The good times will keep rolling until about March, so companies need to focus hard on sales to make the most of the nine-month window.
Act now! All small and medium business owners have about nine months to get their forward sales book in order and channel-build like crazy.
Why? There has never been a better time to expand. We are awash with boom and election money. And confidence throughout Asia and Australia continues to rise.
Now is the time to build on the foundations you have put in place in the last year. Start by putting any part-time sales staff on longer-term contracts and making sure sales staff are highly trained.
Sales staff need to be given more aggressive targets and the promise of superior performance bonus. Make sure your offers are very clear, sales brochures and websites are up to date and your staff know all about search engine optimisation and marketing.
Go to trade fairs and plan interstate expansion. Export markets should be placed high on the agenda, with export market development plans brought forward.
Low interest rates and bank interest in commercial loans should be converted into sound expansion projections as banks are now racing to target well-off customers and expand their services to business owners who can take up the flood of funds that are seeking a home in the market.
Lastly be very disciplined. Talk to your accountant and make sure the BAS and GST are up to date; the last distraction you want in the next nine months is from the tax office.
And have contingency plans in place for next year. By March the election money will have dried up and there is a big chance that confidence worldwide could begin to slide.
To read more Colin Benjamin blogs, click here.