How to work smarter, not harder to build your business. Share these tips

Transcription

1 How to work smarter, not harder to build your business Share these tips

2 28 years ago I worked from my garage selling pizza ovens. Challenged by a lack of interest in purchasing equipment, I created a new option for customers that better addressed their needs. Hence, our unique Rent-Try-Buy Solution was born. Through smart business decisions and hard work, I turned these humble beginnings into the ever-expanding business that is now Silver Chef Limited. Now a publicly listed company on the Australian Stock Exchange, with two brands, Silver Chef and GoGetta, we are featured on BRW s Best Places to Work list for the last five years, and are currently trading in three countries (Australia, New Zealand and Canada). It s amazing to look back and see how far we ve come! What s more, after an overwhelming response in the hospitality industry with Silver Chef, we began to identify a critical need for flexible equipment funding in other industries. Thus, our GoGetta brand was born in 2008 and now covers more than 12 core industries, including fitness, plumbing and construction. Allan English, Founder and Executive Chairman of Silver Chef Limited So regardless of the industry, or size and stage your business is at, here are some of my best tips to drive success. Some you may already know and practice, some you know you should do more of, and some will surprise you. 2

3 01 KEEP YOUR CUSTOMERS FRONT OF MIND. ALWAYS. Our dedication is reflected in the number of customers we have helped achieve their goals, whether that s setting up their much dreamed about café or expanding the fleet of a transport company. Each month, we ask a range of our stakeholders a quick, one question survey: How likely are you to recommend Silver Chef or GoGetta to your friends, on a scale of one to ten? Those who respond with a nine or ten are your promoters, those with scores of seven and eight are your passives, and those with a six or below are your detractors. Simply subtract your percentage of detractors from your percentage of promoters and you have your Net Promoter Score. Voila! While this might be overkill for your business in its current state, simply listening to your customers and asking the right questions will help you increase customer satisfaction and brand loyalty. Perhaps you could run a competition offering a freebie, or a discount on your product or service in exchange for their valued feedback? 3

4 02 SAVE YOUR CAPITAL WHERE YOU CAN. The vast majority of business owners agree that starting up a venture costs more than expected. You ve got to consider rent, electricity, marketing costs, staff wages, fit out costs and equipment costs. But what happens if you get an unexpected pipe leak, your rates go up after six months, or a piece of your equipment breaks? You ll need cash immediately, and what better way to combat these expenses than to have the cash quite literally sitting in your bank account? Silver Chef s and GoGetta s funding models free up your capital, preserves your cash and lets you get on with your dream. 03 ACCEPT THE ONLY CONSTANT IN LIFE (AND BUSINESS!) IS CHANGE. Being willing to adapt effectively to this change will drive growth for your business. What are the newest trends? What s happening out in the market at the moment in your industry? How can you leverage off it? 4

5 04 BE INVOLVED IN SOMETHING BIGGER. We are passionate about our philanthropic work, in particular, our support of a charity called Opportunity International Australia, a not-forprofit organisation that was founded in Its two visionary leaders Al Whittaker and David Bussau were inspired to take action by their encounters with those living in extreme poverty. We feel a special affinity with this organisation, most notably because just as Silver Chef Ltd provides a unique model of equipment funding to help our customers succeed, Opportunity International Australia provides small business loans of $200 to people working their way out of poverty. They have an amazing 98% repayment rate! As at 17 April 2014, Silver Chef Ltd has helped 410,503 people out of poverty, and the number s still climbing. We also believe in corporate responsibility and help out other businesses in need. Last year, we donated kitchen equipment to help Australia s first not-for-profit café and bar, Shebeen, get on their feet and open their doors. Recently celebrating their first birthday milestone, the quirky sustainable venture, located in Melbourne s iconic Manchester Lane, stocks exotic beer and wine from the developing world, with all profits given to aid projects in each drink s country of origin. By helping others, our staff shares a core purpose, keeping the passion alive! 5

6 05 MAKE SURE YOU HIRE THE RIGHT PEOPLE. And by this, we mean with the right skills AND a good cultural fit with your business. This one s a biggie. The team at Silver Chef live and breathe hospitality, and this pure passion translates into enthusiasm, knowledge and friendliness in the workplace, across our customer care team, reception as the first point of contact, or our sales team and everyone in between. We do the right thing, and our core values of respect, teamwork, flexibility, attitude, integrity, wellbeing and communication underpin everything we do. Perhaps most critically, we are there for all of our stakeholders our customers, our equipment dealers, our industry partners, our shareholders and our staff. We invest in what matters. 06 SET BOTH SHORT AND LONG TERM GOALS. At Silver Chef and GoGetta, we have our monthly goals, and well as our long term (2020) goals (appropriately named Big Hairy Audacious Goals, or BHAG for short). Clearly identifying your goals will help you stay focused and on track. Make sure to communicate these to your staff so they know how they re contributing to the common purpose. BIG hairy AUDACIOUS GOALS 6

