45% of small businesses are considering closing.

On the news earlier this week I almost fell off my standing desk.?

The Australian Chamber of Commerce did a survey last week and found that 45% of small business owners are considering closing for good.

It’s even worse outside the capitals, with 57% of businesses in regional areas thinking of shutting.

Red tape, time and cost of admin let alone the rise in expenses were the main reasons listed.

Apart from the usual suggestion to review all your costs and reduce what you can, here are some things I have seen some of the owners we have helped with our Program in the last year do to increase profits:

• Increase pricing - yes, some did this even as the cost of living pressures curtailed consumer spending in recent times. And, they saw no impact on sales volume (this change goes straight to the bottom line), in fact, thanks to the final point below, sales increases
• Get more from your team - if you’ve built a strong professional relationship with your team, ask for more from them. You’d be surprised how willing A-Players are to jump in and help, AND they want more challenging work anyway. While delegation is not in an entrepreneur's DNA, make it your middle name (but delegate the right way). To get more buy-in, be very open with how tough things are - on the business and you
• Introduce new products - do a review and see if you can you stop selling one or more products or services, and introduce more profitable ones
• Build the pipeline - for service businesses, increase the number of prospects you have in the pipeline, push yourself and your team to build a bigger buffer here, and?
• Increase marketing - to help build the pipeline or boost product sales, invest in more marketing. Not just a cash investment, but also your time on marketing (delegation again helps here). Track the right data, and test all your marketing, so you know what is providing a return and double-down on those.?

Economists are saying interest rates in most developed nations (except Australia) are about to start coming down.?

Will you hold on, or are you seriously thinking of giving up?

One Tool or Professional Development Resource:

If you’re one of those 45% or 57%, don’t do it alone, book a Growth Chat with me.?

In 20 minutes, I will recommend some resources to help, or just listen.?

Sometimes talking with someone about the pressure you are under, really helps.

Podcasts live this week

• Episode 542: Scaling Success with Andrew Miller of Growth Experts: From Solo Startup to a $500K Annual Revenue Powerhouse with 7 Team Members—Unveiling Strategies Behind Transforming Early Stage Companies and Achieving Work-Life Balance. (Andrew Miller)
• Episode 543: Achieving Exponential Growth: Lesley Hensell on Riverbend Consulting’s shares Journey from 4 to 100 Team Members, 327% Revenue Increase, and Overcoming Amazon Seller Challenges – Key Strategies for Business Success. (Lesley Hensell)
• Episode 544: QFF: Transforming Small Business Finance: Ruchi Pinniger of Watch Her Prosper? Shares Her Journey from Wall Street to Empowering Multi-Seven-Figure Success with Holistic Financial Strategies. (Ruchi Pinniger)

Podcasts Throwback

Former accountant, now an award-winning family business strategist.?

With over a decade of family business expertise in Nigeria, she helps owners lead their family businesses to long-term impact & legacy by bridging generational gaps.

Listen to Episode 127 I did with Nike in August 2021.

Regards,

Troy Trewin | Founder

P.S. If you’re not sure how to work through your #1 growth challenge at the moment (people, marketing, strategy, systems or funding), book a Growth Chat with me. In 20 minutes, I will recommend some resources to help.