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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
The words “business” and “slow down” don’t sound good together. In fact, if you hear that your business is slowing down, you might start to panic. The truth is, though, that sometimes a business needs to slow down in order to grow.
As counterintuitive as that sounds, it can make you stop and take a close look at how your business operates. Are you operating at a frenetic, reactive pace? Or do you slow down from time to time long enough to set and make goals and methodically reach them?
The following are six times your business should slow down:
If your business doesn’t have a cohesive strategy, it makes good business sense to slow down. Carefully developing your strategy and working through its implementation at a reasonable, sustainable pace is recommended.
When you have a vacant position, especially a position that is crucial to your daily operations, it’s tempting to race through the hiring process and get that position filled as soon as possible.
Hiring too quickly, however, can be a big mistake. If you are patient and wait until you have found the person with the experience and skills necessary to do a great job, your business will have a much brighter future than if you rush the hiring process and end up with a less-than-ideal employee.
Are you attracting the right kinds of customers for your business? The right kinds of customers are the ones who need your products and services, will come back for more, and will tell their friends and colleagues about you.
If your promotions are attracting people who come once for the good deal and then never come again, you may need to take more time with your marketing strategy.
If your business has been on a high-speed track for a long time, morale might be low, and your employees may have forgotten the mission of your organisation. At times like this, slow down, regroup, and assess your goals. Have you reached old goals? Is it time to set more? How is everyone doing? Have you recognised them for all the good work they’ve been doing?
Slowing down at times like these can help your business to stay centred on its mission and prepare for growth and success in the future.
For insight into the current state of your business' health, try our Healthy Business App by clicking below:
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
© 2022 Altus Financial, All rights reserved.
Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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