We are all living in challenging times and today the 'same ole, same ole' approach will not get us by. We need to be innovative and adaptable to survive in business now and in to the future.
As an accountant who has worked with a large number of small and medium sized businesses(SMEs) for more than 20 years, I have amassed considerable experience in dealing with the sort of challenges faced by business leaders today.
Challenges for SMEs:
Vision and Goals
- In my experience no business survives for long without a clear sense of purpose. To get this you need vision but you also need a strategic plan with goals both short and longer term to give you the proper focus for your energies in managing your business day to day.
- A business consultant can bring this area of expertise to your management team and also hold you accountable to carrying out the agreed business plan and assess your effectiveness in reaching your stated goals.
- Achieving anything in business involves managing relationships. I have considerable experience in negotiating contracts with key managers and helping keep teams together through dispute resolution and redefining roles within an organisation. Your suppliers are also part of that team and these relationships are also of great importance.
- Bank lending is hard to come by, but for a business that has a clear business plan and accurate projections banks are still prepared to do business. More and more businesses are finding innovative ways to fund their operations.
- Capital funding is expensive but again for the right opportunity investors are prepared to get involved. However, investors will be frightened away unless, you have robust systems in place to record activity in your business and compare it with detailed budgetary analysis.
- Until you know your strengths and weaknesses it is difficult choose the right marketing plan for your business. Having an outside perspective it is always helpful to employ someone to give the external perspective on your business, with a view to presenting your business in the best possible light to potential customers.
- Many businesses are having to re-invent themselves to survive today’s fiscal climate. This process is less daunting when you have assistance from someone who’s been through the process with his own business and with many clients through my accountancy practice.
- We are in the throes of a revolution in information technology. Cloud computing is here to stay, and those who embrace this revolution will gain a competitive advantage in the market place. All leading suppliers of software now supply live versions on the web.
- There is a wide range of SaaS (Software as a Service) available at prices affordable to small business, which greatly enhance management of information within and outside of your business.
- Some of the most valuable work I do with businesses is to help them recognise their Key Performance Indicators(KPIs). You can’t watch everything but you can monitor the things that matter.
- The more work a business does in compiling relevant information on its critical functions the greater the build up of business intelligence, which in time makes you more effective in controlling your business.