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Better Small Business Leaders: 8 Things They Know
Andrew Stubbs • Feb 02, 2022

As an entrepreneur, you must have functional leadership skills. It goes with the territory. These skills are key to managing and motivating employees, communicating with customers and inspiring people through your clear company vision. No, leadership is not one-dimensional: there are plenty of different approaches to the practice of good leadership.


In this blog post, we'll discuss how entrepreneurs like you can become better leaders in their small businesses. There's no denying that running a small business is both demanding and rewarding. No denying either that people management has a major role in both.


Whether you're just starting out in business or have been in the game for some time, this article counts down the eight most useful tips for meeting - and exceeding - the difficulties of small business leadership. 


8. Inspiring Others With Your Small Business Vision


The initial step in creating a business vision is working out what it will encompass. That is, what are the parts of your operation where the special "way we do things" is pivotal? In what parts is it merely optional?


For example, for a product-led business, your vision might pertain to design and quality, whereas for a service-based business the vision might speak more to customer service. A brand-first business might emphasise packaging and positioning.


Make your vision as specific and detailed as possible. What does success look like? Describe what it feels, sounds, tastes or smells like. Convey this in a compelling way and you'll get your whole team aligned.


7. Get Buy-in For Your Vision


Visions take a little while to crystallise; by the time yours does, you will know it inside-out and back-to-front. This is good, because now you must get your staff and stakeholders up to speed on it too.


Creating "official" printed vision statements is useful and often necessary, but vision implies visual. Provide some kind of imagery that shows your business vision at work in the real world.


Sketch out how your products will be used, how your premises will operate, how your people will deliver your services - all can illustrate the essence of your business that makes its value prop compelling. Of course, that vision statement you worked on so hard should also be highlighted for how it is expressed in your concept images.


6. Take the Initiative to Ensure Open Communications


Solid communication with other coworkers is essential if the business wants to be successful. After all, if your team doesn't communicate, how can they know what is expected of them?


Many of the ills in many companies lie in their inability to communicate effectively. If you can't get on the same wavelength as your staff, they will only be able to understand your communications "to the letter" rather than being able to get the spirit of what you intend. And, the onus is always on you to speak to your team at their level and in ways that are relevant to them. 


If you are not so good at verbal communication, try using email backed with conventions and policies that keep the comms clear (one good rule is to have only one topic per email). A team chat is often also handy. Implement one of these and it means everyone has a voice and everyone's input can be seen and addressed methodically.


5. Break Down Your Own Barriers


As an entrepreneur, you're always pushing yourself. Your ambitions and goals are what sparked your entrepreneurial ways in the first place. However, if you're not careful, this self-directed drive can lead to a lack of self-awareness. What you don't know can hurt you.


A thoughtful leader will take time out from all their hard work for some introspection so that they have a clear understanding of the gaps in their own skillset and how to fix them or work around them. It often comes down to setting up procedures with more care or altering your expectations of others.


Without an honest sense of which aspects of your character, skills and intellect are mediocre, you will subconsciously program corresponding inefficiencies into how your organisation functions. Confronting the inevitable fact that you have shortcomings might hurt your ego temporarily, but not doing it will cripple your success permanently. 


4. Be More Effective at Giving and Receiving Feedback


When running a business, you must create space for feedback and discussion. There are two main channels you must set up: one to receive input from customers and the second to encourage dialogue between yourself and your employees and/or partners.


Providing these outlets will help you more effectively give or receive feedback in the future. Further, when people give feedback you must use active listening and interpretive skills to understand not just what they are saying, but why they're saying it. If, for example, a product malfunctions, is the customer really complaining because the product didn't work or, rather, because the malfunction feels like you've broken a promise to them?


3. What is Your Business Good At … And Bad At?


An extension of the practice of looking at your personal strengths and weaknesses is looking at those of your business itself. The classic business analysis tool of the SWOT comes into play here. As the acronym goes, it helps you identify and categorise: Strengths, Weaknesses, Opportunities, Threats.


It can be applied at every scale, from the micro - say, a single product line - and right on up to encompass the whole of the business. Further, because it seeks to account for every contingent factor, it also looks at what external forces and developments are in play.


2. Giving Your Team True Motivation


The secret of great leaders is that their people believe in them. That is, they are backed by a team that cares. This care - not money, not prestige - is what makes for true team motivation. This means that team engagement is a fundamental task.


To gain this kind of engagement, you must provide your team with a stimulating environment, sense of purpose and meaningful work. Get it right, and your team will always go the extra mile for your business because what lies on that mile accords with their personal values.


1. Approachability, Commitment, Honesty - The Big Three


You can't be a great leader if people think you are unwelcoming, are flaky or are evasive with the truth. However, as "the boss", there will always be a perceived status barrier for staff wanting to engage with you. It is upon you alone to bring that barrier down.


Try keeping your office door open and make a point of welcoming people in for a catch-up. Demonstrate that you are committed through modelling ideal company behaviours, such as regarding your presence during business hours. And, last, the most effective way to prove that you are honest is to back up verbal promises by following through in action.


