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Ways business owners can be more successful
A recent survey of Canadian owner/managers of small and medium sized businesses revealed a high degree of frustration. Seventy one percent of Canadian small business managers say running a business is more stressful than it was five years ago. Not surprisingly, the survey found that BC owners are feeling the most stressed.
The most common problem is the shortage of time to manage the wide range of issues that small and medium sized businesses face. Owner-managers rated the following seven items as those that consumed the majority of their management time:
1. Employees (26%)
2. Business Growth (19%)
3. Financial Concerns (16%)
4. Customer Service Concerns (11%)
5. Administrative Matters (10%)
6. Worries Over Survival (9%)
7. Coping with Government Regulations (9%)
Despite the problem of not having enough time, most business owners know what needs to be done. An overwhelming 97 percent say their number one goal is to improve customer relations, yet most managers find their time is spread so thin they are rarely effective in accomplishing this goal. They are usually too busy putting out fires; literally, they are too busy to see the forest for the trees most days.
Small and medium size businesses have all the administrative, sales and production headaches that large businesses have but without the army of well equipped and trained executives. It is a wonder sometimes how any small and medium businesses survive, given the huge demands on the owner/manager's time which take away from the primary need to service their clients (who, incidentally, pay the bills). Yet despite all the problems, small and medium businesses are the largest growing sector in our economy; however, there are not many business owners who can match the net take home pay of an executive in a large business with comparable duties and skills.
How can owners of small and medium businesses become more successful? Their success is based on their ability to create the time required to better service their customers. The company has to have a customer-oriented culture. A customer-oriented company must be the mandate of not only the owner/manager, but of each and every employee and supplier working for the company. The manager needs to delegate problems that rob precious time from this primary purpose. Success means creating an organization that has systems and structures that maintain themselves without constant reinforcement of the owner-manager. A truly successful company works for the customer, employee, supplier and manager. Success motivates more success.
Joyce Smith is president of JA Smith & Associates Inc. Certified General Accountants and Certified Financial Planners. The firm offers financial and tax planning advice for both individuals and business.
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