Top 5 Business Tips
From Peter Perivolaris, General Manager, Hardings Consulting
www.hardingsconsulting.com.au

1. Key Performance Indicators (KPIs) should be called Key Predictive Indicators. You are more interested in knowing what is happening now, that will impact the future, than what is already past. For example, how full is your order book? Where are the orders coming from? Which stock is or isn’t turning?....Then you can take action.
2. Set your own performance standards and business principles. Do not compromise on them, even if it sometimes means missing out on sales. Others will get to know you for your integrity, and your business will form its own unique character. If your business model stacks up, so your own benchmarks will stand the test of time.
3. Are you in business for the short term or the long term? If it’s for the long term, why would you implement short term solutions? Always try and make decisions that are right for the business in the long run, even if there is a short term cost. When you are unsure which way to go, this should be the deciding factor.
4. Products and services can often be difficult to differentiate from your competitors. Sometimes the only way is through price, which drives the price down. To escape this pitfall, change your product slightly. Add something valuable to it that is exclusive to you. Then you can charge a premium and make a decent margin.
5. When you seem like the only innovative supplier, and everyone else is copying you and under-cutting your prices, set up a product development team. Design and introduce new products every six months that keep you ahead of your competitors. When you are being copied, it’s time to move on to new products, not boast

http://www.hardingsconsulting.com.au

In this issue

Awaken the Beauty Within with Fi Haviland

The Art of Communicating

Top 5 Business Tips