Here are the top 5 strategies used by the Australian Businesswomen’s Hall of Fame inductees for 2015

Strategic planning is vital to the success of any business.

It requires a vision, purpose and outside-of-the-box thinking.

While every business uses different strategies, ultimately their overall result will be leading to the outcome – success.

The Australian Businesswomen’s Network recently announced its 18 Hall of Fame inductees for 2015. Among them are some of Australia’s most successful female businesswomen and entrepreneurs.

Despite the 18 inductees coming from different roles in different industries, they shared five common business strategies.

Cathie Reid, Managing Partner of Epic Pharmacy Group.

Here they are.

1. Passion

Cathie Reid, Managing Partner of Epic Pharmacy Group, says owning a business is hard work and if you are not filled with passion about what you do, it makes it hard to get out of bed on the tough days. “If you are not ‘out of your skin’ excited about what you’re doing more days than not, look at what you need to change to get back to that mindset, and make it happen.”

2. Teamwork

Audette Exel, founder of Adara Group, says don’t imagine for a second that you can do this alone. “My career has been built with a great team, working with a shared vision. My biggest failures have come from the times I acted alone and the successes have come from working in a team. Adara is successful because we have built a diverse team.”

Barb de Cort, founder and CEO of ENJO.

3. Purpose

Barb de Corti, founder and CEO of ENJO, says make sure your business has a purpose. “Ask yourself what will it achieve for yourself and others? Many ideas fail because success doesn’t just come from a passion – the purpose needs to be there.”

4. Lead by example

Penny Spencer, Managing Director of Spencer Travel, says it is always best to lead by example. “As a leader you need to ensure people want to follow you. The only way to ensure this is to do as you say, walk the talk to earn the respect and trust from your followers.”

Michelle Bridges, founder of 12WBT.

5. Don’t take no for an answer

Michelle Bridges, founder of 12WBT, says if you don’t believe in what you are doing and who you are, then go back to the drawing board and figure it out. “Listen. Still do your thing, the way you do, with your unique flair, but listen to solid feedback and tweak your idea. It’s one thing to be bullish, another to be bull-headed.”

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.