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Do you really understand your business?

09 November 2016 Sasha Karen
Owning a business

For a business owner, there is a lot to understand to maintain success. These three things are useful to help ensure your business continues to tick over.

Running a business can be difficult as no one can really tell you exactly how to do it.

The best you can do is to learn from other business owners who have been successful.

Speaking on the My Business Podcast, Sydney Seaplanes CEO Aaron Shaw lists the top three things every business owner should understand about their business.

1. The day-to-day basis of the business
“I think as a business owner, it is really important to understand the detail of the business,” Aaron says.

He believes it is beneficial for a business owner to be involved on a day-to-day basis.

“I’m not an abstract owner or managing director. I want to be, and have been, sort of an integral part of the team, and know the detail and understand the technical part of the business.”

2. Financial obligations
Aaron explains that it is also important to understand your exact financial obligations to maintain your cash flow.

“You’re not spending that money. You’re keeping it there and you’re staying on top of that,” he explains.

“That is a challenge for sure, [with] tax issues and the like that seem to be constantly gnawing at our heels.”

3. The needs of your customer base
At the end of the day, businesses provide something that is desired by their intended customer base.

For Aaron, that means providing the best possible seaplane experience, from before the customers set foot on the plane through to the flight and touchdown. This experience isn’t just up to the facilitators and the plane, but also the pilot’s skills and sociability.

“Our pilots have to be tour guides as well as pilots actually. They are interacting with the passengers,” Aaron says.

The way the seaplanes are structured means that the customer and the pilot sit right next to each other.

“[Our employees] do have to be good communicators and that is something that we certainly look for when we recruit people,” he says.

“That they have that tourism and leisure experience and background so that they can provide that service to people, as well as, obviously, fly the plane safely.”

Do you really understand your business?
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