4 hacks to help scale and grow your business
We are currently experiencing a high volume of calls as a result of COVID-19, but we are here to help. If you are concerned about your Home Loan repayments, please go to the home loans support page. If you are a Business customer and need help, please go to the business relief page.
As any successful entrepreneur will tell you, every business needs a solid foundation. But once that foundation is laid, driving growth is key to bringing in a consistent sustainable profit.
For many business owners, that’s when things get tricky. What should you focus on? What are the tried-and-tested techniques that will help you scale up your business without taking up too much of your time or draining your cash flow?
We asked four successful business owners to share their first-hand tips for growing and scaling up a business.
Scaling up a business can be a major undertaking, so it’s crucial to use the right tools to save time and give you the space to focus on growth.
For Luke Powell, investing in a centralised point-of-sale (POS) system with in-built analytics enables him to easily manage his finances across both his businesses: LP’s Quality Meats and pizzeria Bella Brutta.
"We have used a few different point-of-sale systems since we opened," says Powell. "We now use one system for all the venues and find it very insightful and useful with all the information it can provide."
Consolidating key insights for both of his businesses means Powell can make informed decisions in real-time. Not only is this a major time-saver, but it also means he's able to explore and invest in new revenue streams – like starting a wholesale smallgoods business on the side.
Derek Puah, owner of Devon Cafe, has a steady customer base thanks to his cafe’s frequently Instagrammed dishes like the truffle sundae and brioche French toast. Puah says this is no accident, as he’s been leveraging social media and user-generated content to grow his business from day one.
"We find a lot of our biggest fans are on Instagram, and they love to share photos of their experiences," he says.
By re-sharing customers’ images, Puah has a virtually cost-free content stream that helps attract new customers and keeps diners coming back for specials. Those searching for a brunch spot can also hear first-hand from other customers about what they can expect from a visit to Devon Cafe.
Developing a regular schedule for business reconciliations – like calculating end-of-day takings – helps minimise cash variances and ensures you’re banking the expected revenue recorded from finalised sales.
With reconciliations taken care of, you should have an update-to-date picture of your bank balance at any given time, so you’ll know how much you can comfortably invest in growing your business.
Lyndon Kubis, owner of Milton Wine Shop, uses Kounta POS software, which offers in-depth sales insights and directly integrates with Presto, Westpac's payment terminal. Kubis says this has helped the business to achieve "super easy end-of-day reconciliations" that feed "directly into [their] accounting software".
Thanks to his streamlined reconciliation process, Kubis has been able to spend more time focusing on broadening Milton Wine Shop’s offering to include a boutique selection of beer and spirits. This has helped him grow his customer base and tap into additional revenue streams.
William Edwards, founder of Sydney distillery Archie Rose, attributes much of his business growth to managing his time effectively. For Edwards, every hour of his day is planned with purpose.
"My calendar is my bible – if there's something in there, I'll be there. If there's not, I won't be there," he says. "I schedule when I wake up, when I check email, when I perform certain types of tasks: leave work, get ready for bed, go to sleep, and so on, as well as what days are work versus meeting versus admin days."
Sound challenging? Edwards says that while this exact approach won’t work for everyone, it’s important to plan out your day, take responsibility for your schedule and dedicate enough time to building your business.
Planning and investing in tools that free up your time, such as Westpac's Presto Smart terminal, could make a big difference to how your approach your business. Time that was once spent reconciling payments could be put towards plotting how to scale up your business.
All statements in this article are those of the individual and do not necessarily represent the views or position of Westpac. The information provided in the article are general statements and for guidance only. This article has not been prepared with your situation in mind, and your individual situation may differ. Westpac’s products are subject to terms and conditions, fees and charges and certain criteria may apply. Full details are available on request.