Leadership Is Initiative Made Social


Leadership is something many entrepreneurs don't engage with consciously. In running their teams, they just do what feels right and what seems to work. There's no one around to tell them any different.


However, you cannot put off developing your leadership skills if you want your team to do its best work and for your business to achieve its vision. Think of leadership like an iceberg; there's much more going on below the surface than what most new entrepreneurs expect.

By Andrew Stubbs 05 Jun, 2022
Here's some good news if your business sends invoices to business or government customers. Peppol* is on its way. (That's Peppol, not Peppa .) Ever had this conversation in your business? You or one of your team: "Hello, I'm calling to follow up the invoice we emailed to you last month. It hasn't been paid yet." Customer: "Really? We didn't receive that invoice?" In addition to the time and expense of following up, the cash flow delays create stress for you and they hurt your business. Thankfully, the adoption of Peppol will solve this problem. What is Peppol? Peppol is an obscure acronym for Pan-European Public Procurement On-Line. What's more important than what it stands for, is what it enables. Peppol is an international 'eProcurement' framework for the electronic exchange of information. It creates a standard approach for governments and businesses to structure and exchange information such as invoices and other documents. What Peppol means for you and your business Peppol makes electronic ordering, invoicing and shipping between governments and private companies faster, simpler and more secure. This means your business will get paid faster when dealing with government and larger businesses. In 2019, Australia and New Zealand adopted this platform for e-invoicing which, when implemented, will make 'we never received your invoice' issues virtually impossible. The new e-invoicing system is more secure than email and provides many other benefits. Which countries are adopting Peppol? There are currently 40 OpenPeppol member countries: 32 countries in Europe plus Australia, New Zealand, USA, Canada, China, Japan, Mexico and Singapore. Each country has a Peppol authority. For example, in Australia that's the Australian Tax Office (ATO). Is Peppol already in use? Yes it is. For example, the SuperStream system in Australia-which many businesses are currently using to automate the payment of employee superannuation contributions-is based on the Peppol protocol. How does e-invoicing work? The system connects the accounting systems of all businesses and government departments via the secure Peppol network.  Suppliers generate sales invoices in their accounting systems which are sent to Peppol.
By Andrew Stubbs 04 May, 2022
If you're a director of an Australian company-or you plan to be-take 5 minutes now to read this article. All existing directors (and intending directors) of Australian companies need to be aware that the Australian Government has announced the introduction of a new mandatory Director Identification Number (DIN) system. (You'll notice the term director ID is also used for DIN.) This system is the initial step in the Modernising Business Registry (MBR) Program which has been established under the Treasury Laws Amendment Act which was legislated by the Australian Government in 2020. More information on the MBR program can be found here . What is the DIN system trying to achieve? The DIN aims to provide accountability and traceability of a director's relationships over time, across all companies and will provide information on a director's involvement in what may be repeated unlawful activity, including illegal phoenix activity. It should also solve the problem of false or fraudulent director identities. What are the key features? It is mandatory for all directors, foreign directors and alternate directors of Australian companies to hold a DIN. The DIN is a unique 15 digit number. The first 3 digits will be 036 which is the identifier for Australia. The last digit is a check digit to help with accuracy when quoting your DIN. Like your tax file number, you will only be issued with one DIN which you will hold for life - even if you cease acting as a director for any period. To obtain a DIN, you will need to prove your identity so you will not be able to hold multiple DINs. Other office holders (e.g. company secretaries) are not required to register. The director is responsible for updating the DIN records for any changes in personal information within 7 days of the change. The director must apply personally. The process cannot be completed by your accountant, lawyer, spouse or executive assistant. There are significant penalties for non-compliance. How do you apply for a DIN? Directors have 3 options for applying. You can apply online from 1 November 2021. To use this method, you must first establish your identity via myGovID (an app you download on your smart device which is different from myGov). Once set up, your myGovID will make accessing a wide range of government services easier. (It's not just for your DIN application). For information on how to set up a myGovID please go to https://www.mygovid.gov.au/set-up During the DIN application process, you will need additional information such as your tax file number (TFN) and your residential address as per ATO records. It would also be advisable to have other personal details such as bank account details, medicare card or a recent income tax assessment available in case these are required. You can also apply by phone ( 13 62 50 ). During the call, the operator will ask for the identity documents you would have used to obtain your myGovID (passport and driver licence) as well as the additional information listed above. These details will be confirmed with the records held on existing government databases and, assuming the details agree, your DIN will be issued. Or you can apply by mail, but this is not recommended because the process for doing this seems vague ("Write to us") which means you can probably expect a lengthy process of certifying documents and coping with the vagaries of the postal system. One of the other two methods would be a better choice. When will you need to apply for a DIN? Transitional arrangements will allow directors to become familiar with the new requirement. When you need to have a director ID will depend on when you were appointed as a director.
By Andrew Stubbs 07 Apr, 2022
