Business Buddy program to help SA operators
THREE SA advisory firms have joined forces to offer select small businesses six months of free professional help in the wake of several prominent closures in Adelaide.
THREE SA advisory firms have joined forces to offer select businesses six months of free professional help in the wake of several prominent small business closures in Adelaide.
SA Business Buddy program has been developed by NDA Law managing director Andrea Michaels, dmca advisory director Adam Griffiths and Pod Communications founder Stephanie Dumas.
The group will award $15,000 worth of legal, business and marketing advice, including matched-mentoring over the course of six months to three small businesses.
South Australian-owned small and medium enterprises or family businesses across the state
are being urged to apply.
The sudden closure last month of the Red Door Bakery at Croydon, a popular cafe operation run by Emma and Gareth Grierson prompted the three professionals to build a support system for smaller businesses.
There are many local businesses facing hardship when trying to manage growth or scale up, Ms Michaels said.
”Discussions with clients showed they often felt the most valuable support came from other experienced professionals who had been there before.
“Although our hopes for the future are with big industries like defence and advanced manufacturing, SMEs are still the lifeblood of SA.
“I think the local business community can try to help some of these local operators.”
Ms Michaels said targeted support programs for early-stage SMEs run in other states and overseas involved the chance to learn from other successful business owners through mentoring programs which harness local expertise.
“We want to be able take away the fear of talking to a business adviser or a lawyer so it’s more like professional mentoring,” she said.
Mr Griffiths said the reality for many small business owners was sometimes grim, especially in the food services, hospitality and accommodation sectors.
“Many business owners are struggling to keep the doors open with rising electricity prices, high staff costs and disruptions caused by the popularity of Uber Eats, e-commerce, new technology and mobile services.
“That’s not helped by low wage growth which restricts consumer spending.
“You might be really great at what you do, but running a business is complicated and many will face a challenge at some point,” he said.
“Things might start out well but it’s only after the first or second year that things can get really challenging. Expansion is often seen as an opportunity for growth, but many business owners aren’t aware of the money required to fund it, or how to get investment,” Mr Griffiths said.
Ms Dumas said more education and access to professional advisory services could help overcome the risk of business failure.
Businesses applying to participate in the program must have been in operation for at least two years, be 100 per cent SA-owned and have less than 50 staff.
The customised package of legal, business and marketing services is aimed at improving business strategies, management skills and structuring, as well as identifying new opportunities for growth.
Applications for the SA Business Buddy program are now open through:
https://dmca.com.au/services/business-improvement/sa-business-buddy-program/
The closing date is November 30.