The work of the Restructuring and Recovery team always comes back to people.
It’s personal work. We don’t take for granted that business owners are often confronted with difficult decisions when they meet with our team.
We have seen businesses recover and thrive, and others sadly fail. We are at the front-line of the RSM business in many ways, when local, or national business owners need understanding, transparency and options tailored to their personal situation.
Top tips for business owners
The National Head of Restructuring and Recovery at RSM, Greg Dudley, shares his top tips here to help equip business owners as they reassess their situation now, post-2020, and as Government subsidies and safety nets for businesses, such as JobKeeper, are phased out.
As the National Head of our RSM division, he still meets daily with clients to ensure he is in touch with the real and current issues business owners are facing.
1. Take a pause, gain a helicopter view
“The Restructuring and Recovery team understands that when you work 70+ hours a week as a small business owner it’s very hard to find the time and energy to remove yourself from the business and review what’s working and what needs to change,” Greg said.
Research released by Prospa showed a quarter of Australia’s small-business owners were clocking up more hours per week than the average doctor.
“We have a ‘new normal’ now, post-COVID-19, and it presents serious challenges, but also opportunities for business owners. It’s critical to take the time to step out of the running of your day-to-day business and take a helicopter view. The best next steps for your business often become clearer when you take a pause and gain a view from a different perspective,” said Greg.
2. Seek feedback: be part of the support local movement
“It’s easy to feel isolated when you are a business owner, so it’s important to actively seek feedback from your existing customers. What products or services do they want in the ‘new normal’?
Some of our RSM Restructuring and Recovery clients were able to effectively pivot during COVID-19, and as a result have grown their businesses. Local restaurant owners who created a digital marketing presence and delivered to people’s doors tended to prosper. Those restaurants who relied solely on foot traffic and weren’t able to reinvent their offering may be finding themselves in a difficult predicament now,” Greg said.
It’s definitely an ideal time to engage with your local community, as Australians are more keen than ever to support local businesses. A recent Smart Company article covering small business trends in 2021, reported that:
“SMEs that nailed fundamentals - by acting with empathy, like part of the community, and by sharing human stories - did better than others.”
Greg commented, “It’s also critical to communicate regularly and openly with your employees, as chances are they are in touch with your customers day-to-day and will be able to offer valuable insights to inform your next major business decisions.
In 2021 it also makes particularly good sense to review your competitors and consider what has or hasn’t worked for them in the new business landscape.”
3. Get advice, ask the tough questions
Greg suggests you should,