Management
LOOKING AHEAD
It has been reported that more than 50% of new businesses fail within the first year and after three years over 80% had failed. The Australian research found that 80% of these failures were the result of managerial incompetence and inexperience. Why then are business owners not seeking the ongoing help and advice they need to be successful?
Too often the important issues are simply never raised. A recent MYOB survey of small business owners which looked at the accountant–client relationship shows accountants are the main source of business advice, nominated by 77% of those surveyed. Yet in most cases small business owners have never raised the issues they want advice about with their accountant, even though they do want advice in that area.
Take for example the important issue of succession and exit planning. In the survey nearly half the respondents did want advice in this area but never discussed it with their accountant. Other results suggest business owners don’t have the time, the money or don’t think their accountant offers these services.
You might not action anything immediately, but don’t lose sight of the issues. You need to reserve time for planning – for working on your business. But you don’t have to do it all yourself. We can discuss any of these issues with you and help you put ideas into practice if that’s your plan.
