The failure rate of small and medium businesses in Australia is nothing short of a tragedy. Many business owners get caught up in the day-to-day operations of their business and never take the time to come up for air and look around. When they do, they often realise they are looking at a changing business environment.
The repercussions of small business failure are far reaching and can be devastating, affecting not just the business owner but also employees and their families through job loss, or suppliers and lenders being unable to recover debts.
You can minimise the chance of failure by ensuring your business remains relevant in changing times. There are many good reasons why you should, and lots of options for how to go about it.
The business world is constantly adjusting in response to emerging technologies, new trends and changing client expectations. My belief is that it is vital for every business owner to engage in some form of ongoing education on how to keep their business relevant. Here are three key advantages of doing so:
1. Keeping up with a changing business environment
The business course you did more than ten years ago is probably out of date. Since then, social media, cloud-based systems and, for some of us, the internet itself have emerged as essential tools that vastly improve business processes and systems. Imagine trying to do business today without email. Introducing a new software package, for example Xero, can make an enormous difference to the efficiency of a small business. As a business owner you need to keep abreast of a changing business environment to keep your business relevant.
2. It’s not as hard as you think
As the business world is changing, so too is the business education sector. Ongoing education does not mean signing up for years of study at university. There are many other options available to you including:
Online – numerous resources exist on topics ranging from leadership and entrepreneurship to technical innovation. They include blogs, YouTube videos, webinars and journal articles. Setting aside a couple of hours a week can help you get a grasp of new trends relating to your field of business.
Conferences and events – Attending relevant industry conferences and events is a great way to gain insights into what is happening in your industry. It’s also valuable to meet others in your industry, build your network and share your experiences.
Short courses – Many short business courses can help you with a specific area of your business, from new software such as Xero through to business courses offered through providers such as the Australian Institute of Management.
Free online courses – A number of providers also offer free online courses including introductory courses for business owners through to tutorials on social media.
Business coaching and mentoring – At Berkmans we specialise in helping small and medium businesses and can help you make the most of what you have and help you overcome the obstacles which may be preventing your business from flourishing.
Education and keeping up to date with changing trends and demands can help you set an example and give you credibility with your business community, employees, suppliers and most importantly, your customers. This helps to build your brand and reputation.
It’s time to re-energise yourself and look at your business with fresh eyes – the potential for business improvement is enormous.
What about Blockbuster?
As most of us know, Blockbuster Video was unable to adapt to changing technologies and market trends when new players such as Netflix entered the market. Netflix also started out as a movie rental business but, unlike Blockbuster, looked ahead to anticipate how it would need to change in order to remain relevant with the introduction of online streaming.
If you want to avoid becoming the next Blockbuster Video, take the opportunity to discuss your business with me. We offer a FREE CONSULTATION to discuss any issues you may have about keeping your business relevant in changing times.
At Berkmans we apply 40 years’ experience and we specialise in helping small and medium sized business owners on the Central Coast to save tax, enhance profitability and enjoy the prosperity you deserve.
Please contact me on email@example.com or call 4351 2622 to arrange your free consultation.
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