PVW Partners is the leading Business Advisory firm in North Queensland who has the privilege of working with some of North Queensland’s most successful family-owned businesses. Heading up the Business Advisory team is Colin Ryan and together with Senior Manager John Arnell, they share and discuss the common attributes they see in the best of business operators in their own ‘fireside chat’!
Colin speaks of the intangible and conceptual attributes of successful business owners, while John loves the practical day to day skills that are essential to operating a strong business.
Know Your Customers:
Providing exceptional service to your customers is crucial to gaining their loyalty and retaining their business. Be there to serve, help and please them. If you are a business-to-business service provider, see yourself as a partner in their business. All great businesses, big or small, global, or local, get this right.
Know Your Market and Your Place In It:
Successful business owners are not just present in their own business, they’re industry experts. They know the internal and external factors affecting their industry. They know their competitors and what is happening in every corner of their market. They readily articulate their unique selling proposition and what sets them above everyone else. The rest of the industry also knows and respects them.
Think, Plan and Act – Don’t Just Dream:
While it’s okay to dream big, doing something, even if it’s small, is better. Thinking strategically is only the start. Plans should be specific with set timelines for action.
Colin says “This is like the adage ‘working on your business, not in your business’. But a bias to action is what drives business improvement. The biggest barrier to a growth strategy is a failure to launch. It’s better to do something small to improve the business than plan for big change and doing nothing meaningful.”
John adds “Acting with confidence in every aspect of your business gives you the courage to tackle head on, the business challenges you might have otherwise thought impossible to entertain. Embrace those challenges and go for the win. With every win, you value add to your business and your confidence grows for the next challenge. Trust yourself and your abilities.”
Use the Experts:
Do not be afraid to consult with your external advisors on any aspect of your business. They provide objectivity, expertise, and a fresh set of eyes, to assist you reach your business goals.
Be Organised:
If there is one personal attribute shared by the world’s top business leaders, it is they all have solid to great organisation skills. Simply put, organisational skills optimise results in the workplace. They enable you to be the best you can be at your job.
Stay Focused:
Focus is so important because it is the gateway to all thinking: perception, memory, learning, reasoning, problem solving, and decision making. It allows you to do a better quality of work, do it quicker, and your creative ideas flow easier. Also be prepared to delegate and learn to avoid micro-managing.
Know Your Numbers:
Knowing the numbers behind your business is essential because it can help you make informed decisions that have the potential to make a significant impact on your business, your growth, and your bottom line. Focus on what the numbers are telling you and be aware when the business is underperforming – always act quickly.
Manage Your Employees:
They are you most valuable asset. The key is to pay attention to the five pillars of People Management: motivation, communication, teamwork, knowledge, training, and development. Encourage an environment where they can express their ideas and issues free of judgement.
Be Confident and Creative:
Never rest on your laurels. Leverage that industry know how and be innovative in your business. The new generation of successful business owners are embracing technology. They are continuously learning and seek out mentors.
Business Karma:
Be good to your customers, suppliers, and people. Treat people with respect and give back to your community where you can. “What goes around, comes around,” Colin reminds us.
John Arnell
Senior Manager, PVW Partners Business Advisory
John Arnell is well known in the local Townsville business community and Advisory team in corporate and financial leadership roles, consulting, financial modelling, business turnaround, business case studies and tax restructure for family businesses both within Australia and internationally.
John’s previous role as a CFO not only incorporated the traditional responsibilities of fiscal management, security, and prosperousness of the businesses, but included responsibilities for human resources, health and safety, client relationships, software testing and implementation, tendering, and project management and cost reporting of the businesses’ various construction projects.
Images supplied.
Main image features Colin Ryan & John Arnell
