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The top three concerns for small to medium business (SME) owners

There are many challenges for small and medium business owners. There are a lot of balls in the air! Staffing, inventory, service quality, marketing – not to mention bookkeeping and overall finances.

At DFK Everalls, we believe the first step to overcoming challenges in business is – to identify them. This seems simple, but often owners are so focused on keeping the wheels turning, they don’t have time to sit down and make a plan.

Listed below are the top three concerns for business owners, as found in the 2018 Bstar SME Research Report.

So this is the ‘identifying’ step. We are working to highlight some areas that need attention.

Then – and this is the best part – we will help you to improve them!

 

1. Business Planning

The report ranked business planning as the primary concern for small to medium business owners (SME,) continuing its #1 ranking from the previous year.

Many owners do understand the importance of business planning. But some lack the relevant skills, or time, to address their concerns. We know this because of recent data that shows only 20% of business owners have a business plan.

Have you researched your competition? Do you know your target customer? Do you have KPI’s?

Mapping out all these things is crucial. You need to know where you are in the market – and set milestones to get you where you want to be.

There is support available to help business owners with this. DFK Everalls offers Business Coaching and Advisory services, including Strategy Planning and Implementation.

We can assist you in formulating and documenting a concise business plan that becomes your blueprint for running a successful and growing business and if you have a particular goal or opportunity we can help develop a strategic plan with you to achieve.

But we don’t stop there – we can guide you in implementing the plan and in monitoring actual performance. We help you evaluate on a periodic basis, to ensure your business stays on track to achieve its goals.

And when you do meet your milestones – we celebrate with you!

It’s a great partnership. And we love seeing businesses succeed – it’s why we do what we do!

 

2. Protecting the Business and Family Assets

This concerns business owners more than ever, moving up to #2 spot from #5 last year.

Business owners are becoming more aware – and concerned – about the business risks they are facing.

Strong interest is developing on taking steps to protect their business and personal assets. And it is an important process.

The team at DFK Everalls team works with the Everalls Wealth Management team to ensure both your business and personal assets are protected.

You can sleep better at night, knowing your assets are not just protected but are set up for best performance to achieve your financial goals.

 

3. Stress and lifestyle

Unchanged from last year at #3, stress and work/life balance remain a major concern for most business owners.

The most quoted reason is that the business would be unable to operate without the owner for a prolonged time and that they like a greater work/life balance.

Hiring a 2IC, or employing an outside company to support you could help alleviate this stress.

You need someone you can trust to help you when you need it. The team at DFK Everalls can identify ways to reduce your business risk and systemise your business so that you can take time off when you need to.

 

Hot Tip: Why not have a Strategic Planning Day?

A Strategic Planning Day is a great start towards getting your business on track. We make sure your business goals are consistent with your personal goals, we make sure you understand the purpose of your business and help you develop the vision.

We then work through where your business is now and help identify and prioritise the areas for improvement and finish the day with a Strategic Plan on a Page that identifies exactly what needs to be done to get your business running smoothly towards achieving its goals.

We facilitate this day for you, to keep everyone on track and make sure things go smoothly.

If you would like to find out more about business planning, contact us today. We would love to be part of your journey.

 

For greater insight, have a read of the 2018 Bstar SME Business Report. You can grab your copy below

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