Business Essentials Daily

When Dr May Chan was a child, she had a fall which resulted in dental issues and an unwillingness to smile for family photos. This experience would later be pivotal in her ambition to pursue a career in cosmetic dentistry. Ten years ago, Dr May and her husband, Dr Reuben Sim, started Dental Boutique in the Melbourne suburb of Balwyn. Today it has grown to 10 surgeries across Australia and New Zealand. They have since won a slew of business awards. She discusses the life-cycle of business growth including, the start-up stage, teenager and maturity stage. The success comes down to maintaining a focus on quality, putting the right systems in place, looking after their staff, and adding value to the community.

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Business Coach Dan Williams says he can chalk up most business failures to weak processes. An Asia Pacific business coach for coaching firm EOS Worldwide, he says successful firms need to have strong processes at their core, otherwise their possible growth and ability to scale will be hobbled. And he says strong processes will lead to fewer people leaving the company.

Business Essentials Daily is produced by:

SoundCartel
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The good old days in agency land saw long lock-in contracts, mark ups on media buying and the money flowed. At a time when there are more ad, digital and PR agencies than ever, James Smith, CEO of digital agency Smith Brothers Media, explains why there’s a shift in monetization strategy across the industry.

Business Essentials Daily is produced by:

SoundCartel
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+61 3 9882 8333

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There’s a goldmine of extra income a lot of businesses are missing out on because they don’t follow up effectively. Sales expert and Founder of BOOM Sales!, Trent Leyshan, reckons businesses haven’t implemented a proper follow-up process or structure. Trent explains how to follow up, using both traditional and digital methods.

Business Essentials Daily is produced by:

SoundCartel
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+61 3 9882 8333

See omnystudio.com/listener for privacy information.

Rarely do we know when crisis will strike – a pandemic, war, or a GFC-like event – but if it does happen, the impact on your business and staff could be just as seismic. So how can you prepare for a potential disaster?

It helps to have an adaptive mindset, insists Prof Martin Bean, CEO of The Bean Centre, and former Vice Chancellor of RMIT University, during the lockdown days of COVID-19. He has co-authored a book, ‘Toolkit for Turbulence: The mindset and methods that leaders need to turn adversity to advantage’. An adaptive mindset, he says, equips you and your team to deal with fast and unpredictable change, to navigate in uncertainty, to collaborate on complex entangled problems, and to embrace ambiguity and paradoxes.

Business Essentials Daily is produced by:

SoundCartel
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To maintain long-term profitability, you need a strategy that can adapt to new trends and consumer demands. Companies that don’t change will fall behind, says consumer and marketing guru Barry Urquhart. Barry identifies three pillars of business success, and offers the example of a particular Australian hardware company, which is pivoting from hardware to homeware – a subtle, yet powerful realignment.

Business Essentials Daily is produced by:

SoundCartel
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Many businesses are being held back because their owners either can't, or won't, identify what they are bad at. That's according to Dan Williams, Asia Pacific Business Coach for EOS Worldwide, a global network of business coaches. Dan says it is crucial for business owners to identify what they "suck" at. He says that by slowing down and taking stock of everything you do, it's possible to identify tasks that you either hate or are bad at. Only then can you work on solutions, which may include outsourcing.

Business Essentials Daily is produced by:

SoundCartel
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Several years ago the corporate world was going crazy over the latest business fad of Blue Ocean Strategy. The book of the same name won a slew of awards and sold millions of copies worldwide. The concept was simple: try to capture "blue oceans" of unexplored new markets. Like many theories, it just doesn’t work in a practical sense. Entrepreneur Roy Osing unpicks the problem of Blue Ocean Strategy specifically, and why some in academia are too far removed from the practicalities of running a business. And so, he warns, be careful of who you listen to.

Business Essentials Daily is produced by:

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Workplace culture is fundamental to the success of your business. If your people aren’t happy, the productivity and profits of your business are greatly impacted. Corporate mental health advisor, Kerry Howard, addresses the issue in her book, ‘How to heal a workplace culture: tackle trauma, foster psychological safety and boost happiness at work’. She says it’s up to the business owner or leader to learn how to manage interpersonal connections among staff.

Business Essentials Daily is produced by:

SoundCartel
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+61 3 9882 8333

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Workplace productivity has taken a dive in the last couple of years. In fact, it dropped 3.7% in 2022-23, according to Australia’s Productivity Commission. Productivity in the workplace involves effectively leveraging resources to deliver outcomes. So how do you do that? HR consultant Karen Gately says bosses should set clear expectations, fostering engagement, and focusing on intrinsic motivators.

Business Essentials Daily is produced by:

SoundCartel
soundcartel.com.au
+61 3 9882 8333

See omnystudio.com/listener for privacy information.