Are you surrounded with good people ?

The Christmas and New Year break is a time when we get together with our families and realise what’s important in life. We have opportunities for clear thinking and discussing life plans with people who are closest to us. Many of us will have a new outlook coming into the new year, feeling energised and will re-evaluate priorities both personal and business. You reach this point because you have people around you who you know and trust the most – your family and close friends. They are able to guide you towards the things that are most important to you and the things you enjoy.

Successful business people will commonly say that the key to their success is to surround themselves with good people. Read more

How do you ensure your staff are committed ?

Do you find that when you try to step away from your business and rely on your staff that they don’t seem to have the same level of commitment that you expect of yourself. That sales order that you would have made sure went out today goes out tomorrow because the staff member had to go home ?  When you employ staff to perform tasks that you used to perform yourself as a business owner, your business has reach a new level, and your skill set needs to move from supervising tasks to setting the scene and establishing goals.

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Is your financial information helping you to align key stakeholders?

Communication and alignment are key elements which contribute to the success of small business or the lack of it can lead to failure. I always remember the activity you do in primary school where you have 5 people in a line, the first has a message and by the time the message is passed through each person in the line to the last member, the message the last member gets is total different to the original message.

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Can you rely on your team to run your business ?

You feel you have built a successful business, have a good track record of sales and have been working in the business for several years. You have reached the point where you feel the business will fail if you don’t continue to be involved in the day to day activities, but are frustrated about the continued time commitment and you probably want a holiday.

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Top 6 Issues of SME’s

  1. Inadequate Cashflow

Cash is king. Most, if not all business owners have some form of cash issue. Although this is often linked to customer debtors, this is not the only issue. Ensuring a business is properly funded requires careful planning and a financial plan.

Without understanding the dynamics around cash funding putting a financial plan together taking into account all the relevant business variables can be difficult to master, especially when you still have the business to worry about.

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Do you need a CFO ?

Setting up your own business can be very exciting but no-one can doubt the hard road that lays ahead. You have a great idea for a product or service, think you have some customers that will buy it but are then faced with a whole new range of things like structures, planning, financials etc. When you do actually get some sales on the board you then find you are hiring staff which presents a whole new ball game with competing goals and performance management. In navigating your way through all these issues, finding someone who you trust who can offer different views is difficult. You can discover that you are alone.

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