If you're a small business owner, you're always on the lookout for better ways to go about routine tasks to boost growth and underpin reliability. So, yes, you have the will; now, what are the ways? What are those consistent routines you can instill that will have the most benefits? This article looks at the top 6 things you can do to help your business thrive. We're going to cover finances, goals, marketing, technology and you ! So, let's take a look… 1. Your finances are a scorecard … and a predictor Boil it all down and dollars in the bank are the report card on the health of your business operations. Surprising then that so many people don't really pay much attention to how much they've earned, nor how much they're likely to earn. As much as it might feel like a chore, reviewing your sales and financial projections and then using them to ascertain if you need business financing is a discipline worth cultivating . If you suspect that your cash flow is precarious, you should be checking out your options today. First metric to check: your credit score. If it is too low, you need to take steps to shore it up. Next, check in with your bank or finance broker about what loans are available. 2. Goal setting, goal achieving, goal celebrating So, if you're using current and future dollars in the bank to keep score, the next thing is to do something about it. This is where goal setting comes in. If thoughtfully set and persistently pursued, goals help you orientate your willpower and your energy at each moment of the business day. This is the hidden power of goals: giving you a good sense of direction and a way to channel your instincts towards wise objectives. Constantly checking in with your goals makes them a benchmarking tool to keep your business pointed in the right direction. Yes, just having goals helps. Actually achieving a goal helps too, of course! 3. Increasing the impact of your marketing Marketing is not magic. It is not a mystery. It is not an art. However, many less-than-reputable marketers will try to claim that it is. They do so to gain wiggle room to pad their invoices and cover up their lack of skill. What this means is that it is easy to waste money on ineffective marketing. The good news is that there are many low-budget marketing strategies that actually work to help grow your brand and reputation. Scout around on the internet and choose one or two new tactics. Deploy them and test them. If they work, double down. If they don't, try something else. If you can't tell if they're working, also try something else. Social media is the obvious starting place for these low-stakes experiments and the old classics of LinkedIn, Facebook and Twitter are where to trial them. 4. Bringing your business up to date technologically The ability of modern productivity and project-management tools to give small players the same capabilities as the big boys simply cannot be ignored. Harness them properly and they'll let your small businesses operate with the same productivity as the titans of your sector. And, if your business is in the services sector, the increased controls that business technologies can yield also lets you be highly agile - that's something the big boys can't do. So, ask yourself: are you taking full advantage of what's out there? Don't worry, the answer to this question is always 'no' - the field is simply moving too fast for anyone to be able to take full advantage. However, if you have a realistic view of your needs, then you have a yardstick to help assess all the solutions out there. When you know what you need the technology to do, then you can wisely choose what hardware, software, platforms and techniques to introduce. 5. SEO has changed and it is going to change again Google - indeed all platforms offering broad search functions, from Youtube to Facebook - are constantly altering and optimising their algorithms. This, in turn, means SEO practice must constantly evolve to keep pace. So, if your SEO approach hasn't been overhauled in a few years, the time has come to give it some attention. Do a review of best practice and score how you cater to SEO in your online presences. Yet, because the underlying concept of SEO has not changed, the corrective actions you need to take may not be major. Then again, they might be! It is better to know unpleasant news sooner than outright bad news later. 6. Download the right new apps The remote work trend has gone mega and this means mobile productivity apps are very much of-the-moment. See, you can get a surprising amount done with just your phone and tablet. And apps are how it all happens … plus connectivity and a full battery, of course! Usually, apps are best for keeping an eye on things, boosting effectiveness on the "busy" tasks and enabling you to give your stamp of approval to work that needs your say-so to progress. In general, these are not value-adding tasks, just the value-neutral tasks that get in the way of the value-adding tasks. Now, there is no end of apps out there. So, as always, don't bother looking until you have some idea of what you need. 7. You are the ultimate business tool Health is the single most important aspect to consider for anyone running a business. It's the non-negotiable factor that governs everything else you are capable of. To adapt a quote from Arnold Schwarzenegger, being fit and healthy is "a status symbol. It reflects you worked hard for it; no money can buy it. You cannot borrow it, you cannot inherit it, you cannot steal it". This means that you must get enough sleep every night (most people need 7 hours or more). This means a healthy diet must become your preferred way of eating. This means that you should exercise every single day (except when sick). This means you must give your mind a rest too . Meditation isn't some mystic monkish thing, it's simply the practice of letting your thoughts come and go while you - the observer - stay peaceful and undisturbed by them. Think of it like this, meditating is mediating your mind. Take stock, choose wisely, make small steps in the right direction In this article, we've talked about some improvements you can make to what you're already doing. You don't have to do all of these at once. Start with the one that seems easiest and then stick with it to see if it works. Remember, it's not always about big changes. Often, you can make major improvements in outcome by making small changes to input. Doing the little things better. So take stock, choose wisely and be sure to make those small steps in the right direction for success today, tomorrow and the next day.
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