nor efficiently - and at some point, it will grind to a halt.
Planning in Business
In this segment, Stewart quickly covers the framework for an effective plan to drive business achievement. Planning on paper costs so little and can provide such massive benefit, yet less than 10% of businesses seem to do it effectively. Follow the simple framework to make a tangible different in your business over the forward 30, 60 or 90 days.
Marketing in Business
In this segment, Stewart covers important aspects for successful marketing. Starting with a practical but highly effective viability test for your product, Stewart then progresses to define his 360 degree model of your target market. Armed with these two tools, Stewart provides you with the ability to sharpen your marketing pitch and drive greater return for your marketing dollar.
Expenses in Business
In this segment, Stewart highlights the importance of having access to meaningful financial information for your business, which enables the quick and easy understanding of critical financial numbers. Following this, Stewart encourages the quick breakdown of your expense numbers into three categories, before taking aim at savings opportunities which sit in the Discretionary expense category.
Margins in Business
In this segment, Stewart highlights the importance of knowing your margins - as it really does not matter how much you sell if you are making nothing at the bottom line. Utilizing some fundamental test activities, Stewart encourages business owners to go back and test to confirm the real margin they are receiving. So important is this concept, Stewart titled his book around this subject.
Succession in Business
In this segment, Stewart provides some fast insights in successions issues experienced in business. Whilst simple, these two tips have the ability to save considerable dollars for those businesses viewing management or ownership succession on the horizon. Succession is a massive topic and not one which can be adequately covered in a short presentation - however these two underlying issues are the bottom of many a succession problem.