TV host and finance expert David Koch has shared some insights into the diverging pressures that are dividing SMEs between the high-growth and the struggling.
“It’s two extremes at the moment – I don’t think there’s been a more challenging time for small business and a time where small business owners are being challenged so much and under so much pressure,” said Sunrise host and business owner David Koch.
“Business conditions are the best for 20 years [but] consumer confidence is terrible at the moment, so there is this disconnect.”
He said despite feeling gloomy here in Australia, our economy remains the envy of the world, having recently set a new record of 26 years of continuous economic growth.
The divide, argued Mr Koch, is between business owners embracing change and those resisting change.
“For small business owners, I call this period the ‘start-up of you’. You’ve got to think like a start-up, personally,” he said.
“The most important asset in any business is you, the owner. You set the dynamics of it, you set the culture, you set the strategy.”
And doing so requires discussion assistance and advice from others in the field, instead of being isolated within your own business.
Mr Koch was speaking in Sydney at the launch of a new Optus service, Yes Business, which the telco said is aimed at providing this collaboration and information-sharing between business owners.
“We know 46 per cent of SMB owners seek advice from other small business owners, yet there are still feelings of frustration and isolation. Yes Business aims to alleviate these feelings by connecting SMBs with a like-minded and knowledgeable digital community,” said Matthew Ball, head of small and medium business at Optus.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.