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Business owners in Australia have plenty to worry about day in and day out - after all, they are responsible for an entire enterprise. Consider the fact that the fate of a company, its reputation and the well-being of its employees rests ultimately on their shoulders. That’s a lot of responsibility.
As such, it’s not uncommon for these individuals to get a little stressed out when even small problems occur. As we all know, even relatively little issues can spiral into bigger ones. For instance, consider a small marketing typo - it might not seem like a lot, but customers might think, “If they let small details like this slip, what else do they let slide? Can we trust their brand and their products? Should we shop elsewhere?”
As such, it makes sense that corporate leaders might want to ask for help. They should consider working with businesses that can aid in providing consulting, advisory and compliance services that can make their lives easier.
But first things first, we need to get to the root of the issue: What’s keeping owners up in the first place?
Outside forces can certainly be a concern for Australian business owners because there is not much they can do to influence the outcome and affect consumer purchasing power. One such example is the current inflation level in Australia, which is a significant worry for many enterprise leaders. Sensis’ August 2019 business index revealed that 84 per cent of company owners felt that the economy was at a standstill or would slow down.
Specifically, worries cited by respondents included being able to access sources of finance going forward, an increase in the cost of goods and excessive red tape, among others.
This is also closely related to government involvement. According to Sensis’s index, leaders are also concerned about the federal government’s policies as related to corporations, and about one-third don’t think that regulations are hitting the mark. In fact, nearly 23 per cent think that policies are working against small companies, but 21 per cent think that they are supportive.
No matter the current financial status of the nation, overhead costs are always going to be a concern for company owners. They will always have to set aside a significant chunk of their profits for utility payments including electricity, heating and air conditioning depending on the season, water access, refrigeration (dependant upon the industry), storage, and several other expenses, some of which are industry-specific.
That’s not even considering the numerous other monthly payments that owners have to contend with, such as insurance coverage fees, staff payroll, supplies directly related to producing goods and other expenses that cut into the profit margin.
While it’s very important to maintain good relationships with repeat customers and work on brand loyalty, to continue growing as a business and stay in the black, you need to constantly bring in new customers. This continues the revenue cycle - you would then turn those patrons into repeat business and continue growing from there.
This can be a significant concern for company leaders, because this means constant evolution to fit changing standards, from new marketing campaigns to adaptable products. You have to stay on your feet to meet market demands and maintain a presence on various technologies (like your website, mobile applications, as well as brick and mortar stores if there is still a significant call for them in your industry).
Australian business owners may have to sleep with one eye open because they need to be constantly thinking about the next moves of their closest competitors. It’s like the old adage, “If you’re not first, you’re last.” If you have an idea for a new product but there’s already a similar good on the market, you could risk running into a trademark issue, or otherwise, fall flat on a competitive level.
Otherwise, if your products or services simply don’t hold up as well or if your marketing campaigns do not hit their mark the way you’d hoped them to, your competition is going to scoop up the customers before you get the chance to. As a company leader, you need to constantly be thinking about ways you can disrupt the market and attack.
While we live in a modern world, technology adoption can be a real concern for business leaders in Australia. Many owners know the ins and outs of their own company like the backs of their hands and get into a successful rhythm within the office, but they might not keep up closely with the latest gadgets and platforms that could set their enterprise apart - something that their competition might be doing.
Utilisation of technology was cited as a significant cause for concern among Australian business owners as part of the CPA Australia Asia-Pacific Small Business Survey 2018. This is because Australian small companies are less likely than their Asian counterparts to use things like social media for outreach purposes, and they’re also less likely than that same group to profit from online sales and make positive investments in technology. Smart business leaders can erase these fears by consulting with business advisors about missing opportunities in such areas for
best results.
Don’t be one of those business leaders who lose well-earned sleep at night. Stress and anxiety can affect your job performance and work/life balance, and as the company leader, this can affect your business as a whole. If you have any corporate worries and could use some extra help, contact Ulton today to learn more about how the team can help you with your various business needs.
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