Many business owners go through stages where their business hits a crossroad and find they are at a loss as to what to do next, or how to get their business back on track and onto a positive pathway.
Sometimes they are dealt a deck of cards that do not work in their favour, such as; key staff leaving, loss of large clients, substantial amounts of poor payers, or suppliers that make changes that can leave a business in a hole.
The emotions, the headaches, and worries can affect the way business owners think and act, and before you know it, you make some wrong decisions that become very costly!
So, what do you do to recover or trade out of a situation, and where do you source your help from?
I have always said, running a business is not easy. You need to have two things going for you to run a successful business: sheer determination and high resilience. However, please do not feel that you are alone because things do happen; we all go through the same difficulties in running a business. We all want the goal of running a successful and profitable business that grows year on year.
What makes it hard is when you have partnerships in your business, such as, husband and wife, brothers and sisters, father and sons, good mates or a merger/takeover, where you are working together as one. Sometimes, due to different opinions, personalities or ideas, things can become very frustrating and you’re not effective because you cannot agree or end up going in different directions.
Should you hit a crossroad like this, you need help to create a positive pathway and work through it. There are many business owners that are too proud and don’t believe they need help. But the market is changing fast, technology is becoming smarter, and competition is becoming stronger. This all effects the disruption of a business.
Another mistake business owners make is where do they source their advice from, formal or informal? We all like free advice, but is it effective or the right advice? Below is an Advisor Engagement Model that KBA has sourced from Advisory Board Centre. This example shows the pathway many business owners take when sourcing help and advice to improve their business.
Managing change is easy when you are a start-up business; it’s easy to manage change because you are adaptable every minute of the day to make it work. But if you have a SME business and manage staff, then do you need assistance from experts? What about more advice on how to improve your products and services, or the way you market your business? Do you think about better processes that will help you engage with your customers, or the financial impact or risks if you make the wrong decisions?
The goal of getting advice is getting the right advice from industry experts. You want to deal with a company that practices what they preach, as well as having the ability to tap into other professionals that can make a difference. You want to make sure that if you deal with a HR Company like KBA, this company will employ staff just like you would, and that they understand the process of managing staff from recruitment to induction, performance and retention, as well as the cost and damage of staff turnover.
KBA has just developed a Business Growth Model that helps businesses to go to the next level. Imagine tapping into a company that has been around for more than a decade and has now tapped into over 180 industry experts from all walks of life through business in Australia. In today’s world, to stay competitive you need the industry experts to help you with your journey, especially if you are a family business, or a business looking for growth and change.
Advisors and Industry Experts do not make the decisions for you. They are here to help and guide you to make the best-informed decisions for your company. At KBA, we are very passionate about getting involved to assist SME businesses in their journey to perform better in today’s competitive world. Our goal is help companies to become more profitable and sustainable as we approach 2020 and beyond.