Finding right mix key to success

WORK-LIFE balance is still the holy grail for small business owners, with a recent survey showing nearly one in five would do things differently if they could start again.

The right blend of business and pleasure delivers results, writes Anthony Keane.

Work-life balance is one of the biggest issues faced by Australia's most successful small and medium business owners, new research suggests.

Telstra Australian Business Awards snapshot of the cream of the crop in 2013 has found 17 per cent of them would improve work-life balance if they restarted their businesses.

Other areas they would improve include changing their initial marketing plan (17 per cent), seeking greater financial backing (11 per cent) and spending more time on their business plan (11 per cent).

Most are confident that business conditions in 2013-14 will be the same as or better than the last financial year, despite uncertainty about politics and the economy, the survey of 126 state and territory winners and finalists for this year's awards found.

Peta Fielding, chief executive of national finalist Burleigh Brewing Company, on the Gold Coast, says it is the nature of small business entrepreneurs to look for the positives.

Fielding says the key to a successful work-life balance is to avoid thinking they have to be separated and taken in equal measures.

"You can't just think 'I will finish all this work then I will have a life'. That's not realistic, because owning a business is a big responsibility. It's about trying to find ways of connecting and blending work and life, and finding meaning and enjoyment in it," she says.

Fielding says fun is important at Burleigh Brewing Company.

"People don't have to check themselves and their personalities when they walk through the door. We spend a lot of time laughing around here, and it helps."

The survey also found that:

• Seven out of 10 business owners or managers have used a business mentor.

• Higher costs and managing cash flow are the biggest current challenges.

• More than 90 per cent of businesses say they have a social media presence.

Telstra business executive director managed customer sales and service David Coventry says the poll shows that successful businesses are embracing technology.

"They are using it to give their staff flexibility to work outside the office and on the road," he says.

"The results show the importance that successful small and medium businesses place on connecting with their customers via social media."

The national finals of the 21st Telstra Australian Business Awards will be held in Sydney on August 22.