With the climate of change you’re experiencing in your industry, have you considered if you and your team are prepared as best you can be?

Your team could include your bank, accountants, suppliers and anyone else who has an active interest and investment in your business. Your continued success during this period of change could depend on not just how prepared your immediate business is, but your wider team. How much do they know about the impact of price cuts; PBS reform; proposed changes in the federal budget?

This is a perfect opportunity to ask questions to either confirm the confidence you have in your team, or find a partner who does understand and provides the best support. Industry specialisation and expertise is very important and you’ll find that there are industry specific bankers, accountants and other service providers who are well versed in the current challenges you’re in the midst of.

Surrounding yourself with industry experts who you trust could be the difference between success and failure over the coming years. You could even ask who they’re working with to further develop their industry knowledge and understanding. You’ll find more often than not, that banks for example will team with industry specialist accountants and other service providers to assist in shaping policies and practices to better serve you.

Take the time to have meaningful discussions and gain from the experiences of industry specialists. You may learn something new, develop an appreciation for your business from another angle, or you may come to the realisation that you need to replace a team member with someone who’s going to provide you the support you deserve.

In similar vein, focussing on your business by looking at things such as your value proposition, competitive advantage, or costs will broaden your view of the business and your team. You might be pleasantly surprised.

Chris Gilmour, Bankwest, Senior Relationship Manager, Brisbane Region

IMPORTANT INFORMATION AND DISCLAIMER
The information contained in this report is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this report without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945, its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this report.