New small business e-Classes to highlight what it takes to survive
A new suite of business e-classes has been launched today by Griffith University’s Asia-Pacific Centre for Franchising Excellence, and is aimed at assisting small businesses and potential franchisees to understand some of the key issues associated with running their business.
Based on in-depth research, “Survival of the Fittest: the performance of franchised versus independent small business during economic uncertainty and recovery”, undertaken by the University in recent years, the classes have been tailored to address four key, yet often overlooked or misunderstood, areas of small business management.
“The survival of the Fittest Report was a culmination of a two-year research project collected from research of over 1100 independent small business owners and franchisees from around Australia”, said Professor Lorelle Frazer, Director of the Asia-Pacific Centre for Franchising Excellence.
“A lot of businesses were struggling through the global financial crisis, so we wanted to identify the key drivers of small business and franchise success.”
The report focused on deciphering everything from business individuals’ personality traits; to business planning and finance; and more; in an effort to find out what it takes to survive – and thrive!
Contractual Understanding, Partnerships, Expectations, and Debt Levels were identified as being the most critical areas, and yet it was revealed that most failed business owners were lacking in knowledge in one (or more) of these areas.
Professor Frazer said that it was important for the Centre to help educate businesspeople on the areas identified in order to help improve best practice within the franchise and small business sectors.
“These eClasses address four of the most vital, but often misunderstood or overlooked, areas of producing a viable business for all small business owners, not just those in the franchise sector,” Professor Frazer said. “We’re pleased that we have been able to produce a practical outcome from some very in-depth research.
And we know that people are going to really find the classes incredibly informative.”
The research was jointly funded by the Australian Treasury, the Franchise Council of Australia and the Australian Research Council. The eClasses are free to download from the Centre’s website www.franchise.edu.au/home/education/all-education-and-training/franchise-and-small-business-survival-eclasses from today.