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Better Business Practices workshop
- 2. UNCLASSIFIED UNCLASSIFIED Welcome Introduction to seminar What do you hope to learn in the next two hours: Burning issues? Topics of interest? Opportunity to network Have fun!
- 3. UNCLASSIFIED UNCLASSIFIED Learning Outcomes A practical plan to implement Better Business Practices Covering the following areas: - Operational - Financial - Risk Management - Compliance
- 4. UNCLASSIFIED UNCLASSIFIED Better Business Practices Implementing Better Business Practices will free up time and resources so you have more time to work on: clarifying business purpose planning and strategy development market identification, measurement and product development developing your team and their collective skills innovation and improvement financial planning and investment Page 1
- 5. UNCLASSIFIED UNCLASSIFIED Workbook – Business Practices A checklist for you to assess your current business practices An information table that provides practical examples for implementation of improved business practices An action plan that you can complete for your own business to improve your business practices Additional reference information On page 94 an action plan for you to complete Spare templates for each business practice and additional tools
- 6. UNCLASSIFIED UNCLASSIFIED What is Your Business? Remember when you started your business? Why did you go into business? Are you really doing what you wanted to do? What does a coffee shop do? What is your business really? Complete the table on page 2
- 7. UNCLASSIFIED UNCLASSIFIED Where to Now? How is your business currently operating? Where would you like it to be? 6 months 12 months 3 Years Begin a one page plan Complete the plan on page 3
- 8. UNCLASSIFIED UNCLASSIFIED Operational Activities Business systems Customer service Staff management and training Business relationships Environmental and sustainability Business technology Innovation and continuous improvement Occupational health and safety Page 4
- 9. UNCLASSIFIED UNCLASSIFIED Business Systems Computers are only one part of business systems What other business systems can you think of? Systemising your business helps prioritise activities and saves time Business growth will benefit from business systems Page 4
- 10. UNCLASSIFIED UNCLASSIFIED Business Systems Benefits: Higher productivity from staff Increased customer service Increased profitability Greater control over the flow of information Better time and cost management Transparency over business processes Assess your current business systems Complete the checklist on page 5
- 11. UNCLASSIFIED UNCLASSIFIED Measuring the effectiveness of business systems You will know it! Business Systems Developing and implementing… Let’s look at some examples on page 6 What you need to do… Complete two action items on page 7 Transfer these to your action plan on page 93
- 12. UNCLASSIFIED UNCLASSIFIED Customer Service Every business needs customers entice customers to return and refer develop a consistent and professional approach your customers become partners in your business growth Page 9
- 13. UNCLASSIFIED UNCLASSIFIED Customer Service Benefits: increased sales, increase profitability repeat and referral business reduced costs and increased efficiency staff gain a sense of pride more difficult for your competitors consolidate your business reputation Assess your current customer service Complete the checklist on page 10
- 14. UNCLASSIFIED UNCLASSIFIED Measure and monitor your customer service ‘mystery shoppers’ surveys and feedback forms analysing customer records and sales Customer Service Developing and implementing… Let’s look at some examples on page 11 What you need to do… Complete two action items on page 12 Transfer these to your action plan on page 93
- 15. UNCLASSIFIED UNCLASSIFIED Staff Management and Training Right skills and attitude Good management starts with the owner Page 14
- 16. UNCLASSIFIED UNCLASSIFIED Staff Management and Training Benefits: staff understand expectations and take responsibility increased efficiency and productivity increased time reduced turnover Assess your current staff management Complete the checklist on page 15
- 17. UNCLASSIFIED UNCLASSIFIED Measure and monitor your staff management and training performance reviews customer service staff productivity Staff Management and Training Developing and implementing… Let’s look at some examples on page 16 What you need to do… Complete two action items on page 17 Transfer these to your action plan on page 93
- 18. UNCLASSIFIED UNCLASSIFIED Business Relationships Extremely valuable Leverage knowledge, advice and support Includes: Customers Suppliers Advisors Business owners Industry associations Page 19
