The NSW Government today released its 2019 Budget after a successful election a couple of months ago.
While there is plenty that governments can learn from private business, there are aspects that businesses can learn from government. Albeit, you might apply them in a different way.
Governments are particularly good at listening to their customers, especially near an election. What would happen if our customers voted for us, ah, but they do? Not at a ballot box, but with their wallets.
How do we listen to our customers? How can we address they needs before they walk? Do we need to start polling? Do we need to start door knocking? When did you last check with your client how you were going?
The strength of the NSW Government has been based largely on asset recycling. Selling, leasing or renting assets and using the money off that recycling to reinvest in the economy.
I was recently talking with a business who had lost a major supplier, who had gone into bankruptcy. I asked if they looked at purchasing the business. No, they hadn’t, it wasn’t their core business.
I have always struggled with the concept of core business. Core business one day might not be core business the next. Whilst are review of your core business should always occur when you are doing annual strategic planning, never be scared to change that plan if a new risk or opportunity arises.
Changing your core business, changing your position in the supply chain or just listening to your customers are all aspects that can improve the health or growth of your business.
I have recently published a book entitled Growing Up – Unleash Your Business Growth aimed at business owners who have a passion and vision for Business Growth. If you manage a medium-sized business, are battling with growth roadblocks and have a passion to change, I will be happy to send you a copy of my book free of charge. (Yes, it is a real book, not an eBook).
Just follow the link at www.unleashyourbusinessgrowth.com David Nixon is Director, Advisor, Author and Entrepreneur and is recognised as Australia’s Authority on Unleashing Growth Barriers for SMEs.