When your business dream becomes a nightmare; it is time to change that decisively.
Are you finding yourself lost in a sea of detail? Finding management of your team difficult? Never seeming to catch up? Is your cash flow mostly outwards?
It is time to revisit your strategy; and concentrate on getting that right. If you are feeling under pressure then read on.
Find out how to get control back.
If you would like my help sheet ‘Ten Strategic Points’ please email me here.
The Problem of Control in Small to Medium businesses
I work with entrepreneurs to increase control of their businesses. From control comes the chance of increased profitability, success and a more balanced life-style. You will become a strategic business person and not constantly engaged in emergency fire-fighting.
Businesses run by owner-managers must all overcome the problems of the person at the top exercising effective control. Control by one person has great advantages over a board of directors; leadership is direct and decisive.
But it can have disadvantages too. The owner-manager must be free to lead, certain of their organisation functioning smoothly beneath them.
Do you run your business or does it run you?
Where you take responsibility for everything, you can find yourself achieving nothing.
Small to medium businesses are never going to have a full slate of skills in their employees: it is their disadvantage but also part of what makes them fun.
Owner-managers frequently work the longest hours at the lowest rate per hour of any of the staff in their businesses. That makes no sense from a number of standpoints;
- It is bad for your health from undue stress
- It diverts your efforts from key strategic decisions to less important matters
- It under-uses the skills of the other staff.
Getting your business under your control is a key part of making your work-life a pleasure. But you need help to achieve this using targeted advice from a professional. We can work together on achieving this process.
How can you get the right balance for your business?
I have built up a number of techniques in the thirty years I have worked as an accountant that will get the best out of your current business without having to hire new staff or engage a board of directors. There are no gimmicks here; just the application of practical effective strategies to help you increase control of your business.
I call these strategies the ‘Yes Sir!’ approach as a handy reminder of the elements.
‘Yes’ stands for the fact that nearly all owners can increase control.
S stands for strategy: we all need one, and we all have one, but is the one we have a practical one and is it the right one for what we want? ‘Work very hard and hope’ may be a plan but as a strategy it leaves a lot to be desired.
I stands for you. We must have a solution that makes sure you get what you need because if we make changes that please staff or customers but fail to please you, then I have still not got it right.
R stands for all the methods we use to correct any imbalance:
- Review: we need to find out and prioritise problem areas.
- Reinforce: while dealing with weaknesses we should start by reinforcing our strengths.
- Report: We need to derive useful, accurate and consistent information over our key areas, not just our financial reports but in matters like selling rates or advertising success.
- Redeployment: Are staff and resources being used in the right area? Are you being used in the right area?
- Replacing: sometimes this is the only solution, but,
- Retraining and Refocusing: may work better.
What’s your next step? Email me here to arrange a visit to discuss where we can, together, start to change your business. I will also go through the Institute of Business Development health-check with you if you wish. The meeting and health-check are both without obligation, except that you will be open with me about your problems and your goals.