To propel yourself to the top of your sector, and stay there, it’s important that you learn from mistakes and grow with them.
However, they don’t all have to be your own mistakes – learning from the missteps of others is a great way to avoid falling into the same traps as them. This will also keep you on top of your game, and while competitors are falling behind and catching up after they’ve dropped the ball, you’ll be powering ahead.
To ensure your finances are sound and tracking as they should be, small to medium-business accounting in Bankstown with DBS Accountants will make your books as solid as can be, leaving you time to strengthen and grow.
So, how can you learn from those around you?
Taking a lesson from some big players
Smart Company reports that Warren Buffet, speaking to a conference, said there are three words that business owners should live by, even going so far as to say it should be written on your mirrors.
Those three words – “delight my customer”.
“Delight my customer.”
Thinking about these words, it might seem like an obvious mantra. However, if you have a client-facing business and success rests on happiness, taking a leaf from this legend’s book is highly recommended. It might not be something that you need reminding about a lot, but the idea behind writing it on your mirror means you start the day thinking about clients, which will help to keep them at the forefront of your business operations. This will lead to greater profitability.
Don’t get caught out
A separate Smart Company report found that an overseas business was fined $270,000 for underpaying interns over a period of 180 hours of work.
The Australian Federal Court fined AIMB BQ, a media company, after finding that two event coordinators were owed a total of $18,767 for internship work, which was later found to be unrelated to their tertiary qualifications.
The director of the company was also fined more than $8,000 for purposefully going against the rules outlined by the Fair Work Ombudsman – and your business should be taking note of this error of judgement.
Don’t get caught out by the mistakes other businesses make.No matter if you take interns on in your business or not, learning from the mistakes of AIMB BQ will ensure you don’t have to pay fines that would set your plans for growth and development back significantly.
If you want to make sure your business stays afloat, and keep your working capital in order, get in touch with the team at DBS Accountants today.