No doubt as a visitor to the SBDC website you are a successful and well networked small business owner or you plan to be. You understand the value of feedback from your peers and you more than likely expend a good deal of effort keeping your ‘finger on the pulse' of your industry. Actually, the finger on pulse analogy is a good one since the health of your business is largely down to you, the owner, the heart and soul of the business. Think about it, when someone asks you to describe yourself I bet one of the first things you say is "I am the owner of…". Your business is an extension of you own ego and holds within it your hopes and dreams for the future. If your business is so central to your future then don't you owe it to yourself to ensure that it is as fit as possible, ready to take on whatever challenges come your way in this fast-paced and uncertain world?

Managing your own health and wellbeing

As I write this article I am repeatedly struck by the similarity of the challenges in our health system and the health of our small business community. So, continuing with the health industry analogy, are you the sort of owner who believes in self medication, or do you want to visit your local GP every time you get a cold? I certainly imagine many of you are the former, especially given the cost of seeing your GP both in time and money. Sure from time to time you might still visit a specialist like your accountant, advisor or business coach. However, for the most part you probably want to manage your own health and wellbeing, to ensure you remain "business fit"!

So, you took the plunge into business and guess what…

As a trainer and educator in entrepreneurship, why would I acknowledge that you probably want to self diagnose? Surely I want you to come and see me? Think again…not that I don't love speaking to you, but just like waiting periods for your local GP, advisors are all keen to do more to help than just write out medical certs or repeat prescriptions, so we charge and schedule appointments accordingly. The truth be known, educators, advisors, management consultants and researchers all understand that a common motive for many small and micro businesses pursuing self-employment is the desire to be your own boss. To be in that happy place where no-one can tell you what to do, where you make all the decisions. Autonomy, self determination, freedom, call it what you like, it sounds better than being micro-managed by a boss who does not want to see what you are worth. So, you took the plunge into business and guess what… you pretty much got what was wished for… NO ONE tells you what you should or shouldn't do.

After a period of time learning through a process of trial and error, maybe you have come to the realisation that complete autonomy has some drawbacks! Running a business in isolation, without any method of gauging whether you are doing everything (or anything) right is just like being in quarantine; it feels kind of lonely but safe and protected in there but you are certainly not considered healthy until you get the all clear!

You can compare your performance against other similar businesses

Maybe this is you and your business, you are alive and breathing, paying the bills and think you are doing OK in quarantine. However, you would really like to know how fit and truly resilient the business is to 'take the next big step' whatever that might be. You have a sense that you will need a check-up from a specialist sooner rather than later but you would (as a fiercely independent person) like to do some self-diagnosis and reflection first. You wonder just what it would take for you to be the best in your industry for your business type. This sort of benchmarking information is not easy to find and when you do find it, typically it costs hundreds or thousands of dollars to access; or it is out of date; or it is from another country and mostly focuses on financial matters only. Well, there is now a way to gather the basics required for some personal reflection and goal setting being piloted online for WA small and micro businesses. In particular, you can compare your performance against other similar businesses in terms of turnover, profit per hour of effort, capacity utilised, return on assets, overall success and even the impact upon your lifestyle!

An opportunity to take a confidential look inside the workings of your close competitors

In the next update I will explain in more detail how you can do this via an opportunity to take a confidential look inside the workings of your close competitors. To see what makes them tick through a novel new benchmarking tool called Small Business Success Benchmarks, or SB2* for short.

Free business benchmarking for small business is here!

Until then, keep checking your business pulse and if you want to self-diagnose now, try googling "Small Business Benchmarks" and see what you can find… or simply head to www.smallbusinessbenchmarks.com where we offer the equivalent of a Body Mass Index (BMI) test for you and your business for free! In a vibrant and co-operative health system there should be space for good e-health professionals and the local GP's to work together in a complimentary fashion for the benefit of all.

I will also discuss in more detail, in the next update, how you can use this free online tool to measure your performance and set some meaningful goals regardless of how you may wish to define success or business fitness.

Dr Paull Weber
Lecturer in Small Business and Entrepreneurship
Curtin University, School of Management

Small Business Development Corporation -information centre

Our information centre at one40william st Perth, also provides free access to IBISWorld reports and FMRC Benchmarks

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