Suffered Enough yet?  

The difference between success and failure for most business owners is some basic business knowledge. You don’t know what you don’t know!

Many business owners when starting out are very confident in their own knowledge, ability and enthusiasm and this is often enough to get the business off the ground. But far too often down the track when the business starts to falter they stubbornly apply the old principles that no longer work.

As Albert Einstein said, “We can’t solve problems by using the same kind of thinking that we used when we created them.”

It is difficult to know exactly why some business owners are so difficult to help. It could be due to born optimism or pride, but whatever it is, many business owners are reluctant to listen or are apprehensive to take advice from those that have already been there and done that.

Struggling business owners need to be aware that on average 3,736 Australian businesses close their doors permanently each week (Source: Australian Bureau of Statistics). That is a lot of shattered dreams!

Are you a struggling Business owner?

  • Are you making more money now than you would if you worked the same amount of hours for someone else?
  • Could you sell your business tomorrow and make a satisfactory return from your investment?
  • Each year is your net profit greater than what you would have received if the money used to run the business was invested?
  • Are your profits after you pay yourself a fair wage greater than the rate of inflation?

If you could not answer a categorical yes to all the questions above then I would ask “have you suffered enough yet?” Have you thought what your strategy will be? Are you going to wait to experience more pain? Do you accept that your business has little value or doesn’t pay you enough? Is now the time to do something about your current situation?

If you have had enough pain and are willing to change your approach through asking questions, listening and learning then there is some good news, help is only a phone call away! Watts Price Accountants (03) 5382 3001.

 

Richard Kemp – Watts Price Accountants
E: richardk@wattsprice.com.au

The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.