I’m sure that we ask ourselves every day at the moment. Is it getting harder or is that just me?!

Business is hard, there is a lot going on in the world, lots of moving pieces and I think it feels like we are trying to plug holes in a bucket, every time we plug one another one springs a leak.

According to the SME Growth Index only 46% of businesses are on track to hit their business targets for the year, for small business, those with a turnover under $1million are going a little bit better with 50% on track to hit their targets.

If we aren’t going to hit our targets, it is unlikely that we will be able to do or achieve everything we would like personally either.So, it is important to work on this and get it back on track as best we can.

First, we need to understand in our business what is it that’s derailing us from hitting our targets.

If we have a staffing shortage, can we retain who we already have, can we find new team members. Both mean that we must do something different in our business to retain but also recruit. All of this takes time, effort and leadership skills.

On the back of staff shortages, COVID closures or restrictions are still affecting business. With some smaller businesses just not being able to be open due to people being unwell. Also, people thinking more before they spend limits demand for services or products compared to where we have been.

Thirdly we have an access to finance issue. Either the wait time with the banks or being able to access the right bank who understands their business and works with them. Due to other issues many SME’s need access to working capital fast and it is getting increasingly difficult to do this.

And last but certainly not least, not only an increase in operating expenses and supply chain disruptions which in turn doesn’t help with managing cashflow issues, delays in getting the stock and then out to the customer.

If you listen to the experts, this will continue for at least the next 12 months, so don’t sit back and wait and see if it will pass, it’s time to act...now!

At Power Tynan we knew coming out of COVID was never going to be easy, we started our Growth Club and Director’s Circle clubs 18 months ago now to help with exactly with the problems above.

It is all about thinking differently, working with other like-minded business owners and the Power Tynan Team to make sure you feel supported offering assistance on many levels. We meet quarterly and discuss these exact issues, as well as one-on-one coaching on your own business in between these sessions.

Get in touch with us today and join one of our clubs, it will be worth the effort for your business, family, team and yourself. Find out more from one of our Director's Circle members here.