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Good practices to keep your business thriving.

They say an “apple a day keeps the doctor away”.  The same can be said for implementing good practices to keep your business thriving.  A healthy business is a successful business.  

There is no one size fits all approach. However, there are proven ways to reach growth milestones. We have compiled a list of some of these ways to keep you on track. 

Assess your current practises on a regular basis.

Running a regular assessment of your current processes is beneficial. Your assessment will help pinpoint if there are any bad practices that don’t serve your business.  Cut them out and work to put your time and energy into the good stuff.

Of course, you’ll need to have systems in place for tracking your goals and performance. It’s good practice to monitor things like website traffic, sales, subscribers, and of course, finances.

Without adequate profits, regular flow of cash, and strong sales numbers, no business can be successful.

Good practices - Business Plan

Refer back to your business plan.

It’s key to have a business plan in place. It should outline your objectives, how you’ll run, and your financial and marketing strategies. 

Wave talk to business plans as road maps. ‘It’s possible to travel without one, but that will only increase the odds of getting lost along the way.’ 

Owners with a business plan see growth 30% faster than those without one, and 71% of fast-growing companies have business plans

Referring back to it often helps keep you focussed on your targets and goals.

Need some assistance with your business plan? 

Our friends at Xero have written a great blog on how to write a business plan. It’s well worth a read if you need to start afresh or modify yours.

Adapt to change.

If you’re going to stay in business for years, you’re going to have to adapt. Change helps keep your customers engaged.

Keep an eye on changing communication strategies and be agile enough to adapt. Along those same lines, you might also notice new technology emerging that could help your business in some way. If you keep an eye on these tools and are able to adapt quickly, you can take advantage of opportunities before your competition.

Good practices - Adapt to change

Lead by example.

When it comes to leading a team of people, it can be tempting to micromanage. But the best way to ensure that people are working up to your standards is to show them.

It’s common for business owners to try and take on too much. But there are people out there who can help you if you actually trust them to do the work.

Reduce your risks.

Risk is an inevitable part of starting and growing your business. It’s impossible to control everything, but there are many ways to limit threats to your company growth. This is an area we can help.

The theft of employee data, customer records, and privacy breaches can destroy a small business. Not only generating significant costs but also eroding customer confidence and loyalty.

It’s a good idea to get a privacy policy and your website terms of use implemented, so if anything happens to go wrong – you and your staff know exactly what to do. These are services we can provide.

As your business grows, you may start to hire out your goods/ personal property to others. Ensure those goods are protected.  We can assess this for you and register your goods on the PPSR. To find out more on how we can help, click here.

Your Terms and Conditions of Trade is also vital for the smooth running of your business.  Having the necessary clauses needed, such as payment terms, customer data use and PPSA will help cover your business as you start to expand.

Want to know more?

Our team have a wealth of knowledge. We will assess your businesses systems and processes. Work with you to implement solutions to help your business thrive. And be on hand to support you every step of the way.

Request your call back We are here when you need us. If you want to have a chat about any of the services we provide, we are only a phone call away. Request a call back and we will be in touch as soon as possible.

Thank you to SmallBizTrends and Business News Daily for your amazing content to help write this article for our clients.

See what our clients are saying:

Josh Horton
Josh Horton
29. February, 2024.
I was in a spot of bother with an old account that was still active. This was causing an issue for a loan and was very time critical. I was able to reach Tanya after hours and she not only helped me through sorting it out but followed up to make sure I was being looked after first thing the next morning. Very impressed with Tanya's support and the speed of EC Credit Control.
Carissa Taylor
Carissa Taylor
14. February, 2024.
As a new Accounts employee, this was my first time dealing with EC Credit and they were a breeze. I have called Monika for the smallest of questions and she has been most helpful. I didn't know we could contact them and ask for the advice that I have. I would highly recommend them. Carissa - Navace Pty Ltd
Caroline Burnett
Caroline Burnett
12. February, 2024.
Tanya is super helpful and extremely professional with a great sense of humour. She really understands what we need for our business. Highly recommend!! ????☺️
nick fish
nick fish
9. February, 2024.
Due to the fast growth of our business and increasing size dollar value size of our orders it was obvious we needed to tighten our trade legality terms to ensure the safety of our assets be they business or personal liabilities. After some positive interactions with Chris last year we decided to meet up with EC just last week to discuss. The information presented was concise and explained brilliantly making it simple for us to understand our current requirements and what to do next. We now have robust documentation to get paid on-time & in-full. Confident for future products with less stress.”
ENL Property Management
ENL Property Management
2. February, 2024.
We have been dealing with Ec for at least 5 years and can not recommend enough.
Robert Turner
Robert Turner
11. January, 2024.
Fantastic company to get your business trading terms up to date Tanya Pascoe is a fantastic Rep and supplies a good follow up service for questions and answers. I would Highly recommend the EC Credit team to any business.
Cody Faint
Cody Faint
11. December, 2023.
EC Credit Control have just handled my updated Terms of Trade and I could not be happier with the outcome. Professional, prompt communication always answering any questions I may have had. Also handling client debts from our business. Highly recommend EC Credit Control if you are in business to have yourself and your business protected.