Think HBR

Why your survival means evolving your business

Megan Faraday-Bensley
Prosperity Advisers Group
Business owners have mixed emotions as they experience the highs and lows of owning and running a business. Very few business owners take the time to sit back and analyse the changes taking place in their business and business operating environment and then consider how these changes impact on their current and future business situation.
Consider how any or all of the following impact on your business:
• Greater use of technology to deliver products and services to your customers
• Greater use of technology to enable your internal business processes
• Increasing costs of supply including increasing use of imports
• Greater pressure on profit margins from national and international competitors
• Lower sense of customer loyalty
• Demographic shift with ageing business owners
• Higher employment costs
• More businesses for sale with fewer buyers
Small business owners need to continually evolve the way they do business if they are to survive and thrive. Completing a business SWOT analysis is an essential first step in any effective business planning process with the aim of successfully evolving the business to counter existing weaknesses and threats, bolster strengths and take advantage of opportunities as they arise.
Planning is the key to your future success
Successful small business owners are able to spend less time working in their business, with more time spent planning their future. Take the time to find out what's happening in your industry, how you compare with your peers (benchmarking) and establish a plan of what your business will look like in the future and your strategy to get there. Invest in planning days with your most trusted Advisers so you can get independent and objective advice on how your business is performing.
Are you doing any or all of the following?
• Do you regularly attend industry conferences and events?
• Do you regularly attend business management and training courses?
• Do you allocate a % of your working week to strategic and business planning?
• Do you regularly spend time with your Accountant and Financial Adviser to discuss your business affairs?
• Do you regularly attend information sessions provided by your most trusted advisers?
One reason people resist change is because they focus on what they have to give up, instead of what they have to gain.
In an environment of rapidly changing technology, the opportunities available to evolve or re-engineer your business to position it for success have perhaps never been greater. How you plan for change will improve your chances of surviving and thriving. Take the first step today.
For further information contact Prosperity Advisers Group on (02) 4907 7222, email or visit
Megan Faraday Megan Faraday-Bensley
is a Business Services and Taxation Director at Prosperity Advisers Group. She has over 18 years experience providing business and financial advice to a diverse range of clients. Megan’s business and financial advisory experience extends across numerous sectors, including Government, construction, property development, professional services, health and manufacturing.