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Greatest Business Challenges research – thanks to Society for Executive Wisdom

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Greatest Business Challenges research – thanks to Society for Executive Wisdom

By , July 29, 2011
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Research undertaken by the Society for Executive Wisdom during the first quarter of 2011 collated the results of what Australian organisations felt would be their greatest business challenges for the financial year July 2011 – June 2012.

Here is a snapshot of the results in order of magnitude:

1.Cost-cutting strategies to maintain profitability – 38%
2.Faster financial growth – 35%
3.Government threats through policy and taxation – 29%
4.International competition caused by weaker Australian government regulations – 27%
5.Low-cost competition via internet – 26%
6.Competitor threats to market share – 22%
7.Requirement to expand into new markets – 17%
8.Requirement to launch new products and services – 15%
9.Requirement to refresh senior management – 11%
10.Coping with market changes – 9%

These results were obtained by interviewing 143 business owners or CEOs of Australian-based organisations with a turnover of more than $1M p.a. and more than 5 years in operation.

Craig West

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.