Small to medium businesses or SME’s for short, have their own unique set of requirements and challenges. They compete in the same war for human talent as larger firms yet often without the same sized corporate wallet.

In this respect it is vital that Small to Medium sized firms utilise low cost, high perceived benefit strategies to attract, retain and reward their key staff.

Having attractive advice and service propositions wrapped around your mandatory superannuation requirements can be one such way to improve your staff benefit offering.

In addition to the war for talent SME’s often have issues relating to the concentration of key staff and the concentration of business owners within their businesses.

The other challenges of running a business

Running a small business can be both rewarding and time consuming.

As your business develops and grows, protecting your business is paramount.

If you have partners other owners or shareholders, ask yourself the following questions;

What happens if one of the partners dies is unable to work or becomes disabled?

What plans are in place to deal with this occurrence?

Could you afford to “buy” out your partner or their estate?

Could you work with someone who has just inherited a share of the business?

Some basic protection mechanisms can be adopted to address these concerns. This will give business owners “peace of mind” and minimise the financial and emotional dramas that would inevitably occur should you fail to plan for such an occurrence.