Thriving or Surviving? By Tina Zawila

There’s no doubt that Gladstone is going through a transition phase at the moment, and there are some businesses struggling, and even closing down.  However, there are certainly others at the other end of the spectrum – not just surviving, but in fact thriving! 

As a business advisor I love to analyse and dissect businesses to see what works in some, and what doesn’t in others.  One thing that has struck me recently, is that if the reason businesses are doing it tough is due to the economy, or even a problem in an individual industry, then all businesses would be on struggle street.  But that’s simply not the case.

While there is no secret formula for success, my experience has led me to believe there are some things you can do to improve your chances:

•  Know what your customer wants (preferably before they know they want it!).  I was speaking with some young business owners this week (who are already busy running a successful new business) and they are already looking ahead, researching and developing a new product and distribution method, that they believe their customers will want (and it will give them an alternative income stream!).  

• Don’t reinvent the wheel.   Whatever it is you are doing (unless you are a serious innovator), there are others who have successfully done it before you (maybe not here, but somewhere).  So identify the successful businesses in your industry and find out what you can about their operations.  How do they reach their target market?  What products do they offer?  How do they deliver them?  And so on.  Then think, how can I do this, but even better?

• Work ON, not just IN your business.  This is one of our favourite sayings, but it’s not just a cliché.  It vital that you take the time to make sure you are on track with your vision for your business, that you step back and see if what you are doing is working, and put yourself in a position to be creative and innovative.  You can’t do this when you are constantly in the trenches.

So, if’s it’s time you stopped and looked at your businesses (and may

be at what your competition is doing), then call 4972 1300 and make a time to meet with us to make sure your business is set to thrive not just survive.