Paul Siderovski is a reputable business speakers in Australia today. He is the founder of SiDCOR Chartered Accountants, and for almost two decades he has been improving the lives of his clients with his innovative financial strategies.
SiDCOR was named the BRW 20th Best Place to Work in 2013, and he brought the same business ethos when he launched the US-based yoghurt chain Yogurtland in Australia, and he expanded the business to 400 employees in less than a year. With all his business achievements, no one can question his skills and expertise.
So here are some tips given by Paul at a recent speaking event in Melbourne. He was talking to business owners and entrepreneurs about growing to their potential, and he mentioned 5 factors that are crucial for that growth to materialise.
- Commercial vision. Where are you going? Maybe you want to be number one in your chosen industry or in your city, or you want to sell a specific number of products in a given period. If you want to move forward, you need to have a super sharp idea of where you’re heading to. If you want to succeed, you need a clear (quantifiable) definition of what success means to you.
By having a clear goal, you can then direct all your strategies and efforts into making that vision a reality.
- Core set of values. It’s not just about the destination, but also the journey. You have to define your brand identity, so you need a core set of values which you and your employees must follow and embody.
Perhaps you can emphasise honesty and integrity by being upfront about your fees and services, or you may want to highlight your innovative services and products. Perhaps you want to make sure that your company deals with your customers kindly, and for this you always see to it that your customer service department is accountable for every action. Your core set of values dictates how you do business.
- Get the right people. Your staff is your team, and each member of your team should know how they will fit in your vision. They need to know that they have a role to play in the company’s success. Choosing the right employees is crucial, but it is equally important that you give them opportunities to grow and learn, and that they know they’re important.
- Communication. That so-called “open door” policy is a load of rubbish. What’s the use of an open door if any communication results in blame and judgment, which comes from fear? A better idea is to communicate through acknowledgement and by taking responsibility.
Paul Siderovski gave a common example: You come home to your wife, you open the refrigerator, and you find that there’s no milk. You can say, “Honey, where the hell’s the milk?” and right away you make it seem like your wife is at fault. But if you say “Honey, I’m going out to buy milk,” then you’re not assigning blame, you’re moving to solve a problem, and you improve your relationship with your wife.
- Leadership. Of course, leadership is all about making decisions and inspiring your employees. But essentially, it means taking care of your staff. You protect them by providing suitable working conditions and fair wages, and in return they tend to become more productive and enthusiastic. And by growing your company you make sure that their job is secure and rewarding. Your company is a team, and leadership is acknowledging that you are also part of the team.