- 19. UNCLASSIFIED UNCLASSIFIED Business Relationships Benefits: customer will tell you what they want understanding new developments in your market provide financial assistance and guidance sharing ideas Assess your current business relationships Complete the checklist on page 20
- 20. UNCLASSIFIED UNCLASSIFIED Measuring and monitoring your business relationships regularly review against expectations Business Relationships Developing and implementing… Let’s look at some examples on page 21 What you need to do… Complete two action items on page 22 Transfer these to your action plan on page 93
- 21. UNCLASSIFIED UNCLASSIFIED Environmental and Sustainability Growing awareness amongst business and consumers Business sustainability: staying in business through measures to reduce our costs and our environmental impacts Page 24
- 22. UNCLASSIFIED UNCLASSIFIED Benefits: identification and reduction of ‘waste’ cost efficiencies reuse and recycle attraction, retention of customers and employees reduced environmental impact increase community involvement Environmental and Sustainability Assessing your current environmental and sustainability practices Complete the checklist on page 25
- 23. UNCLASSIFIED UNCLASSIFIED Measuring and monitoring your environmental and sustainability practices set targets, report, review accreditation, business awards Environmental and Sustainability Developing and implementing… Let’s look at some examples on page 26 What you need to do… Complete two action items on page 27 Transfer these to your action plan on page 93
- 24. UNCLASSIFIED UNCLASSIFIED Business Technology Extend the reach of your business Technology - wide and varied Easy to keep up to date with technology – podcasts, iTunes etc. Page 29
- 25. UNCLASSIFIED UNCLASSIFIED Benefits: more effective communication improve visibility extend reach into new markets integration of systems and processes increase productivity cost effective marketing better management and storing of data Business Technology Assessing your current business technology Complete the checklist on page 30
- 26. UNCLASSIFIED UNCLASSIFIED Measuring and monitoring your business technology use technology such as analytics only useful if kept up to date Business Technology Developing and implementing… Let’s look at some examples on page 31 What you need to do… Complete two action items on page 32 Transfer these to your action plan on page 93
- 27. UNCLASSIFIED UNCLASSIFIED Continuous Improvement & Innovation Continuous improvement is about small changes Innovation is strategic changes to stay successful Implement solutions Analyse process Identify needs Refer to page 34
- 28. UNCLASSIFIED UNCLASSIFIED Benefits: Increased competitiveness More efficient use of all resources Improved staff retention Proactive approach to business Attracting new customers Less need for large-scale quantum shifts Continuous Improvement & Innovation Assessing your current innovation and continuous improvement practices Complete the checklist on page 35
- 29. UNCLASSIFIED UNCLASSIFIED Monitoring and measuring your innovation and continuous improvement practices Review regularly Consider reward system Continuous Improvement & Innovation Developing and implementing… Let’s look at some examples on page 37 What you need to do… Complete two action items on page 38 Transfer these to your action plan on page 93
- 30. UNCLASSIFIED UNCLASSIFIED Occupational Health & Safety Each year, nearly 150,000 Australians are injured, sick or die due to their work Making the workplace safer for everyone Page 40
- 31. UNCLASSIFIED UNCLASSIFIED Benefits: Understanding your responsibilities Preventing injuries or death Reduced costs Occupational Health & Safety Assessing your current occupational health & safety practices Complete the checklist on page 41
- 32. UNCLASSIFIED UNCLASSIFIED Measuring and monitoring your occupational health & safety practices staff feedback, track incidents WorkSafe review fire safety inspection Occupational Health & Safety Developing and implementing… Let’s look at some examples on page 42 What you need to do… Complete two action items on page 43 Transfer these to your action plan on page 94
- 33. UNCLASSIFIED UNCLASSIFIED Financial Activities Financial record keeping and reporting Planning business finances Page 45
- 34. UNCLASSIFIED UNCLASSIFIED Record Keeping and Reporting Money for the day-to-day operations Grow your business Improve: Operational activities Profitability Cashflow Business performance Page 45
