Deciding on Core Business

One of the keys in running a successful business is understanding what the core business is. With my bookkeeping venture it took quite a long time to understand that. And I had to radically change direction a few times to really get to it.

Now we are there. We convert data from MYOB (and soon Quickbooks) to Xero. It is a tiny niche in the bookkeeping/accounting world. But we have developed some unique tools and processed that allow us to deliver this service better than anyone else.

It is time to scale. Sometimes, it is scary to let go of non-core activities, especially when the core activities are not generating huge amounts of return yet. But the focused energy is worth it and I am expecting that we’ll move a lost faster, the clearer we focus.

We have started this process of rejecting non-core activities a while back by not accepting any clients who want their books done in MYOB.

Passing on Non-Core Activities

When they come, we just pass them on to a bookkeeping business that is focused on clients on MYOB. Books On Site are delivering  bookkeeping services in Sydney, Melbourne, Brisbane, Perth and the Sunshine Coast. They are one of the fast-starter companies in BRW and just as focused as we are, but with a different core business.

I really like it when it is possible to collaborate with businesses that seem to be a competitor on first glance. The more both understand their core business, the better that is possible.

Changing Core Business

What happens when the core business changes? Sometimes what starts out as a useful relationship turns into competition. It is really hard for me to leave aside the personal relationship and move do what is best. And I have to remind myself that it is the clients we are serving. And that it is all stakeholders that need to benefit. The profits will follow if we do that well.

And I do not want to be protective to benefit a few (including myself), but focus on the best outcomes for our clients, our suppliers and all other stakeholders including this Earth we are living on. (It is not always clear to me how I do that with Jet Bookkeeping, so I probably have to go for more walks in the National Park.)

Leave a Reply

Your email address will not be published. Required fields are marked *

Passionate Management