Pain Points
Pointed observations
Part 1 of 2
Megan told me about MYOB’s quarterly Business Monitor.
I’d not heard of it, but when she mentioned ‘pain points’ I wanted in.
Below is the latest ‘league table’ of 16 top business hurts.
1165 SMEs have ranked them from AAARGHHH!!! to meh…
I’ve added my thoughts on 2009-10. I hope you will too.
1. Marketing to get new customers or new business
I gained one new client from Twitter, one from blogging and one from targeted emails.
Not too bad, given the GFC. Yet I should’ve focussed on my existing clients.
2. Getting funding or finance to grow the business
My bank unilaterally added redraw to my home loan. When my revenue dipped, these funds were handy.
But this is a slippery slope. I’ve since reverted to my draconian repayment plan.
3. Getting affordable & reliable business advice
With my trusty business coach plus all the kind, clever cats I met via Twitter and blogging, I had all the help I needed.
See Stephen’s post for the perfect example.
4. Managing the cash flow of the business
I’ve always found this murderous. I should keep a separate account for my tax obligations, but I don’t. Rather, every client payment feels like it’s ALL mine.
My unpredictable workload and some clients’ rubbery approach to terms exacerbated this problem.
Nor did it help that I had to spend $4K to keep one of my doggies alive!
5. Finding the best suppliers at the right price
I’m blessed here. My bookkeeper, IT guy, accountant and coffee grinder are all top notch and reasonably priced.
Less impressive are my ISP, car washer and toner supplier.
Silly me.
6. Paying tax due on BAS
Hideous, due to Point 4.
A constant stress I could fix if I would just grow up!
7. Attracting new & skillful (sic) staff
Not a problem in 2009, given the lower workload.
In fact, I was approached by two talented writers who found me online.
Now that work’s picking up, I may call one.
8. Paying PAYG tax
Barring bookkeeping errors, careful year-round management by my accountant usually gets me a small tax refund.
As I’ve lost faith in superannuation, however, my reduced contributions will increase my taxable income.
OK: we’re eight pain points down.
We’ll cover the lower eight in Part 2.
How about you?
Did you have pain, gain or both?
I’d love to know.
In fact, I’m on …
tenterhooks. 
Paul Hassing, Founder & Senior Writer, The Feisty Empire
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Hi Paul,
I agree with your list, the finance and admin side is really difficult when we want to focus on creating, selling and marketing!
I deal with a small advertising agency that just never seem to get around to putting their bills in and we have to chase them every month to close off. Many times they miss the cut off and the invoices go into next month which they can’t understand when they are ringing for payment. Crazy stuff.
Sometimes I feel that 40% of the work day is spent undertaking totally unproductive and unnecessary tasks that add nothing to the business. Maybe we should all review what we must do and perhaps some of these other tasks may appear easier when we clear the decks.
Thanks, Malcolm. It’s so hard stay indoors and do homework when you just want to jump in the pool.
Especially when all the other kids are out there having a blast.
The deferred gratification of small business owners.
Deferred. Deferred. Deferred.
Think I better go smell some roses!
Hello Paul,
I loved the comment deferred, deferred, deferred, working 7 days a week – it is hard to look on at the person who has some free time.
Sorry the dog was so expensive, although much cheaper than children.
I find it hard to balance, work-marketing-office, and my time. I look at my legs that desperately need waxing, the nails that need painting, the house that doesn’t have a clean coffee cup and wonder what am I doing?
I am doing something that I love and am passionate about, not everybody can say that, nothing is perfect, somtimes I think we need to be reminded of that.
I am now looking for staff, exciting but a responsiblity I am not keen to take on, another hurdle of life.
Cheers clare
Dear Clare, thank you so much for commenting. I look forward to the day your name has a website behind it!
It’s great that you’re passionate about what you do. The older I get, the more I realise that really is the key.
Taking on staff is a whole new universe. It’s wonderful to hear you’re growing. HR is a very, very tricky business. However, I’m sure your sky-high standards will winnow the wheat from the chaff.
Best regards indeed. P.