Words of wisdom for business success by entrepreneur
REWARD and recognise your staff and if you are in small business, compete with the ‘‘ big boys’’ on quality and service, not price.
These are some of the pearls of wisdom from successful entrepreneur Michael Sherlock who will address a breakfast event in Townsville today to help launch the North Queensland Small Business and Franchise Expo.
Mr Sherlock is a former managing director to Brumby’s Bakeries who helped drive the group’s shareholder value from $ 6 million to $ 46 million before its sale to the Retail Food Group in 2007. He pocketed a good share of that increased value, putting much of it into superannuation when the Federal Government relaxed investment restrictions, and now works as a business consultant and mentor and keynote speaker at events and conferences.
He is also an author, hav- ing launched a book this week called Jump Shift he has co-written with management consultant Allan Anderson.
The book, described as a guide book for busines s owners and managers, draws on the authors’ experiences at Brumby’s and provides an eight-step process for putting your business into ‘‘ hyper-drive’’.
While the book sets out some well-known rules to business success, Mr Sherlock said one of the most overlooked strategies was how to look after your staff. Business owners needed to motivate their employees to look at the business with ‘‘ owners eyes’’, he said.
‘‘ People’s job satisfaction i s not j ust about t heir wages,’’ he said.
Staff needed to be challenged, recognised and rewarded.
Mr Sherlock said recent events from the global fin- ancial crisis to natural disasters in Queensland, New Zealand and Japan meant people were living in uncer- tain times, making for a tough environment for business. ‘‘ In these times, you have to go back fundamen- tals,’’ he said. ‘‘ Don’t overgear, don’t over-borrow and live within your means.’’
The North Queensland expo will be held at the Riverway Arts Centre from 9am today and tomorrow.
HELPFUL: Michael Sherlock with his book Jump Shift will adddress a breakfast event today Photo: SCOTT RADFORD-CHISHOLM