“Entrepreneurs are seeing greener pastures than the traditional career ladder and taking success into their own hands,” said MYOB CEO Tim Reed, with today’s
publication of the company’s sixth annual Business Monitor.
Reed said having a greater say in their own future was a key theme running through the top five motivations for the 1,000 SME leaders surveyed, and the motivations were now “paying dividends”.
The top five motivations are:
1. I went into business to control my own destiny 39%
2. I needed flexibility in a role to do what I want, when I want 32%
3. I started my own business because I am passionate about what do 29%
4. I wanted a total lifestyle change from what I was doing 27%
5. I went into business so I can spend more time with my family 13%
“Some two-thirds (65%) of Australian operators said they were satisfied or very satisfied with their work-life balance, a jump of 14% on the previous Business
Monitor,” Reed said.
The MYOB Business Monitor also found that flexibility “trumped growth” when it came to long-term goals for business owners.
“Some 28% said they while they wanted to make some money, they also wanted give themselves the flexibility to spend time with their families and take holidays and so on.”
Reed also said, “Less than one in five (19% ) prioritised growth as a long term goal, while 16% said it was more about a passion for what they did.
“As small businesses are also employers, there’s a clear message here. To retain key staff, giving people some flexibility and autonomy is going to be really
“It seems small business is really delivering on this point, with more than two thirds (68%) utilising teleworking in their businesses. Teleworking was more likely to
be used by franchisors, construction and trades and business, professional services and property businesses.”
MYOB says the survey identified a number of “pain points’ for employing staff, which Reed notes that “finding and managing talent is continuing to challenge SMEs”.
The top challenges for small business in this area were:
1. Ability to find new staff 27%
2. Dealing with payroll compliance (e.g student loans, child support payments) 21%
3. Process of hiring new staff 9%
4. Ability to dismiss employees 19%
5. Demand for flexible working hours 17%
“Compliance and red tape were also a theme in the next two challenges, end of year paperwork (eg payment summaries) at 16% and understanding health and safety compliance being a pain point for 10%.
“Considering that simplification of the GST/BAS reporting system continues to be high on SME wish lists, we can see there’s still progress to be made in terms of
simplifying other regulation and reporting for small business,” concludes Reed.