Back To The Business Future

From skills shortages to climate change and global entrepreneurship, there’s plenty of action on the horizon for Aussie businesses. We asked business experts what they expect the New Year to bring small to medium businesses, and what personal and professional resolutions they’re making for the future.

Peter Sheahan - Entrepreneur and Gen-Y Expert

The future of business in 2008 and my personal resolutions for the New Year are closely tied together. One of the big issues for next year is driven by demographics: the big talent crunch. We’re starting to feel it already, and it’s only going to get worse as companies have to compete aggressively for the best talent, usually by crafting powerful employer brands.

Here in Australia, that talent shortage manifests itself strongly as an ICT worker shortage that poses a real threat to our nation’s competitiveness. But this threat also presents a profound opportunity. It’s an opportunity to reposition ICT as an exciting career-of-choice in the minds of young Australians. As a nation, we can’t afford to let this opportunity in ICT pass us by, just as all other industries can’t afford to neglect their talent as they compete for the best people.

2008 will be a year of challenges in the workforce, but they are challenges that innovative and bold businesses and industries can overcome.

Kirsty Dunphey - 27-year-old Self-made Multimillionaire, and Retiree

We’ll be launching a new business—www.reallysold.com. It's a departure from the type of business I've been involved with from my first at age 15, in that I won't be dealing with people face-to-face. Reallysold.com is an online business that helps real estate agents write killer advertisements that rock the properties they're selling. For me, 2008 will see this business in its initial marketing and beta phase—lots of fun stuff! I also hope to start another two businesses and put out my third book in 2008.

In terms of trends for business, I could ramble on here about web ‘two point ohhhh’ and all the technological challenges and excitement that business owners will face over the next year. But I feel that the trend business owners need to be really aware of is providing consistently high-level service to their clients while still incorporating those fabulous technological advancements. Whether your business is online, a local corner store, an accountancy practice or a five-star resort, we all need customers who can't get enough of us!

Personally, I’d like to travel more than I did in 2007 (my goal every year!), look after my health more and push myself on every level. I want to end 2008 flushed in the face and knowing that I couldn't have tried to achieve any more for the year.

Anthony Bell - Founder Bell Partners Accounting and Advisory Firm

We can’t get away from the interest rate crush—the credit squeeze that’s coming out of the States—and I think Aust business owners should be looking carefully to cash flow to fun their growth. And I think mad marketing campaigns and brand growth will be restricted a little bit next year.

But at the same time it’s a great time to be market share grabbing—a bit of recession and interest rate growth cleans out the weak and the old. We’ll be looking to capitalise on that a little bit, to try and grab a bit more of the market. A business like ours actually performs best when people are in a little bit of trouble and need a little bit of advice.

In our business growth, we’re aiming for about 20 to 30 percent like last year. We’ll probably look to expansion, too. We’ve got to address the SE Asia market, and probably also the NZ too, so a bit of cross-bordering growth. And dare I day it, in-house legal counsel.

On a personal level, I’ll look to work with the medium-management team a bit more. I’ll keep strong in investment outside of business investment, so in property and through market security. But I pump assets into the business to drive that, so I’ll probably still do that.

This last year’s work–life balance has been great, so hopefully I can keep on with that.