7 25,000 25,000 25,000 5,000 25, ave ve their customers we have helped to achieve their business goals. Our dedication is reflected by more than customers we have helped to achieve their business goals. Our dedication is customers we have reflected by more than helped to achieve their ication is business goals. d by more than Our dedication is reflected by more th customers we have helped to achieve their rs we have business goals. o achieve their goals. customers we have helped to achieve th business goals. Our dedication is reflected by more than customers we have helped to achieve their business goals. 7

8 07 KEEP ON TOP OF TRENDS IN YOUR INDUSTRY. Subscribe to blogs and companies that write about upcoming trends in your industry, and read widely. Knowledge is power! Some good ones are: VIEO DESIGN BLOG: for business blogging tips, media releases, social media strategies PROFITALIST: for great management tips, including how to get the best from your Gen Y employees and the 5 pillars of crisis management HOSPITALITY HUB: for information on legislative changes, industry news and new products in the hospitality industry SOCIAL MEDIA EXAMINER: for information on how to use various social media channels like Facebook, Twitter and LinkedIn to drive business SILVER CHEF S HOSPITALITY INDUSTRY SUCCESS INDEX (HISI) REPORT: published annually, it provides valuable insight into the hospitality industry 8

9 08 IT DOESN T MATTER WHICH STAGE YOUR BUSINESS IS AT, THERE S ALWAYS ROOM FOR IMPROVEMENT. Every business has its own niggling issues, but if you let them build up then they start to impede on how the business functions. Don t use being busy as an excuse! It s important to set aside time to ensure things run as smoothly as possible. Are there processes that could be made simpler? 09 THINK OUTSIDE THE BOX TO TURN MORE PROFIT. A good example that comes to mind is a bowls club I saw just the other day. Bowls clubs face the risk of appearing irrelevant to the younger generation, with falling member numbers each year. This one particular bowls club though added a terraced café onto the side of it. The place is buzzing every weekend now, overflowing with people of all ages. If you have a challenge with your business, think of it as a hidden opportunity! 9

10 10 DON T FORGET ABOUT MARKETING. Freeing up your capital so you can invest in marketing is critical. It s all well and good to have an amazing business that everyone needs, but if no one can find it online or your target audience has never heard of you, what s the point? 11 NEVER LOSE SIGHT OF THE CORE PURPOSE OF YOUR BUSINESS. Silver Chef and GoGetta are dedicated to helping business owners achieve their dreams. Everything we do each day aligns with this core purpose. Identify what the core purpose of your business is, and follow through every day. 12 REMEMBER THAT IT S NOT ALWAYS GOING TO BE PEACHY. Times can get tough, but try taking a step back, having a couple of deep breaths and looking at the problem from a different angle. I always use the approach of looking at an issue from three different angles (remember the elephant analogy) before I move on. If the problem cannot be fixed from three attempts from three different angles then consider moving on or asking for help. 10

11 13 ASK FOR ADVICE AND HELP WHEN NEEDED AND LEARN TO LET GO. It can be a real challenge sometimes, but trusting others to help with the workload will help to free up your time so you can focus on the important stuff. Are there any tasks that can be delegated to someone else with more skills in that area? Things like marketing, advertising or payroll can be outsourced it ll let you get back to focusing on what you know and it ll take them half the time to do it. 14 LASTLY, REMEMBER TO HAVE FUN. You got into this business for a reason, so don t lose sight of why you got into it in the first place. You ll get much more satisfaction out of it! 11

12 With two brands (Silver Chef and GoGetta) operating under the one umbrella, Silver Chef Limited, we are an Australian Securities Exchange-listed company (ASX Code: SIV) focused on rentals of commercial equipment to small-to-medium enterprises. Silver Chef strongly believes in corporate social responsibility and giving back to the wider community. We provide a holistic approach to our customers, ensuring they receive the best customer care, quality advice from our equipment dealer network, and access to free business tools (like how to write a business plan, and how to set up a Facebook profile to drive business) via the Silver Chef website. For any questions or comments, please visit or call Share these tips Silver Chef Limited T E enquiries@silverchef.com.au W Brisbane Park Tower, 20 Pidgeon Close West End QLD 4101 Melbourne U2/40 William Angliss Drive Laverton North VIC 3026