People Smartz Blog

The HR Coach Research Institute has released its latest quarterly index.

The latest information coming out of the business sector indicates a significant drop in business confidence and a unique situation developing in terms of a two speed economy.  

The following summary is provided courtesy of the Institute:

"Alarmingly, this data was compiled before any firm Carbon Tax plan was released by the federal government, thus does not account for the affects of the proposed tax. In light of this, confidence and sentiment in the business sector will most probably not improve in the coming quarter.

Furthermore, job advertisements fell, as did job creation in the past quarter.

The multi-speed economy in Australia is presenting the business sector with the unique situation that has the economy growing whilst at the same time making business owners retreat into survival mode. As a result long term planning and strategy are suffering.

Interestingly employee satisfaction levels within the business sector are higher than those of business owner's satisfaction with their own business. This could exacerbate already strained relationships."

You can download a copy of this latest research from our website - HR Quarterly Index

The current economic environment is beginning to have an effect in the workplace. Where employers are growing increasingly concerned about business, employees are acting with greater respect and appreciation in regards to their jobs and their place in the workplace.

The HR Coach Research Institutes Quarterly Index Report provides a regular insight into the ever increasing pressures on Australia's Workplaces.  In the latest report, the Institute reports that pressure and fear for the future is having an increasing effect on the employment relationship.  Employees are worried about a lack of information flowing from employers about the future of the business and their own futures.

What does this mean for your business - how can you use this information to establish a competitive advantage for your business? Read more by downloading the latest HR Coach Quarterly Index (April 2009) report from our website.

I am often surprised by the number of businesses that stay in business despite a lack of planning.

There is an old saying which says that "if you fail to plan, then you plan to fail".  In my experience, this is very true.

Many small businesses begin with a great idea or concept. Many times the new owner is good at what he or she does but is new to the concept of owning a business.  Some take on a business coach or seek advice from a friend, relative or acquaintance to assist them through the process of starting out.

If the person they are seeking advice from is any good, then he or she will be talking to them about goals, markets, strengths, weaknesses, threats and opportunities and then developing a plan to be followed by the business for its first period.

This plan provides a blueprint for the business in the first months, gives the new owner some targets to aim for and should keep expectations within a reasonable range.

I have a number of clients who have asked me to assist them with recruiting or in setting up staff systems.  However, as I speak to them, questions begin to come out of the blue such as "how do I get customers in" or "how do I network" or "do I really need public liability insurance".

These sort of questions are good examples of where a great idea or concept has moved into a start up business without a plan.

I have also found it is common for the market not be the same as you first envisaged - your target market may not be the same as planned, competitors may be stronger than you thought or your price point may be wrong.  Similarly, other parts of your plan may not be working for you. For some, this means throwing away the plan and not revisiting it.

I strongly recommended this means you sit down and, based on what you have learnt, replan your activities.  By doing this you are once again setting yourself goals and targets and have something you can measure your efforts against.

My number one piece of advice to first time business owners is to find yourself a good coach or mentor to assist you through the start up.  This does not have to be a consultant costing you big dollars. As I said earlier, it could be a relative, friend or acquaintance who has experience in business.  The important thing is that you "plan to succeed" not "plan to fail".

At People Smartz we can offer you assistance with starting up your business or give you advice on who you should be looking for to assist you. Contact us today.