Issues with success is something of an oxymoron. But that’s how it’s been and continues to be for many business owners who have managed to thrive despite the pandemic, floods and bushfires, only to find their business success has created a raft of problems they must overcome in order to continue their success trajectory.
In this three-part article series, we share our perspective on dealing with the issues that threaten to derail the future success of many otherwise profitable businesses. Among them, we explore managing risk; making more of your expertise; and in this, the first of our series, we address the unprecedented employment situation and options for gaining and retaining staff.
For many business owners, their ongoing success depends on having staff on hand to deliver what can be a substantially increased workload in a workplace environment where absenteeism is high and opportunity to recruit is low.
When it comes to attracting (and retaining) talent, some things just can’t be controlled. What is within your control, however, is your approach to communicating with your people during disruption and creating peace of mind during times of uncertainty.
In a highly competitive job market, new approaches to gaining and retaining staff are being considered. Smaller businesses aren’t necessarily less competitive, as the new thinking around employee packages increasingly foregrounds flexibility and other benefits that extend beyond money alone.
The key is to develop a deeper understanding of what’s important to the team, including their career aspirations and how they synchronise with the business’ goals and succession planning.
Staffing issues intersect with a range of business challenges and therefore must be factored into the impacts on the entire business operation in the immediate, as well as medium to long-term future.
Wage increases, fuel costs and supply chain issues, for example, will all have an impact on immediate cashflow. Successfully winning new work is one thing, but if there are issues affecting staff and hampering their ability to deliver work, something has to give.
Running through budget and cashflow projections is a good starting point in terms of breaking down the full impact of disruptions, delays and staffing issues on the business. Solutions might include forward planning measures such as forecasting sales and expenses, proactively communicating with clients about cost increases and delivery times, reviewing supplier terms and revising contracts to achieve better prices and/or terms and conditions.
We work with ambitious and successful business owners every day, many of whom will be the first to admit that sometimes they’re simply too close to the day-to-day issues to see the problems and opportunities. Making the most of your professional advisors, including your accountant, is often the most valuable sounding board available to you.
In our experience, clients who share their situation with us and tap into our depth of business experience and knowledge, are usually quick to put things into perspective, find their opportunities and shore up practical solutions that mitigate problems.
Of course, having a strong grasp on your numbers along with the perspective consulting with an advisor brings, can provide a surprising level of confidence – even in dire circumstances when the numbers aren’t looking great. Understanding your current position empowers sound decision making for implementing your next steps quickly and with confidence.
It’s through forecasting current trends and exploring the ‘what if’ scenarios that you’ll gain the insight to move the business forward to the next phase, whatever that might be: Perhaps A flight to safety or A time to opportunity as we wrote about in our last series.
As business owners ourselves, we practice what we preach. We are just as committed to leveraging the agility we promote to our clients through effective business strategies, structures and tax matters, and we’re confident that this comes across in our service approach. It’s why our clients take us seriously when we say we’re here to help them find the change they’ve been looking for.
For more information, business advice and practical support when it comes to finding and retaining staff, please email [email protected], [email protected] or call 07 3217 5700 to talk to a member of the P+Y team.
P+Y Accountants and Business Advisors are known for expanding the possibilities for professionals and enterprising business owners.
The information contained here is general and not intended to serve as advice. Any information supplied is not a substitute for independent professional advice. We do not warrant the accuracy, reliability, completeness or adequacy of the information or material. All information is subject to change without notice. P+Y and each party providing material displayed here disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. Users are encouraged to contact P+Y for advice concerning specific matters before making any decision.