Back to business basics wisdom you might have overlooked

In this episode, Rob Shelton, the Managing Director of DFK Everalls in Canberra brings 30 years of business observations and insights to the table as we delve into the back-to-basics philosophy and the role this plays in navigating difficult times in business.

Key Takeaways:

• Communication is vital during challenging times - Open, honest conversations with business partners and advisors are essential.
• Utilising dashboards and data-driven insights can help in identifying early signs of a downturn.
• Strike a balance between cost-cutting and growth potential - Focusing on revenue growth rather than solely resorting to cost-cutting measures.
• Taking a proactive approach by seeking opportunities amid challenges - such as mergers, acquisitions, and talent acquisition.

Key Points:

• Recognise the early signs of business impact, such as reduced inquiries, website traffic, and cash flow slowing down.
• Common mistakes to avoid include denial, poor cash flow management, and excessive knee-jerk cost-cutting reactions.
• Balance your long-term strategies alongside short-term goals when you face potential challenges such as interest rate fluctuations.
• It’s important to gather multiple perspectives and external guidance to inform your strategic decisions.

The key message overall is to "look, listen, and respond" rather than react, as informed and thoughtful responses to business challenges is vital for long-term success.

Contact Information:

Connect with Rob Shelton via the DFK Everalls website or search for a DFKANZ firm near you on our Find a Firm Page 

Less Then 15 is a show brought to you by leading Accountants and Business Advisors, DFK Australia New Zealand.

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