Lack of Work Life Balance...A Key Reason for Small Business Failure

With 97 percent of all businesses in Australia being classed as 'small', according to the most recent survey undertaken by the Australian Bureau of Statistics, more than 60 percent of small businesses cease operating within their first three years of starting.

One of the reasons is the inability to maintain good work-life balance. According to a study by insurance provider, Simply Business, half of those surveyed cancel social plans at least once a week, 25% take less than 10 days annual leave and that same percentage have fallen ill due to stress and overwork. In saying that one in four people experience mental illness each year, Mind, an NDIS mental health specialist, maintains that it is imperative that business owners keep a close eye on their wellbeing.

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How BLA helped Arnel

Life was in a state of confusion and he felt like his world had come crashing down. This was  the sad day he had to shut the doors on his automotive business which he had put so much into over the years . Arnel can relate how exhausted he felt knowing that the whole family, particularly his wife who was also a director of their company,  were affected. Compounding things was the fact that their daughter had health problems at the time. 

Arnel  got on to Business Life Australia. He speaks of how they were able to be there for him by, at first, simply listening attentively to the his story. From then on he says they were able to bring hope to what he thought was a hopeless situation .  Arnel speaks of the value of just being able to talk to someone who is independent and in no way judgemental. This was despite the fact that the options appeared to be  very limited based on the state of the business and the amount of debt owing at the time. Under BLA's guidance Arnel completed a review of the business, its budget and what, if any, opportunities lie ahead for the future. He soon concluded that there was little chance of turning the business around and that insolvency was probably the only answer. Indeed this turned out to be precisely the case.

Arnel says 'You are always thinking about it and it's always preying on your mind.  However, once you start forgiving yourself as well others, things gradually start to get better. This becomes no more obvious than when you rebuild your relationship with your wife and your family. It's then that you feel you're truly getting your life back together again'.

With life as business owners now well behind them and once the formalities of closure were completed, both Arnel and his wife secured good jobs with other employers.  Arnel's experience and respected  standing in the motor industry clearly made this possible.  As a couple, they sat down and established some long term goals such as eventually getting into the real estate market. However, in the meantime, they made a decision to enjoy the many things they had not done before such as taking a holiday!

'This is not the end as it can turn around even though it seems like the end at the time', says Arnel. 'Just talk to the right people who can give you guidance based on their knowledge and experience and watch your life return to something truly beautiful!'

We can help you...
1800 041 218
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Business Is Personal

Is there always joy in managing a small business?

Of course, because this is my ticket to FREEDOM after being answerable to a boss for the first 15 years of my working life.  Now it's 'little old me' running my own race, managing my own show, controlling my wealth, my team, my future, my everything!

And then it becomes so positively personal  with the family sharing that joy............ 

How good Helen feels when she has coffee with the girls every Thursday. All those 'by the way', moments': the upcoming ski trip with the kids, the ever-meticulous  dressmaker over at Double Bay , Christmas in New York!  She can't wait until someone asks about private school. The kids are loving it!  All those modern sporting facilities, the gym, the Olympic pool, acres of fields. True, Aiden is struggling with his maths but, never fear, Mr. Morgan has all the best resources at hand to quickly get him up to scratch. Oh yes, another 'BTW' moment: last weekend's sleepover at the McCarthy's waterfront mansion. (David McCarthy, of course, runs the United South Pacific Bank).

Then there's me - I love being busy, watching things grow and the money rolling in.  More customers, more staff and larger premises! 

Can just fit in lunch with the accountant today. She's great but did warn me last year about the shoebox full of invoices and bills saying I should hire a good book keeper to do them monthly. Still, you'd expect her to say that. Accountants always do err on the cautious side.

Actually, I've got three shoe boxes this year. That's surely a good sign as to where the business is going. Mind you most of that was for the first three months before I lost '5-Ways'; they made up for about 25% of our turnover. Never mind, they say you shouldn't have all your eggs in one basket.

The lull will give us time to focus on the 'UPs"; like step up our marketing, beef up the website, unclutter and tidy up the stock. Then, up the loan (so easy for the bank with the house as guarantee). 

Now we can all take a deep breath especially as it's almost  Christmas when, thankfully, the business goes dead quiet. That's ok, a return to the good times might be delayed a bit. In the meantime, let's celebrate !!  

And, boy, did we! A great family Christmas with no expense spared followed by the cruise. We certainly deserved it after all the work we'd put in.

It's now February..... the bills have accumulated. Not enough in reserve and only just enough income flowing in from the regulars to pay the staff wages (well, at least this month). As for the bank loan? Funny how I quickly take my eyes off the house when I leave for work and come home at night. 

Mmm, Judging by the amount of sleep I'm getting and the blank looks from Helen, I quickly realise how personal business really is. Even the kids have gone quiet. Suddenly I'm nervous about answering the phone. Who do I pay first? Why am I avoiding people? Maybe I should see the doctor and get some anti-depressants. Alternatively, the cellar is still fairly well stocked from the Christmas splurge...

Sound familiar? If so, we need to talk...
1800 041 218
info@businesslifeaustralia.org.au