Restructuring a struggling business in New Zealand is never a quick fix. It’s a process that requires careful planning and execution, especially when it comes to compliance with employment laws. Failing to follow these rules could lead to costly personal grievance claims that can damage your business’s reputation and bottom line.

When you’re faced with tough decisions to save your business, it might feel like the legal requirements are overwhelming, but with the right advice and planning, you can achieve the outcomes you need in a timely and efficient way.

I have often heard new business owners say, “I wish I had known that at the time” or “If I had understood that more, I would have made a different offer” or things of a very similar nature…

And so, while buying an existing business can be a very good opportunity, it is essential to consider several key factors before making the decision. Here are my top ten (but not exclusive!) things that you need to consider and understand:

Business failures are currently at an all-time high, highlighting the difficult economic climate facing us currently. Some of these failures are news headlines but the vast majority happen quietly and privately, with hard working business owners closing their doors or selling their business just to release them from debt.

Having said that, owning a business or starting a new one can be very rewarding and exciting, but success is far from guaranteed. Based on my wide and varied experience, here are my 10 biggest reasons businesses fail and how to avoid them.

Leadership is often seen as the responsibility of those in top positions - the CEO, business owner, or team leader. Countless articles focus on what makes a good leader—what qualities they should possess, what actions they should take, and what role they play in inspiring or motivating others.

But one key element is often overlooked—the role of employees in leadership. When we think about inspiring and motivating a team, shouldn't the responsibility be shared by everyone, not just the boss or manager?

I am fortunate to have personal and professional experience with this. From a seriously overweight Corporate Banker at serious risk of an early death, to a successful gym owner, to an educator of hundreds of personal trainers in New Zealand and Australia and now as a business advisor, I can talk with some authority on this topic.

When it comes to building a successful business, it’ is normal to focus on strategies like marketing, sales, and financial management. However, one of the most overlooked aspects of business success is the link between physical fitness and business performance. The truth is, a healthy, fit and strong body contributes to a sharp mind and an ability to handle the rigors of business ownership.

Running a business is an exciting and yet challenging journey. Having a business coach or advisor ‘on your team’ can make a significant difference. Whether you are just starting out or looking to take your business to the next level, a coach or advisor offers invaluable support that helps you navigate the complexities of entrepreneurship and running a business with confidence.

Having a business coach or advisor means gaining a trusted partner who is committed to your success, helping you create a sustainable, thriving business.

Do not underestimate the power of expert support—your future self will thank you!

Performance issues are a common challenge for business owners but mishandling them can lead to costly grievances and/or legal costs. It’s essential to follow a fair and structured process to address poor performance and avoid the pitfalls that many employers fall into.

Taking ownership of mistakes or errors of judgement in the workplace can be difficult, but it’s crucial for building trust, improving your skills, and becoming a more effective business owner, manager or employee.

Here’s how you can take responsibility for your errors and turn them into growth opportunities:

1. Analyse the Mistake
Before addressing the issue, reflect on what went wrong. Understanding the cause helps you propose a solution and shows initiative and insight. If necessary, seek help from your coach/mentor, Manager or colleague to resolve the problem.

2. Keep Things in Perspective
Mistakes are part of everyone’s journey. While it’s natural to angry or disappointed with yourself or to feel embarrassed, manage your emotions and approach the situation calmly. This will help you resolve the issue professionally.

Inside every one of us lies a champion, waiting to be cut loose.

Champions are not only physically strong but, more importantly, they possess emotional resilience, self-belief, and an unrelenting drive to succeed.

By embracing the right mindset and habits, you can unlock your inner champion and become tougher and stronger, both mentally and physically.

Ah, email. The modern-day way to communicate without actually talking to anyone. A light hearted but honest perspective.

But be warned—every email you send is a snapshot of your professional persona. So, before you hit “send,” take a moment to reflect on what kind of impression you’re leaving. Here are some email etiquette tips to ensure you’re not the next viral office talking point.

Does alignment between your personal and business values really matter?

In our busy day to day lives, the lines between personal and business values often get blurred. Yet, it’s crucial to understand that you can’t truly separate the two. If you’ve found yourself feeling burnt out or disconnected from your business, it might be time to reevaluate your core values.

Leveraging Change for Business Growth

My experience over the years is that ‘change’ is often viewed with apprehension, yet it can be one of the most powerful tools for business growth and success. In a dynamic economic environment, organisations that leverage change effectively are more likely to thrive.

In my own experience this is a key challenge for many business owners and managers.

But in today’s competitive business environment, the dual approach of rewarding high-performing staff while removing those who do not meet standards is vital for organisational success.

This balance not only motivates top talent but also reinforces a culture of accountability.

5 Reasons why Business Owners may not ask for help but should!

In my experience many business owners and leaders, are reluctant to seek help – it is much more common than you may think. Here are five key reasons why this can be the case:

Building a strong Brand is essential and will create massive value.

Creating a strong brand identity is vital for any business aiming to thrive in a crowded marketplace. It takes time and a single-minded focus on the outcome sought. It’s not just about logos and slogans, it’s about forging emotional connections with potential customers and establishing a unique place in their minds. . At the core of this identity is brand positioning.

Weighing the Pros and Cons of Starting a Business.

Starting a business is often glamorised as a path to freedom and success, but it can be a challenging journey filled with obstacles. For aspiring business owners, understanding the advantages and disadvantages of launching a new venture vs, buying an existing one is critical to making an informed decision.

Should We Innovate or Stick to Our Knitting?

I have seen many business owners grapple with whether to strengthen their core operations or pursue growth through innovation. The ideal answer I believe is to embrace both strategies.

Understanding the Difference Between Profit and Cash Flow

Business owners often interchange the terms "profit" and "cash flow", without really understanding them. I have seen this often and at times have lost focus on that in my own businesses over the years.

Launching a new business or running an existing one is no easy feat, and navigating through challenging times can be particularly daunting.

Statistics indicate that as many as 20% of small businesses fail in their first year, with as much as 80% not making it past the five-year mark. The struggles of becoming and remaining viable are real.

Here are some valuable insights for guiding a small business through adversity.