- 35. UNCLASSIFIED UNCLASSIFIED Record keeping and Reporting Benefits: saves time creates accurate reports meets compliance requirements details what is spent shows where you are making money provides information on financial performance focuses on the important financial aspects Assessing your current record keeping and reporting Complete the checklist on page 46
- 36. UNCLASSIFIED UNCLASSIFIED Measuring and monitoring your record keeping and reporting Meeting compliance requirements Making informed decisions on accurate and timely information Record Keeping and Reporting Developing and implementing… Let’s look at some examples on page 47 What you need to do… Complete two action items on page 48 Transfer these to your action plan on page 93
- 37. UNCLASSIFIED UNCLASSIFIED Planning Business Finances Financial position must support business plans Planning business finance Budgets Forecasts Measuring financial performance Page 50
- 38. UNCLASSIFIED UNCLASSIFIED Planning Business Finances Benefits: gaining competitive advantage managing during changing trading conditions improving creditability with business partners identifying problems before they occur allocating business resources to plans and projects supporting goals and plans Assessing your current planning of business finances Complete the checklist on page 51
- 39. UNCLASSIFIED UNCLASSIFIED Measuring and monitoring your planning of business finances success of projects and financial position Planning Business Finances Developing and implementing… Let’s look at some examples on page 52 What you need to do… Complete two action items on page 53 Transfer these to your action plan on page 94
- 40. UNCLASSIFIED UNCLASSIFIED Risk Management Managing Risk Continuity Planning and Disaster Recovery
- 41. UNCLASSIFIED UNCLASSIFIED Managing Risk Unplanned events can pose risks to your business Snap decisions lead to poor outcomes Protects business wealth Page 55
- 42. UNCLASSIFIED UNCLASSIFIED Managing Risk Benefits: increase in efficiency and productivity clarity on how your business performance impacts on your business practices enhanced offer to your customers strong internal controls improved relationships protects the long-term sustainability of your business Assessing your current management of risk Complete the checklist on page 56
- 43. UNCLASSIFIED UNCLASSIFIED Measuring and monitoring your management of risk will be obvious regularly review risk management plan Managing Risk Developing and implementing… Let’s look at some examples on page 57 What you need to do….. Complete two action items on page 58 Transfer these to your action plan on page 93
- 44. UNCLASSIFIED UNCLASSIFIED Continuity Planning & Disaster Recovery Return to business operations quickly Documenting what actions to take Good resilience planning Page 60
- 45. UNCLASSIFIED UNCLASSIFIED Continuity Planning & Disaster Recovery Benefits: safeguard key assets and information employees know what is expected during crisis provide ways to improve your business business partners know you take your business seriously significantly reduce your loss if a crisis does occur potentially reduce insurance premiums Assessing your current continuity planning and disaster recovery Complete the checklist on page 61
- 46. UNCLASSIFIED UNCLASSIFIED Measuring and monitoring your continuity planning and disaster recovery Snap drills, dry runs Contingency checklist Continuity Planning & Disaster Recovery Developing and implementing… Let’s look at some examples on page 62 What you need to do…. Complete two action items on page 63 Transfer these to your action plan on page 93
- 47. UNCLASSIFIED UNCLASSIFIED The Action Plan Now let’s look at your action plan on page 93
- 48. UNCLASSIFIED UNCLASSIFIED Business Compliance Legal requirements……….page 66 Insurance…………………..page 66 Taxation details……………page 67 Contract details……………page 67 List of authorities………….pages 68-69
- 49. UNCLASSIFIED UNCLASSIFIED Better Business Practices Is: Best example of continuous improvement for your business! Will: Ensure you meet your strategic objectives!
- 50. UNCLASSIFIED UNCLASSIFIED List 3 actions you will follow through with as a result of this workshop Then… List 3 things that you’ve learned in this seminar List 3 actions you will follow through with as a result of this seminar List 3 things that you’ve learned in this seminar
- 51. UNCLASSIFIED UNCLASSIFIED Small Business Mentoring Service Business mentors help you to identify a clear direction for you and your business. Business mentors can also advise you on how to: conduct market research price and/or cost your products or services develop an effective marketing strategy use other business management tools To arrange a session with a business mentor go to: www.sbms.org.au
- 52. UNCLASSIFIED UNCLASSIFIED Questions? Thank you for attending Visit business.vic.gov.au/events for more workshop information