It’s time to upskill (or risk the consequences)
If you are a small business owner, an entrepreneur, a solopreneur, a mumpreneuer, the next Zuckerberg or a combination of all of these – you need to constantly upskill or fear getting left behind. Or worse – get a knock on the door from the tax office because you have failed in some kind of business obligation that you had no idea about.
And I am not just talking about upskilling in technology, but all other aspects of running a business too. Most businesses start because of an amazing idea – not because the business owner went and did four years’ worth of study first.
What we find is that most people are starting a business outside of their previous “career experience”. But it was that career experience which led them to find their real passion. So there are often some vital skills which are missing in their entrepreneurial arsenal. Namely around numbers, financials, payroll and how to manage their business finances without getting themselves into short term cash flow problems.
Statistics show that over 50% of businesses don’t survive past 5 years in business with the main reason being poor financial management.
“So knowing those are the statistics, why wouldn’t you do something about it?”
We have no doubt that upskilling is worth every single cent – and we ain’t going to lie – it can be bloody expensive to upskill. In our business alone, we spend close to $5000 per year to upskill our staff (me included). We invest in training courses, in webinars, travel to and from interstate conferences, books and reference materials – just to name a few.
So what are your options if your business is steam rolling ahead but you need a hand understanding those pesky numbers and ATO obligations, how to handle the back end of the business and how to plan for future success (and how to avoid failure)?
Well the great thing now is that learning comes in all shapes and sizes. Back in my day, learning meant attending a course on a weekend to fit it around work requirements. YAWN.
“Now, learning is flexible – not only in the way courses are offered and their learning styles but also the range of courses available.”
For example, Registered Training Organisation Upskilled offer a range of courses from Certificates, Diplomas, Advanced Diplomas and Bachelor degrees. Plus, they offer short online courses on various business topics. So if you are time poor (yes) and struggle with commitment (yes) – they have you covered.
If you don’t feel you are ready to outsource the finance function of your business or you simply are a control freak (don’t worry – the best of us are!), then we simply can’t encourage business owners enough to make sure they upskill so they don’t become one of those horrifying small business statistics.
“If upskilling means you can make informed and educated business decisions – wouldn’t you do it?”
We always love business owners who are willing to take control and understand their numbers. But understanding your numbers on your own is bloody hard work. We also know that every business owner wants to grow, to expand, to be the next big thing. But if you are not on the ball with your numbers, your cash flow and your budget – then let me tell you, your competitors will be instead of you.
And they will sky rocket past you before you can ask “how did they do that?”.
Upskilling allows you to further your knowledge and start to understand the back end of your business and it is always a great investment.