IT Project failure is estimated to directly and indirectly cost the Australian economy over $120 Billion per year (8.9% of GDP) according to Michael Krigsman, CEO of consulting and research firm Asuret. (Reference article) 

These are my top 10 key marketing concepts which business owners must know if they wish to build a successful business. 

A 51 year old highly motivated female claimant is suffering from a degenerative physical condition in her hands such that she is unable to return to work in her specialised medical field. The claimant owns a successful, referral-based practice and has been off work for 10 months. Prior to the condition worsening, the claimant worked full time in the business, along with another part time specialist and a number of support staff. The business has continued to trade in her absence, however at almost zero profit. Due to the specialised nature of the work and a limited number of new graduates going into this field each year, the likelihood of employing further staff to fill her current role within the business is slim. The claimant receives a benefit of $7,440 per month to age 65.

The insurer advises that the claimant:

• Has recently, and reluctantly, come to accept that she will be unable to return to clinical work.
• Is considering selling her practice. She has listed it for sale but has had no significant enquiries. It is a very limited market and likely to take time to sell.
• Is contemplating a new business idea in a related but more heavily administrative field.
• Has several ideas/potential opportunities for future employment but her new business idea is the favoured option.

Our engagement is to:

• Explore the claimant's new business idea further.
• Identify any barriers to business start up.
• Identify any risks to business start up.

We focus the claimant's attention to the following key areas:

• The options available to her with her current business - and the importance of thoroughly considering the benefits and the risks of each option.
• Ensuring her own best interests are served in deciding on a course of action for her existing business.
• Articulating her personal and professional goals and vision.
• The fit of future career and existing business options to these goals and vision.
• The importance of seeking enjoyable, fulfilling work.
• Prioritising decisions based on urgency and importance.
• A clear and focussed plan of action for the existing business will ensure more robust decision-making on future career/employment prospects
• Reflection on obstacles and set backs overcome in the past year.

The Insurer is in an improved position to move this case forward:

• Information demonstrating the claimant is not committed to the new business idea has come to light, which is contrary to the insurer's understanding on referral to BBO.
• The insurer now has a better understanding of employment/career and existing business options available to the claimant.
• Detailed information regarding the claimant's career and lifestyle goals is available.
• An understanding of the immediacy for the claimant to make an informed decision on the existing business (and the implications if this does not occur) has been determined.
• Improved understanding of the competing demands on the claimant's psyche, and the pressure this is placing on her mental well being.
• The insurer's relationship with the claimant will benefit for having provided an objective and professional outlet for exploration and discussion of options.

This position was achieved in one single session. Given this is a high benefit claimant very motivated and committed to regaining financial independence, it is expected the information now available to the insurer, coupled with the change in perspective achieved with the claimant will provide significant impetus for progression of this case.

Download the PDF version of this case study