This week I attended the Sunshine Coast Business Women’s Network breakfast and had the privilege of hearing Annah Stretton present. Not being hugely into fashion myself I didn’t actually know much about Annah before this.
If you too don’t know a lot about Annah click here to read more.
The main element – apart from Annah being a fellow accountant – that resonated with me was her focus on ensuring her business ventures were always profitable. Any business that was not, or did not become, profitable was closed down to free up resources for the next, potentially more successful venture to come along. Annah does not consider closing down a business to be a failure or disaster – simply an opportunity to learn from the experience.
I meet so many business owners who are in business becasue they love what they do, but don’t know – or don’t understand – their financial position. They are unable to recognise when they are getting behind financially and are unsure about what help to ask for.
Annah also had 5 other key points for business owners which I think are fabulous to remember:
1. If you don’t love it, don’t do it!
* If you are not focusing on where your business is going, who is and how is it going to progress?
* You need to be black and white in your thinking – take the emotion out of the decisions
* Set time each day to focus on the business (Annah, like me, does this first thing in the morning before going to the office)
* Don’t dwell on the stuff you cannot change
3. Be good at what you do
* You have to practice and work at
* Always open your eyes and look for the next opportunity in your industry
* Don’t be scared of failure. Love failure – as it helps you to learn
* There is no bad stigma with failure
* Change the model several times
* Look at how you can change the environment and not how the environment changes you
5. Pay it forward
* Make sure you are giving time or money etc. back to your community/society
Lastly, here are some inspiring quotes from the morning with Annah:
* You drive your own outcome and destiny
* You have to believe in yourself
These are simple tips to follow but highly valuable for any business owner at all stages of their career or business.