Many businesses, whether they are new or been established for a number of years, are committing mistakes that can easily be avoided. Sometimes we are so used to getting the job done that we don’t stop to realise that some aspects need to be evaluated.

One of the top mistakes is not having a niche. So many of us think that if we are ‘all things to all people’ or if we say “yes” to anything our customers ask of us, that we will create more wealth. After all, the wider our target, surely the larger our profit, right? Wrong. It’s been said that if everyone can use your product, no one will. You need to find a niche and focus on doing that one thing exceptionally well. Become a specialist and stay focused.

Another common mistake is expecting a short term gain. The first few months (and sometimes years) can bring pressure to earn money, which in turn can make you come across as desperate (“I really need this sale!”). But your focus should be on building long term relationships with your customers which will sustain your business in the long term.

And finally, many business owners are guilty of not knowing their numbers. You must keep regular tabs on profit, know your costs, how much money it costs you to run your business each month and so on. You also need to generate regular reports on your numbers, so that you can make sensible and realistic decisions about the next steps for your business. This is not to say that you shouldn’t take some risks, but these should be calculated risks based on research of your own financial situation.

Michelle Grice writes a weekly column for business women in The Western Weekender

With our neighbours in the Blue Mountains going through extremely tough times, it can be difficult to keep focussed on normal routines. In the days, weeks and months ahead, there will be ample opportunity for business owners to assist those who have lost everything. In the meantime, evaluating our own situations in the light of a crisis is a positive thing to do.

There are plenty of questions you can ask in relation to your business in a crisis situation: what off-site backup/restore systems do you have in place in the event of total loss? What procedures do you have in place for disruption to staff availability? How much stock do you keep in store and how much of it is insured adequately? Is your business insurance up to date and reflective of the cost of full replacement of equipment and assets?

There are of course many ‘unknowns’ that cannot be answered in advance of a crisis. Not least of which, is the emotional toll that significant loss or disruption can have on your moral and decision making abilities. It can understandably be very demoralising to think about ‘starting over’, especially if you have also experienced personal loss in addition to loss of business.

But having contingencies, backup plans and adequate insurance (to name just a few strategies) can provide peace of mind in times of crisis. Even if in the early stages you are not ready to rebuild or get back to ‘normal’, the knowledge that things are in place can be valuable.

To those in the Penrith and Blue Mountains communities who have lost their homes and/or businesses: your community is behind you and will no doubt assist you in whatever ways we can to help you back on your feet.

Michelle Grice writes a weekly column for business women in The Western Weekender

Actually this heading is probably a bit misleading: if you’ve been in business for more than 2 years, you will know that none of tips in this article are ‘secrets’ or even new ideas. However, if you are anything like me, they are things that fall by the wayside far too easily – and it is good to be reminded!

The following tips relate to your productiveness and how best to ‘get things done’:

1. Have confidence. Too many women in business let lack of confidence affect their business, either in the form of telling yourself you are not good enough or saying yes to things that you’d rather not do. You are a better business owner than you give yourself credit for – ignore the negative voice in your head and focus on your goals and dreams.
2. Check the company you keep. Surround yourself with productive and successful people and remove yourself from negativity or naysayers. You need inspiration and help from people who will cheer you on and celebrate your successes.
3. Focus, focus, focus. Everyone has a long to-do list. But it’s the people who know how to chunk it into manageable pieces who are productive. Set a timer for 10-20mins and focus solely on getting a job, or part of a job, completed. Then move on to the next. Multi-tasking is most often not as productive as it might appear.
4. Work smarter. Are there jobs you can outsource? Are there better ways to structure your time spent with clients? Are there ways you can adapt previous work instead of reinventing the wheel each time.

So re-acquaint yourself with these ‘secrets’ and start being more productive in your business.

Michelle Grice writes a weekly column for business women in The Western Weekender