This Editorial is very much aimed at the small to medium size business (SME”s). Small businesses are suffering from over compliance and government red tape and generally rising costs of running a business.
To succeed in business today it is simply impossible to work toward a productive and profitable future in business without spending more time planning. As Michael Gerber (author of The E Myth) would say, working on your business instead of working in it.
In business you need to have a roadmap for the future of your business if you are going to succeed in business. Dr Steven Covey’s book “The 7 Habits of Highly Effective People”, he says that “ you don’t plan to fail, you simply fail to plan”.
The statistics on people going into business are alarming. They indicate 80% of small businesses fail within the first five years of operation, and 20% of those 20% fail within the next five years and only 4% survive beyond the next ten years.
We have come to realise that small to medium size businesses need help if they are going to survive. They need more than the yearly visit to their accountant at tax time. It is vital if businesses are going to succeed and focus on change in their business, then it is vital that they prepare a business plan and set goals.
The business plan needs to set goals and the business owner needs to have a definite vision as to where they see their business currently and what they want their business to look like in the future. The secret in business is to build a business that is productive and profitable without you the owner necessarily working in the business all the time.
We have found in coaching businesses that they suffer from three things. Time, money and their staff issues. If you can solve these three area’s you have a business where you can have more time with your family, able to take time off to travel. The business then is not relying solely on you.
To help businesses to succeed we now offer a full coaching service to our clients.
If you would like to receive a free business health check on your business, please call our office and make an appointment with our Business Coach. 02 9970 3111
Visit our website and leave us a message www.oya.com.au