SME Top ten Tips
Top ten tips for SMEs
Attitude
Tenacity - so many new and even established SME businesses fail because the owners and managers give up. The ones who succeed, succeed against the odds. Whatever your size or turnover, business is not for quitters.
Advice – listen to good people who know what they are talking about. The SME business community offers many business owners who are willing to offer advice and help and who can save you making expensive mistakes. Find trusted mentors who are willing to offer impartial advice and be a critical friend.
Flexibility – no one gets it bang on right first time and within the SME sector it is vital to move with the ever changing times and adapt your business model to deliver what the customer now needs. You may have a great idea but it may need modifications. Adapt and change!
Networks – make business friends. It’s easy to feel isolated as an SME but you’d be amazed how many other business owner / managers feel the same. Connecting, sharing and communicating your values is the lifeblood of any business.
Operation
Staffing – the survival of SMEs is hugely dependent on the quality of your staff. A smaller workforce means there’s nowhere to hide and every person is accountable for the future of the business – which is empowering in the right hands. You need to be selfless as a boss and a great inspiration, setting examples on good work practices and a good work ethic.
Systems – no matter how small your business, formalise your working practices. Being unified in procedures leads to good quality service so get your systems right. From taking orders to delivery to handling enquiries and dealing with complaints. Ad hoc business practices have been the death knell of too many companies.
Business Plan – even established SMEs need to know where they’re going, how they’ll get there and what they’ll need on the way. Without it, chances are you won’t make it.
Finance
Finances – the biggest weakness in the SME world! Get your numbers right from day one. Employ a book keeper or an accountant, but do this straight away. If you can’t afford it then learn yourself through a free book keeping course.
Access to Finance – remains one of the biggest SME hurdles. Thankfully there is hope for aspiring businesses who have trouble sourcing their finance from the banks through CDFIs (community development finance institutions) of which there are eight across the region and of organisations like Finance Yorkshire.
And the final one is Tenacity – I wonder why?
