Taking Control in Uncertain Times
The uncertainty of recent times has affected most Australians through falling investment and super portfolios, mortgage stress and job uncertainty. This coupled with the latest Commonwealth Bank – ACCI Business Expectations Survey showing business confidence has fallen to its lowest level in 14 years leaves many of us feeling that the boom of recent years has truly gone bust.
With so many factors outside of our control, how can the average person own their future?
Louise Broekman, Founder and Director of HR Coach, is faced with this question on a daily basis. “I speak with individuals everyday that are looking for ways to take control over their personal and professional future so that they can feel positive about the decisions they are making. The employment landscape is changing and we know that people are no longer willing to sit back and let the higher-ups call the shots over their future. More and more people want to create their own future- they just aren’t sure where to start.”
Getting Started
Deciding that you want to take control of your own future is the first step. “This is not as easy as it sounds,” said Broekman. “Many people know they are unhappy or are concerned about their future but they may not immediately see a path forward.” One strategy to get started is to make a list of what Broekman calls the “Push and Pull Factors” of your future.
| Push | Pull |
|
No Control Feeling Stuck Too much travel/commute Limited professional opportunities |
Make my own decisions Making a Difference Working from home or locally Working for Myself |
Doing Your Research
Now that you know more about what you do and don’t want for your future, it’s time to research your options. Most people immediately jump into the trap of just looking for another job.
“From an HR perspective, we know that people who have made the decision to do something different with their life generally struggle with just changing their job. This is often a band-aid approach and for many people can be quite disruptive as they struggle to be happy and fit in with a new role that’s not quite right for them”, said Broekman.
Most of the people that HR Coach talk to are in this stage of looking but think that finding another job is their only option. Udo Doring, National Business Manager for HR Coach, works closely with these individuals to assist them with their research. Doring says, “What I find in most of my conversations is that people are attracted to all of the elements that business ownership provides, they just haven’t made the connection yet that this could be an option for them. This is mainly because they lack a foundation for applying their wealth of skills and experience to a business venture that can work for them.”
According to HR Coach, they speak with people from extremely diverse professional backgrounds. “What I find is that the common elements between the people I speak with are a desire to be in control of the work they do, the clients they work with and their earning potential. Once people decide to start looking at business ownership, they also want to be able to use their skills and experience and continue to work on the same professional level that they currently are at- such as middle or executive management.”
HR Coach assists people with the research phase by taking an educational approach in all their conversations. One of the tools they use is the HR Coach Business Profile Guide to help individuals assess their business personality. You can access your complimentary copy of the Business Profile Guide by visiting the HR Coach website (http://www.hrcoach.com.au/hr_coach_business_profiler_guide )
“By using a structured process that has education at its core we are able to share with people what we do and assist them with the decision making process. We don’t have a sales process- the people we are dealing with a too savvy for that and the decision is too important for them and us to just make it about a sale.”
Buyer Beware
If owning your business is the pathway for your future, HR Coach General Manager, Jan Easton, recommends that you exercise caution and not get too caught up in the excitement of the decision. “We’ve all heard the horror stories of people feeling that they were forced into a bad decision. This is not limited to business ownership. Many people feel buyer’s remorse after the purchase of a house, car, even clothes if they don’t feel like they had time to fully assess the decision without pressure.”
Easton lists the biggest pitfalls for business deals as being overly complex or restrictive agreements, unrealistic promises or expectations from either party and high pressure tactics. “Take your time, read everything that you are provided with and invest in professional advice,” cautions Easton. HR Coach takes a very open approach to the licensing of new Coaches. “We provide prospective licensees with an initial Draft copy of our documentation so that they can review it with their advisers. This is an important step because it shows that we are completely transparent in our dealings and the effort we have put in with our own advisers in ensuring that the documentation is simple, easy to read and not overly restrictive. We see ourselves as the foundation from which people can grow their business- not the scaffolding which restricts their future direction.”
A simple checklist of items that Easton suggests people look for in business documentation includes:
Getting in to the Business
- What are the costs associated with purchasing the business and setup costs?
- What training is provided?
- What restrictions are placed on you or the business?
- Do you have the business for a fixed term or perpetual license?
- What costs are associated with running the business?
- What type of support will you receive?
- Can you employ staff, sell other services, or work in other territories?
- What costs, if any, are associated with exiting the business?
- Can you sell or transfer the business to a new owner?
- Are you building an asset that has value beyond yourself?
