The survey was specific in its (6) questions – asking business owners their three top issues and asking them whether they were getting an adequate return on their business, whether they were paying a staff member more than they earned themselves and whether they were tertiary qualified or had spent money on their business skills since school.
The survey highlighted how tough some small business owners are doing it and how many of us are paying a high price for our independence.
More than 60% were paying a staff member more than they were paying themselves and more than 60% felt their salary did not justify the time and effort they put into running their business. This was despite more than half being tertiary qualified and more than half having spent money on self improvement or business training.
The three top issues for business owners were:
- Finding, motivating and retaining staff
- Cash flow
- Marketing / finding clients
Ross Hancock, the CEO of RIBI was quoted in the press as being shocked but not surprised at the results of the survey - "many business owners are not really reaping the fruits of their labours when they have to factor in the high costs of just being in business"
If this sounds like you - you are not alone! That's not much consolation, I know but it perhaps tells you that you are not necessarily completely incapable - it really is difficult.
I’ve resisted the temptation here to tell you exactly how business coaching will help you but I will suggest some things you can do if any or all of these apply to you.
- Go and get a job!
Ok, I’m kidding but at some point it is worth considering whether running a business of your own, with the independence and self-reliance that we like but with the extra stress and without the stable income is the right choice to make. It is sometime necessary not to hold on to something if it is irretrievable and we should be mature enough to face these questions.
- Step back from all the day-to-day issues and have a look at your business.
Ask yourself whether your business is heading in the right direction and whether you should be doing anything differently to help it head in the right direction
You’d be surprised how little of this you have done in recent times, especially if you’ve been busy trying to keep your head above water – without drowning under the sea of urgent tasks (maybe you’ve neglected some of the less urgent but more important tasks.
So give yourself some time to assess the situation.
- Make a plan (and write it down) to change your business.
After your stepping back and assessing, don’t waste it – plan to how you are going to change it and write your plans down. Once written, they are harder to ignore and much more real.
- Then you have to act.
Sorry, but that’s the only way you’ll get change – to actually do something.
It’s a fairly basic process – I’m sure you’re not sitting there nodding and saying “Wow, this bloke has some amazing insights”. But it is necessary if you are to change your business.
You can do this yourself. If you take the steps above and you have the discipline to stay focused on it, it can be done. Of course, you can seek outside help to guide you, to push you and to hold you accountable.
That’s the job of a business coach. Watch for the special offer for PBL members, from Small Fish or contact Jon and ask him what it is. 9940 0346 or jon.dale@sfbc.com.au
Small Fish Business Coaching is a member of the Results in Business Institute (RIBI) - a network of independent business coaches and consultants in Australia and New Zealand. RIBI’ mission is to support business coaches, like Small Fish, to provide coaching and consulting services to the small business community in Australia and New Zealand. To this end, RIBI sources the systems, manuals and training courses that I use to structure and guide my coaching programs and which, of course, I provide to my clients from time to time.
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