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Edition 349 – Where’s The Plan

A couple of weeks back, our new Federal Government brought down their first budget. They didn’t need to as the last Budget was handed down in March of this year, so, in effect, we’re mid-cycle. My own thoughts were that a budget part way through the year was their opportunity to put their stamp on the nation’s finances. Perhaps they wanted to show us what they had planned for the remainder of this term of government.

Except, it was nothing but a fizzer! In actual fact, I’m still trying to figure out why they bothered.

This was a perfect opportunity for Jim Chalmers to articulate the vision for the Albanese Government around:

  1. Debt reduction.
  2. Restoring the budget to surplus.
  3. Skills training for trades based employees.
  4. Addressing the migration intake to solve our current shortages.
  5. Transitioning to an energy efficient future.
  6. Reducing our nation’s reliance’s on commodities to prop up the country’s finances.
  7. Productivity.

Sure, I get they’ve only been in government for 5 months now. Some may argue that’s not enough time to put your stamp on things and they’ve only just got their feet under the desks.

However, they were in opposition for nine years. You’d think that after nine years, a government would have a vision for what they want Australia to look like over the next decade. Apparently not, other than some issues that, whilst of importance to some, are on the margins to others.

The Federal Budget was a wasted opportunity to set out a plan, encourage the country to engage in a conversation and to get on with the process of implementation.

The same happens in small and family businesses. Most business owners spend little to no time thinking through:

  1. What it is they truly do?
  2. Who their ideal client is?
  3. Where they want their business to be in the future?
  4. What mark they’d like to make on their industry or profession?
  5. Whether or not they’re making a profit on whatever it is they produce?
  6. How they develop their people to be the best they can be?

Sadly, most business owners trundle in each morning, unlock the doors, then proceed to deal with the tasks of the day. They remain in the role of the Technician, rather than see themselves as an Entrepreneur.

If that sounds like you and you’re acting like a Technician, I’d challenge whether or not you have a business at all. Perhaps all you have is a job where you think you’re better off than when you worked for someone else, but actually you’re not. You might have a new car in the garage and the salary might be a little higher (though often it isn’t), but that’s about it!

Unless you’re stepping into the role of the Entrepreneur regularly, you’re not designing the business of the future. You’re not looking ahead to see what challenges and opportunities are presenting themselves and how you need to be planning for them, now. There’s every possibility that by your own in-actions as an Entrepreneur, you’re contributing to the decline in your own business and by extension, your own livelihood.

So, heed the lesson from the Federal Budget that was underwhelming at best. What vision are you creating for your business and each of your stakeholders that gives everyone a better future than what they have today? What are you doing to implement that vision? What are the conversations that you need to have to bring everyone along with you?

This Week’s Tip

“The back end of 2022 is a perfect time to ask yourself, “how do I make 2023 better?”