Business management: from poor to great24th April 2017
Regardless of the size, sector or scope of your business, proper management is imperative to ensure that every aspect runs smoothly. Effective management brings about many benefits to your business, boosting efficiency, productivity and keeps your working capital at feasible levels. Yet despite the necessity of strong, insightful leadership there are many SMEs that lack the essential skills required. Without them, their businesses will surely wither and fall into insolvency. However, by acting now you can save your business from a dismal fate.
If you’re guilty of lacking effective management skills in your business it is imperative that you sort this issue out fast. If your management is weak or ineffective it is likely that your business will suffer from a range of ills. Lack of focus, accountability, communication and an inability to track day-to-day tasks are just some of the symptoms that can befall your business. Arguably, the result will be spiralling working capital costs, reduced productivity, missed opportunities, faults left unfixed and a rapidly declining share of the sector’s market. In summary, your business becomes crippled, unable to function and offer the goods and services promised.
“When looking at the distribution of skills in the population, there is currently a ‘long tail’ of SMEs not employing management best practice” argues Professor James Hayton of Warwick Business School. “Under-developed leadership and management skills and a widespread failure to adopt management best practices are constraining the performance and growth of a large number of SMEs.”
Employing entrepreneurial managerial skills
Ensuring that your business has the right skills essential for carrying out key duties is vital. When we discuss ‘entrepreneurial management skills’ we’re, in fact, drawing to attention a number of crucial skills and thought processes. To ensure that your business can operate effectively to it’s absolute fullest you and your team must:
- Have focus
- Be resilient
- Be willing to invest for the long-term
- Be able to sell goods and services
- Pass on key information fast and efficiently
- Source and hire skilled individuals
- Be able to learn and move on from past mistakes
- Be resourceful and self-sufficient
Only when your business has these skills can its future growth and sustainability be assured. Your attention will be in the right places, time won’t be squandered, you’ll make the ideal connections, money won’t be wasted and, above all, customers will begin buying and booking your goods and services. But to help you ensure that your business stands a real chance at success investment is needed. This is why the alternative finance experts at Rangewell are helping more and more SME business owners than ever before find the perfect finance solution to suit both their short and long-term goals.
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