Thursday, 21 January 2016 00:55

Being the boss, having control No1 reason for starting own business: SMEs

By

Being their own boss and controlling their destiny is the number one motivation for people starting a business, according to the latest survey of SMEs by accounting
software company MYOB.

“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
important.

“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.

CHIEF DATA & ANALYTICS OFFICER BRISBANE 2020

26-27 February 2020 | Hilton Brisbane

Connecting the region’s leading data analytics professionals to drive and inspire your future strategy

Leading the data analytics division has never been easy, but now the challenge is on to remain ahead of the competition and reap the massive rewards as a strategic executive.

Do you want to leverage data governance as an enabler?Are you working at driving AI/ML implementation?

Want to stay abreast of data privacy and AI ethics requirements? Are you working hard to push predictive analytics to the limits?

With so much to keep on top of in such a rapidly changing technology space, collaboration is key to success. You don't need to struggle alone, network and share your struggles as well as your tips for success at CDAO Brisbane.

Discover how your peers have tackled the very same issues you face daily. Network with over 140 of your peers and hear from the leading professionals in your industry. Leverage this community of data and analytics enthusiasts to advance your strategy to the next level.

Download the Agenda to find out more

DOWNLOAD NOW!

Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

VENDOR NEWS & EVENTS

REVIEWS

Recent Comments