As the digital strategist & CEO of Social Geeks Digital Agency, I am always looking for ways to stay ahead of the curve in the ever-changing digital marketing landscape. That’s why I was excited to attend the BX Conference 2023 this year in the Gold Coast. BX is Australia’s leading small business network, and their annual conference and Awards Gala is a fantastic opportunity for small businesses around the world to come together for a great week.
Our agency, Social Geeks Digital Agency, was an award finalist in the Marketing Agency of the year award for 2023, which was an honour and a great excuse to attend this phenomenal event!
This year’s conference was packed with valuable insights from some of the brightest minds in the industry. As small business owners, we are the backbone of the economy, or even more so. As Mike Michalowicz stated, small businesses are the economy. All businesses, large or small, started as a small business!
So what were the main points from the BX Conference?
The future of business
One of the speakers who surprised me the most was David Coch, who had a lot of insightful points to make around the Australian business economy. The business landscape is constantly changing, and Coch’s four business trends for the future are essential reading for any business owner. He emphasizes the importance of adapting to the changing needs of customers, thinking like a disruptor, coping with the future of technology, and using data to make better decisions.
Adapting to the changing needs of customers: Customers are more informed and empowered than ever before. They are also more demanding. Businesses need to be willing to adapt to the changing needs of their customers in order to stay competitive.
Thinking like a disruptor: The business landscape is constantly changing, so it pays to look at your own industry and see how you can be disrupting your own products and services.
The importance of profit first
Mike Profit First’s method of taking your profit first, before you spend anything else on your business, is a game-changer. This simple shift in mindset can help you to stay on track financially and reach your business goals.
Instead of following the traditional accounting equation of Revenue – Expenses = Profit, Profit First flips the equation to Revenue – Profit = Expenses. This means that you take your profit out of the business first, before you pay any expenses.
This may seem counter-intuitive, but it can actually help you to be more disciplined with your spending and grow your business faster.
To implement Profit First, you need to set up five business accounts: Income, Profit, Owners Compensation, Tax, and Operating Expenses.
Each time you receive income, you transfer a certain percentage to each of these accounts.
The percentage you allocate to each account will vary depending on your business and your goals.
Profit First can be a bit tricky to set up at first, but there are plenty of resources available to help you get started. Once you’re up and running, you’ll be amazed at how much easier it is to manage your finances and achieve your business goals.
The power of leadership
Matt Alderton’s ten principles of leadership provide a valuable framework for entrepreneurs and business leaders. His insights on topics like vision, relationships, and momentum are essential for building a successful team and achieving your goals.
Here are a few of Alderton’s key principles:
Leaders are always learning.
The best leaders are constantly striving to learn and grow. They are not afraid to ask for help and feedback.
Leaders must have a vision.
A clear vision is essential for motivating and inspiring your team. What do you want your business to achieve?
Leaders understand that leadership is influence.
Leadership is not about having a title or position. It is about influencing others to follow you.
Leaders value relationships.
Strong relationships are essential for building a successful team. Take the time to get to know your team members and build trust.
By following these principles, you can become a more effective leader and build a team that is capable of achieving great things.
The BX Conference was a wonderful learning opportunity and I loved being able to see hundreds of other business owners and thought leaders together to learn from one another. I took a lot from it and know that we are lucky to be living and running businesses in Australia.
If you are a business owner and are wanting to attend a BX Networking event in your local area, check out the BX Networking website for an event near you. It is a wonderful way to meet other business owners, grow your referral network, and find new clients. If you want a FREE ticket for your first attendance, email me on [email protected] and I will send you an invitation too.