One in three small businesses founded this year in Australia will not make it to 2024, according to the Queensland University of Technology. For sole traders, less than half will make it past the three year mark.
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The most frequent reasons businesses fail are because of bad management and poor record keeping.
As Susanne Knowles, chair and founder of the Australian Institute of Professional Coaches, points out, many people who start a business are experts in their field, but haven't had as much experience in running a business.
"Small business owners often don't know how to work on the business rather than in the business. A business coach will help them to set their business up and make sure that they're on track to achieve their business targets," she said.
Distinct from a mentor or training provider, a business coach sits with a business owner to steer them in the right direction.
"A coach is someone who acts as a business partner and facilitates the business owner to solve their own problems rather than being told what to do," Susanne said.
"The key concept in coaching is that we work with the business owner to take them from where they are now, to where they want to be."
The latest edition of Illawarra Originals is out now. Click here to read all about successful Illawarra businesses.
Business coach Claire Moffat began coaching after having owned a media business. At a networking event, Claire was introduced to a young trademark attorney.
"She'd never run a business before and she came up to me and said, 'Do you think you could help me?'"
Over the following years, Claire became a full-time business coach.
One of Claire's clients moved from a capital city to a regional area, and having helmed a digital media business, the client could no longer commute to the city to meet clients. With Claire's support the client closed her business and began working for the local council.
"When you let go of something that you've put a lot of effort into, you need someone to listen to what's happening but also to help set a plan for the future."
Susanne also highlights that business coaches can assist at various points in the business lifecycle.
"Coaches can help at different stages in the business; at the start of the business to get it going, when it enters a growth period or if there's going to be a merger with another business.
"The client needs to find a coach who is a good fit for them, someone they think is caring, personable and approachable, and the coaching style needs to be motivational and encouraging for them."
With the right help, your business could enjoy longevity like the businesses in this Illawarra Originals feature - these local businesses have stood the test of time with some of them operating for over 100 years.