3 traits SME owners should avoid
Posted 09 Jan 15
Are you helping your business reach its full potential?
3 common traits SME owners should avoid
We have observed 3 common traits of SME business owners that can impact the ability of the business to reach its full potential.
1. Planning- in our experience most business owners spend more time planning their holidays than they spend on planning in their business. When we sit down with new clients to work on business planning, we often hear that it's the first time they have ever taken time out from their business to think about its future. Having a solid and holistic plan in place is crucial to the success of your business.
2. Accountability - small business owners and sole traders rarely have trusted and experienced people to talk to about their business. As a result, no one holds them accountable for completing the important things that need to be done to improve their business. It can be very lonely as a small business owner, so regular catch ups with your business advisors or even the implementation of an advisory board can provide the support you need.
3. Numbers - our business clients are excellent at what they do - the core functions of their businesses. Understandably, many of them struggle to understand and interpret the numbers in their business as very few have formal training in commerce or accounting. Maintaining a high quality picture of your business' financial situation should not be seen as a compliance issue only â€“ it is critical to effective decision-making. Of course, this is where business advisors and accountants can step in to help you.
Hopefully not all of these apply to you and your business. However, if you need help to take your business to the next level contact any of our business advisors around Australia.