When Xero’s ‘The Global State of Small Business Owner Wellbeing’ reports that just 17 percent of New Zealand’s small business owners can take a break, and when only 37 percent of those starting out on their own are still in business after five years, the Small to Medium Enterprise (SME) landscape is broken.
But not irretrievably so. That’s the stark view of Alana Swain, Your Success Team co-founder who also has executive experience in banking and marketing. “We have an appalling business failure rate and a mental health crisis. These are linked, because the SME sector represents 97 percent of all businesses, employs over 600,000 people, with staggeringly high failures doing nothing for wellbeing.”
Disturbed by these depressing figures, Swain’s Your Success Team is on a mission to improve business success, including through its ‘Your Business Club service’. She believes government policy and inattention to the plight of entrepreneurs is a major part of the problem. “SMEs are an enormous part of the economy, yet it seems we’re not getting the necessary advocacy at a policy level,” she states.
Noting that productivity levels are a perpetual issue, with New Zealand routinely ranking at the lower end of the OECD, Swain says the incoming government was vocal about the issue as a focus for policy change.
However, words have yet to become action. “The question is begged about when productivity will be worthy of attention. Without sensible policy support, it’s little wonder so many small businesses are failing – and a failing business is sure to adversely affect even the happiest, most grounded of individuals.”
There is, Swain notes, little in the way of support for those bold enough to set out on their own. As an example, she says Googling ‘mental health business owners NZ’ overwhelmingly delivers resources for staff, but not employers. “Yes, support for staff is absolutely important – but as the saying goes, you can’t pour from an empty cup. And what I see is a country full of businesses run by empty cups. This must change if our mental wellbeing and productivity rates are to lift in the SME sector.”
Swain is enthusiastic and optimistic about living in New Zealand but believes there is something crucial missing. “Living in NZ is so very awesome, but also, with our ‘she’ll be right’ attitude, asking for help is sometimes the hardest thing. As a country, we have this broken mix of ego where we don’t ask for help or share our struggles. And on top of that, most business expertise is inaccessible to those who need it the most.”
In addition to support with the daily challenges of starting and owning a business – which can often only be appreciated by those who have themselves walked that lonely path – Swain says advisory is inaccessible and expensive.
When every piece of crucial advice costs hundreds by the hour, she explains, failure becomes more likely. “The cards are stacked against entrepreneurs and those looking to improve their lot in life by starting out on their own. These individuals need support, advice, guidance, insight, and practical help with things like compliance, cashflow, planning and marketing.”
Support and advice should be accessible and affordable, and this is at the heart of Your Success Team, says Swain. “Your Business Club aims to collectively reduce the load on individual business owners and increase the odds of SME success. An affordable monthly fee of $10 enables members to network, learn, grow and thrive together.”
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