5 great ways to boost your SME’s performancePublished on 21st March 2017 - Last update on 13th August 2018
Running a successful SME business can be a tough and demanding job for any budding entrepreneur. However, nothing can beat being a part of an industry you know and love. As your own boss, the rewards for developing a successful business into fruition can be enormous.
But as the boss, you’re at the helm, it falls upon you to ensure that the goods and services provided are up to scratch.
Bright and full of ideas, your SME business began with a promising start and an ambitious goal shared by all involved. However, as time passes, how do you maintain the same level of momentum as before? How can you ensure that your staff are as dedicated and enthusiastic as you? This is a problem that many businesses have encountered along the path to success, and one that must be challenged constantly.
Maintaining Momentum in your SME
A slump in momentum is an issue that any business can fall prey to, with often disastrous consequences. But that needn’t be the case for you, as the business finance boffins at Rangewell are sharing 5 great ways to help you boost your SME’s performance. Right, let’s begin!
Firmly seated at the helm of your business, the task of delivering concise and effective management lies within your domain. Although tiring and often time-consuming, your input is both invaluable and appreciated. Your employees love having constant feedback on the work they are providing as it offers them an open forum where they can declare their successes and raise their concerns. For you, this is just as valuable for, with a hands-on approach, you will be able to detect issues or pounce upon key opportunities in record time. Plus, this lets employees know how valuable to your business they truly are, encouraging them to achieve further successes in the future.
Flexible working hours
Although 9-5 hours may work for some employees, many are now preferring to adopt a much more fluid and flexible approach to the hours they work. For employees, this allows them to cater to the hours they work around their personal lives, making the work they perform for you feel less like a chore. For you, as an employer, this often results in a rise in productivity and a much more loyal workforce.
Getting your employees involved and rewarding excellence
As the boss and owner of the business, your word is law and must be adhered to in the fullest. However, that doesn’t mean you can’t seek the thoughts, opinions and suggestions offered by your workforce. In fact, offering employees the chance to influence your decisions has often shown an increase in productivity. Rewarding excellence amongst your staff is sure to raise morale too. Giving employees that show talent, insight and determination the opportunity to scale higher will allow you to make the most of their involvement and set an example for everyone to aspire towards.
Allow employees to set their own SMART objectives
Another fantastic way you can boost productivity in your business is to cultivate a proactive culture amongst your workforce. They understand what their roles entail and how best to apply their knowledge and skills, so why not let them assign their own day-to-day? This can help make work seem less burdensome, allowing for self-motivation. Of course, success depends entirely on the character of each employee. For this reason alone you should still review the work they have undertaken each day, checking what progress has been made and where improvements are needed.
Access to Business Finance
Acquiring business finance is a key aspect to success and boosting morale. With a well-placed tailor-made finance solution, you can apply additional funds that will ensure sustainability and drive your growth ever onwards. And, let’s face it, when your employees can see your business growing they know their jobs are secure and that things are going to get interesting, sparking yet more positivity. Just some of the business finance products that you can benefit from include Business Loans, Asset Refinance, Merchant Cash Advance, Asset Finance (such as Leasing agreements and Hire Purchase solutions) and so much more!
Our values are simple – We’re on your side
At Rangewell, our values are simple – We’re on your side. Our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.
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