Four steps for Regional Business success: Understanding the statistics – Part Four

Take charge, and Call Them Out.

Having spoken to thousands of regional small business owners throughout my career, there is no doubt in my mind that many professional services are letting our small business owners down.

ABS data shows that regional areas may be underserviced in many areas important for small business development. You only need to look at the figures to see that small owners are not getting the full service from their professional partners.

Only:

  • 17% of businesses have an up-to-date family will;
  • 7% have an appropriate business will;
  • 31% have a clear succession plan;
  • 32% have a formal exit strategy;
  • 34% are ready for investment; and
  • 15% have an external board.

(Source: CCH survey)

Where there is a constant failure by business professionals to deliver full services in regional communities, small regional business owners start settling for less. The hope for a holistic service offering to regional businesses quickly fades away.

As a witness to the under-servicing of small businesses, I’m calling out business professionals across regional Australia: Are you truly looking after ALL the needs of your small business clients, or are you doing only what it is that is expected of you? (Their tax and not their financial performance reporting as an example).

As a recipient of professional services, it’s up to you to call out your individual providers.

  • If your lawyer is completely reactive to your needs, ask them why;
  • If you only see your accountant at tax or BAS time, ask them why;
  • If your financial adviser is more concerned with selling their product than meeting your needs, ask them why; and
  • If your insurance broker can’t find insurances to fulfil your needs, ask them why not.

As one of my mentors suggests, ‘Call it tight.’ It’s time to demand more. You are worth it. What you’ll discover is that, when you start to demand more, you can start to give yourself a break. http://www.theacademy.net.au/four-steps-for-regional-business-success-understanding-the-statistics-part-three/

We’ll be back again tomorrow with the final step to support regional businesses to avoid becoming a statistic.

You can join us on this journey by clicking the “Follow The Academy on Facebook” or “Connect with The Academy on LinkedIn” links, located at the bottom of this page, on the right hand side. You can view the third blog in series by clicking here.

Jeremy Hutchings is a business development specialist and CEO and co-founder of the Regional Entrepreneur Academy. He lives in Wagga Wagga, NSW, Australia, with his wife, Jane, and their four incredible children. You can contact Jeremy at jeremy@theacademy.net.au

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