5 ways of working on your business in Asia

If you own a business it’s important to take a step back, look at the big picture and continuously work on your business rather than in you business. Working "in" your business means that you are performing the daily core functions with little or no time spent on your strategy. Working "on" your business means that you are directing with systems, strategies and goals in place so you can analyse the results you're getting and gather the necessary information to change and improve business performance.

Here are five ways to help you work "on" your business:

1. Get comfortable with your numbers

A common mistake for small business owners is to view finances through an emotional lens, meaning they either look at them with fear when times are tight or delight when business is booming. But looking at finances from an emotional standpoint means you will miss important information such as what and why things are working or not working. Instead be open and inquisitive with your numbers. When you’re constantly curious – in both good times and bad – you will always be learning and thinking constructively on how you can improve your business.

2. Know your Business Plan

It’s important to clearly define and understand the things you hope will happen with your business so you can monitor your results and make adjustments accordingly. If you aren’t reaching your projected numbers you can then compare the actual results to your assumptions and see what needs to be changed.

3. Learn and adapt

Rather than try forcing a certain result, consider all the factors that led to the result and decide how they can be changed to create a new result. Do some analysis on a regular basis. When you play with the factors, you’re better able to learn and adapt to what is working and not working and understand why.

4. Repeat sales

Making the initial sale is only the first step. Once you have converted a prospect into a customer, you must then work to keep them as a customer. It’s far more cost effective to retain customers than it is to gain new ones. Bundled packages, loyalty rewards programs, referral systems are all great ways to keep customers engaged in your business. See my articles on repeat sales.

5. Consistent marketing

Marketing is the relationship your business has with your customers - advertising, promotions and sales are all functions of marketing. The more consistent your messaging, the more consistent your branding by words, design, offerings or perspective. Your brand should build awareness and develop trust and loyalty with customers. Make sure you are sending out a consistent message. Line up all your promotional material, business cards, e-mail signatures and online profiles and make sure they are consistent.

Gary Chamberlain set up The Business Minder to answer the growing need for expat assistance in small to medium business. This in turn has led to more consulting opportunities in places including Singapore, Indonesia and Malaysia. Gary has over 30 years experience in business management in Australia and UK. He has won international awards for work in management. His role as a consultant is to take a helicopter view of how a business is managed.