Home – New Forums Marketing mastery What are the Top 10 Challenges facing SMEs in Ozz today?

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  • #983020
    Rob Perkovic
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    As a small business owner, what are some of the biggest challenges facing businesses in today’s gloomy global economy?

    Many speak speak in rote answers such as:

    1. New Clients
    2. Greater market share
    3. Fear of competitors
    4. Getting back to being profitable
    5. Less work
    6. Better systems in place
    7. New profit centers
    8. New markets
    9. Higher Sales
    10. Back on purpose

    Note: Not a TOP 10, but what has been common with numerous clients.

    But, once you dig deeper. You realise there are greater goals and objectives when it comes to running the business. Especially in the kind of tough economy we are all seeing.

    What challenges in being in business, if any, do you believe should make the list?

    #1140177
    John Debrincat
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    Rob Perkovic, post: 160030 wrote:
    As a small business owner, what are some of the biggest challenges facing businesses in today’s gloomy global economy?

    Many speak speak in rote answers such as:

    1. New Clients
    2. Greater market share
    3. Fear of competitors
    4. Getting back to being profitable
    5. Less work
    6. Better systems in place
    7. New profit centers
    8. New markets
    9. Higher Sales
    10. Back on purpose

    Note: Not a TOP 10, but what has been common with numerous clients.

    But, once you dig deeper. You realise there are greater goals and objectives when it comes to running the business. Especially in the kind of tough economy we are all seeing.

    What challenges in being in business, if any, do you believe should make the list?

    The main challenge for any business owner is work/life balance. The more successful a business the greater the challenge.

    But I don’t really think that there is a generic top ten as it really depends on the business and what phase of the business life-cycle it is in.

    Is it a tough economy and do worldwide conditions have an influence on what happens here in Australia?

    In my experience tough economic times are great times to be in business.

    I had a business partner in the past and his favourite saying was; “if they need my products (or services) in the good times then they will really need them in the bad times….”.

    If you can keep your customers satisfied and work with them in the difficult economic situations then they will stick with you.

    If you run your business intelligently then you will survive through any economic situations or trends. The businesses that are most impacted but economic slow-downs are those that failed to take a planned risk in the good times.

    Every business plan should consider the risks and contingencies.

    That leads to the second biggest challenge that I see for business and that is Business Planning and then Executing the Plan. Many people give lip service to the first but then totally ignore the second.

    John

    #1140178
    Rob Perkovic
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    John Debrincat, post: 160054 wrote:
    The main challenge for any business owner is work/life balance. The more successful a business the greater the challenge.

    But I don’t really think that there is a generic top ten as it really depends on the business and what phase of the business life-cycle it is in.

    Is it a tough economy and do worldwide conditions have an influence on what happens here in Australia?

    In my experience tough economic times are great times to be in business.

    John

    John, agreed. Tough times are the best times for all those who are set-up and geared to acquire greater market share and prosperity.

    But, for many. Such economic conditions are unknown territory.

    Thank you for your input.

    RP

    #1140179
    John Debrincat
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    Rob Perkovic, post: 160059 wrote:
    But, for many. Such economic conditions are unknown territory.

    RP

    My only answer is “go and do your homework”. There is nothing happening, from an economic viewpoint, today that has not happened before. Remember the “Dot Com” crash (13 years ago), or the worldwide economic recession of the late ’70’s and early ’80’s. Or even the Great Depression.

    There are some great lessons to be learned and it is really as easy as asking.

    Situations vary by state, and metro v country, and if you are in WA or NT you won’t be complaining about the economy but then you have different issues like finding labour.

    If you are starting or growing a business and don’t have experience (or even if you do) then go find a mentor or business coach. Go talk to your local business chamber they will have mentor programs in place or check in at the Small Business Mentor Service it is funded by the Small Business Connect a NSW Government program or check with your state government or the Australian Chamber of Commerce for a state chamber.

    #1140180
    Shara Evans
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    In a shifting market, being able to develop new products or services that are positioned for your customer’s current needs.

    I also agree with John Debrincat, that working with a mentor or business coach can help to fine tune your ideas from an external perspective – often uncovering possibilities that you wouldn’t otherwise have considered.

    Best wishes,
    Shara

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