This Maltese Business Has Some Great Advice For Companies Who Need To Get Out Of A Rut
Time to shake things up
Whether you’re a startup, a family business or a big corporation, sometimes things just feel like they’re at a standstill. You might have hired the wrong people or sold the wrong products. Or perhaps you’ve just reached your natural potential and you just can’t think of where to go next.
That’s where Ennesse can be really helpful. This fast-growing Maltese firm is dedicated to leading companies towards their next leap forward, whether it’s a shakeup of management, a fresh focus on the bottom line, or a major investment such as the issuing of a bond issue. But what frame of mind should business owners have before venturing into the unknown?
1. Keep an open mind
Imagine you owned a DVD shop in 2001 and your business was flourishing. Then suddenly someone advised you to pursue a totally new direction because DVDs would eventually fizzle out thanks to the internet. They might have sounded crazy but the years proved otherwise.
When you’re an expert in your field of business, it’s easy to shoot down ideas that seem to go contrary to what you’ve always believed. But it’s those kind of ideas that tend to make a difference. Most successful businesses do things differently to what has always been done before. They seek new opportunities and don’t stick to the status quo. So before seeking an outsider’s point of view, prepare yourself to listen to things you may not want to hear. Having an open mind is a prerequisite to getting out of your rut and taking the next leap forward.
2. Get out of your comfort zone
Part of keeping an open mind is getting out of your comfort zone. This is especially important for businesses that have already been successful for a number of years. Success may have bred complacency. And while it’s great to be happy with your achievements, it’s always important to look ahead and not wait for things to get worse before they get better. But it could also happen to people who feel they’ve tried everything to make it work and just didn’t manage. Getting out of your comfort zone allows you to think about ideas and opportunities that your competitors aren’t even starting to think about. Just because you’ve done something all your life, doesn’t mean you can’t branch out into something radically new and just as successful.
3. Give yourself time to plan
If you’re constantly caught up in the day-to-day running of your business, you’re going to miss out on the most important key to success: planning. It may be a cliché, but failing to plan really is planning to fail. So one thing you absolutely need to do as a business owner is find ways to delegate your daily routine to others. They can probably do things better anyway because they have more time to focus on them. Instead, you must free up your time to think of the future and plan for it. There’s no point hiring people to give you advice if you’re not going to have the time to focus on implementing that advice and taking the right decisions.
4. Don’t give up
There’s no bigger guarantee of failure than giving up. Sure, some businesses just don’t make sense and sometimes you need to move onto something with a higher chance of success. But people often give up on their business when they’re just a few decisions short of finally succeeding. If you really know your industry and you’re doing something innovative and unique, there must be a way of breaking through your bottom line.
5. Get an outside perspective
That’s where a firm like Ennesse can come in. Sometimes bringing in a new perspective is all your business needs to identify what the next big leap needs to be. You will always know your trade better than any management consultant, but an outsider has the ability to challenge status quo and inspire new ways of solving old problems.
Sponsored By Ennesse
Ennesse offers full-time business professionals to companies to help boost growth. After years of offering accounting services to various clients, founder Nigel Scerri identified a gap in the market and designed a solution tailor-made for local companies. Ennesse takes over its clients’ finance function and provides long-term support and management consultancy to ensure rapid growth. The system allows clients to save on accountancy costs while getting much more value from a well-networked team of business professionals who are dedicated to exceeding client expectations, building trust, problem-solving and adding value.