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14 Ways To Build Your Business by Silver Chef .pdf


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How to work smarter,
not harder to build
your business
Share these tips

28 years ago I worked
from my garage selling
pizza ovens. Challenged
by a lack of interest in
purchasing equipment,
I created a new option
for customers that better
addressed their needs.
Hence, our unique
Rent-Try-Buy® Solution
was born.

Allan English, Founder and Executive
Chairman of Silver Chef Limited

Through smart business decisions and hard work, I turned
these humble beginnings into the ever-expanding business
that is now Silver Chef Limited. Now a publicly listed company
on the Australian Stock Exchange, with two brands, Silver
Chef and GoGetta, we are featured on BRW’s Best Places
to Work list for the last five years, and are currently trading
in three countries (Australia, New Zealand and Canada). It’s
amazing to look back and see how far we’ve come!
What’s more, after an overwhelming response in the
hospitality industry with Silver Chef, we began to identify a
critical need for flexible equipment funding in other industries.
Thus, our GoGetta brand was born in 2008 and now covers
more than 12 core industries, including fitness, plumbing and
construction.
So regardless of the industry, or size and stage your business
is at, here are some of my best tips to drive success. Some
you may already know and practice, some you know you
should do more of, and some will surprise you.

How to work smarter, not harder to build your business

2

01

KEEP YOUR CUSTOMERS FRONT
OF MIND. ALWAYS.

Our dedication is reflected in the number of customers we
have helped achieve their goals, whether that’s setting up
their much dreamed about café or expanding the fleet of a
transport company.
Each month, we ask a range of our stakeholders a quick,
one question survey: How likely are you to recommend
Silver Chef or GoGetta to your friends, on a scale of
one to ten? Those who respond with a nine or ten are your
promoters, those with scores of seven and eight are your
passives, and those with a six or below are your detractors.
Simply subtract your percentage of detractors from your
percentage of promoters and you have your Net Promoter
Score. Voila!
While this might be overkill for your business in its current
state, simply listening to your customers and asking the right
questions will help you increase customer satisfaction and
brand loyalty. Perhaps you could run a competition offering a
freebie, or a discount on your product or service in exchange
for their valued feedback?

How to work smarter, not harder to build your business

3

02

SAVE YOUR CAPITAL
WHERE YOU CAN.

The vast majority of business owners agree that
starting up a venture costs more than expected.
You’ve got to consider rent, electricity, marketing
costs, staff wages, fit out costs and equipment
costs. But what happens if you get an unexpected
pipe leak, your rates go up after six months, or a
piece of your equipment breaks?
You’ll need cash immediately, and what better way
to combat these expenses than to have the cash
quite literally sitting in your bank account? Silver
Chef’s and GoGetta’s funding models free up your
capital, preserves your cash and lets you get on
with your dream.

03

ACCEPT THE ONLY
CONSTANT IN LIFE
(AND BUSINESS!)
IS CHANGE.

Being willing to adapt effectively to
this change will drive growth for your
business. What are the newest trends?
What’s happening out in the market at
the moment in your industry? How can
you leverage off it?

How to work smarter, not harder to build your business

4

04

BE INVOLVED IN SOMETHING BIGGER.
We are passionate about our philanthropic work, in particular, our
support of a charity called Opportunity International Australia, a not-forprofit organisation that was founded in 1971. Its two visionary leaders
Al Whittaker and David Bussau were inspired to take action by their
encounters with those living in extreme poverty.
We feel a special affinity with this organisation, most notably because
just as Silver Chef Ltd provides a unique model of equipment funding to
help our customers succeed, Opportunity International Australia provides
small business loans of $200 to people working their way out of poverty.
They have an amazing 98% repayment rate! As at 17 April 2014,
Silver Chef Ltd has helped 410,503 people out of poverty, and the
number’s still climbing.
We also believe in corporate responsibility and help out other businesses
in need. Last year, we donated kitchen equipment to help Australia’s
first not-for-profit café and bar, Shebeen, get on their feet and open
their doors. Recently celebrating their first birthday milestone, the quirky
sustainable venture, located in Melbourne’s iconic Manchester Lane,
stocks exotic beer and wine from the developing world, with all profits
given to aid projects in each drink’s country of origin. By helping others,
our staff shares a core purpose, keeping the passion alive!

How to work smarter, not harder to build your business

5

05

MAKE SURE YOU
HIRE THE RIGHT
PEOPLE.

And by this, we mean with the right
skills AND a good cultural fit with your
business. This one’s a biggie. The
team at Silver Chef live and breathe
hospitality, and this pure passion
translates into enthusiasm, knowledge
and friendliness in the workplace,
across our customer care team,
reception as the first point of contact,
or our sales team – and everyone in
between.
We do the right thing, and our core
values of respect, teamwork, flexibility,
attitude, integrity, wellbeing and
communication underpin everything
we do. Perhaps most critically, we are
there for all of our stakeholders – our
customers, our equipment dealers, our
industry partners, our shareholders and
our staff. We invest in what matters.

06

SET BOTH SHORT AND
LONG TERM GOALS.

At Silver Chef and GoGetta, we have our
monthly goals, and well as our long term
(2020) goals (appropriately named Big
Hairy Audacious Goals, or BHAG for short).
Clearly identifying your goals will help you
stay focused and on track. Make sure
to communicate these to your staff so
they know how they’re contributing to the
common purpose.

BIG
hairy

AUDACIOUS

How to work smarter, not harder to build your business

GOALS

6


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25,000

25,000
5,000




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Our dedication is
reflected by more than

customers we have
helped to achieve their
business goals.

How to work smarter, not harder to build your business



7

07

KEEP ON TOP OF TRENDS IN YOUR INDUSTRY.

Subscribe to blogs and companies that write about upcoming trends in your industry, and read widely.
Knowledge is power!
Some good ones are:

• VIEO DESIGN BLOG: for business blogging tips, media releases, social media strategies
www.vieodesign.com

• PROFITALIST: for great management tips, including ‘how to get the best from your Gen Y
employees’ and ‘the 5 pillars of crisis management’
www.profitalist.com

• HOSPITALITY HUB: for information on legislative changes, industry news and new products in the
hospitality industry
www.hospitalityhub.com.au

• SOCIAL MEDIA EXAMINER: for information on how to use various social media channels like
Facebook, Twitter and LinkedIn to drive business
www.socialmediaexaminer.com

• SILVER CHEF’S HOSPITALITY INDUSTRY SUCCESS INDEX (HISI) REPORT: published annually, it
provides valuable insight into the hospitality industry
www.silverchef.com.au/About-Us/HISI13

How to work smarter, not harder to build your business

8

08

IT DOESN’T MATTER
WHICH STAGE YOUR
BUSINESS IS AT,
THERE’S ALWAYS ROOM
FOR IMPROVEMENT.

Every business has its own niggling issues,
but if you let them build up then they start to
impede on how the business functions. Don’t
use ‘being busy’ as an excuse! It’s important to
set aside time to ensure things run as smoothly
as possible. Are there processes that could be
made simpler?

09

THINK OUTSIDE
THE BOX TO TURN
MORE PROFIT.

A good example that comes to mind is
a bowls club I saw just the other day.
Bowls clubs face the risk of appearing
‘irrelevant’ to the younger generation,
with falling member numbers each year.
This one particular bowls club though
added a terraced café onto the side of it.
The place is buzzing every weekend now,
overflowing with people of all ages. If
you have a challenge with your business,
think of it as a hidden opportunity!

How to work smarter, not harder to build your business

9


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