, which supports the strategic growth and development of SMEs, and here they share their four top tips on being successful business owners.: Setting out the vision, mission and values of your business is a critical step in ensuring strategic direction — without this, distinguishing what sets your business apart from others can be difficult.
Regular staff meetings and training are essential, especially for industries that need to think about customer care: Structure and regular financial reporting are vital in any business so ensure you have these in place. Often, financial admin is neglected, but it is of the utmost importance as this will ensure you always know what’s happening in your business.
Barnard says: “Many business owners only look at the cash in the bank account of the business and they ignore the cash flow status and projections. Cash flow can be severely tied up in the debtor’s book and stock.”For the Georges, one of the most important elements has been to create performance contracts and do regular assessments for each staff member, including management. Regular staff meetings and training are essential, especially for industries that need to think about customer care.
We were able to strengthen our foundation to allow for growth. Being on the programme helped us see what we needed to do to run things better. Working in the business, you sometimes forget to workThe reality is that every business is different, but getting the fundamentals right can play a significant role in ensuring a business remains sustainable, despite tough economic times.
For business owners, this requires a commitment to applying some tried-and-tested principles to maintain and grow their business.
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