Matt Cowley: Make time for the important things in your business

Tauranga Business Awards. Photo / File

COMMENT:

One of the biggest issues facing businesses is time - there is never enough of it.

Covid-19 lockdown only made this issue worse as many business owners agonise over trying to achieve a year's output in just several months.

Many small business owners feel they need to be across everything, especially when budgets are tighter than normal. The owner then spends too much time in the middle of their business, rather than leading it.

This is an incredibly common issue and is not something new. But it is important for businesses to take any opportunity to look at themselves from a distance, to reflect on where they are heading and how they are tracking.

It can be difficult to accurately self-reflect as many small business owners are generally great on the tools, but have less expertise on how to run a business.

The Regional Business Partnership (RBP) Network is a government-funded initiative that helps business owners and managers learn how to run a business. It connects businesses with local experts that teach them how to develop a marketing strategy, develop cashflow forecasts or manage teams.

The individual business becomes stronger, the local expert receives payment from the government, and the government builds a more resilient business community.

The government has just announced a further funding round to help more businesses impacted by Covid-19 to adjust to the new economic situation. I recommend businesses register on the RBP website to find out more.

Another issue caused by the lack of time is the lack of recognition for a job well done. Many businesses jump from issue to issue without taking the time, individually and with their team, to look back on what they have achieved.

Many previous winners of the Westpac Tauranga Business Awards say while the profile and kudos were great, the biggest prize was a chance to recognise their team and their amazing efforts.

We have received a lot of interest in our new awards judging process, new event venue, and our focus on loving local businesses.

I encourage businesses to take time to reflect on their incredible journey during Covid-19 and celebrate with your team by entering the Westpac Tauranga Business Awards 2020 - visit the website www.businessawards.org.nz for full details.

It is important for businesses to make time for the important things: Reflecting on the journey so far and to strategise on where you want to be.

- Matt Cowley is the chief executive of the Tauranga Chamber of Commerce.