The following guide highlights 5 ways in which you can stop your business growing. While it is very rare that a business owner would consciously want to stop growth, it is surprising how easy it is to unintentionally achieve this goal.
"Coming together is a beginning. Keeping together is progress. Working together is success."
– Henry Ford
Summed up wisely by the inspirational man that is Henry Ford it is one thing to bring in a bunch of individuals but it is another thing to get them working together and striving towards success.
Although instinctively the business owner may feel more directly tied into the success of the business, when you create the right team everyone will be pulling towards that same goal.
While there are a number of variables to achieving this, such as equality, providing an ideal work space and environment. It is just as important to encourage passing of knowledge among staff and keep the lines of internal communication open.
Technology has made this easier than ever, CRM systems are not a new idea but their significance and importance is just as important as ever with the amount of data and communications passing by every second.
"An investment in knowledge pays the best interest."
– Benjamin Franklin
Benjamin Franklin was not wrong and the same can be said when it comes to knowledge over your cash flow. While I sometimes hate to use a cliché line there is little choice when it comes to cash flow as it really is king.
Businesses go bust when a careful eye is not kept on how much cash is being brought in compared to how much cash is going out. But more importantly it is actively keeping on top of bad debtors as they really can take you out of business.
Automated tools such as Credit Hound are here to help with this and should never be underestimated.
"The stock market is filled with individuals who know the price of everything, but the value of nothing."
– Phillip Fisher
The problem with running a business or department is undervaluing what everyone is pulling towards achieving. The only way we can truly measure how well performance is going, is in the analytics.
The financials for the company tell you all you need to know but only if you have the right tools to put together the reporting you require.
If you are using a small solution such as spreadsheets that doesn’t make it easy to pull together a report on the go then you end up spending too much time putting together and not enough on execution. Business Intelligence can make all the difference.
“Working hard and working smart sometimes can be two different things.”
– Byron Dorgan
We are all busy working away on trying to get tasks completed, but sometimes we forget to take a step back for a minute and notice our surroundings. It is one thing to be busy but it is another to be successful.
If you are spending too much time working on the smaller projects, how will you ever get to the more pressing tasks?
Ways to overcome this could range from implementing an intuitive accounting software to handle more of the administrative tasks and free up your time, or it could simply be preparing ahead and putting together a priority task list.
“Opportunity is missed by most people because it is dressed in overalls and looks like work.”
– Thomas Edison
Let’s face it this sentiment will apply to all of us in some way and to different extents. The point here is to be in the right place to take advantage of an opportunity. Whether you are the business owner donning too many hats or the finance manager tasked with ensuring maximum efficiency… there is always the need to be ready for the next opportunity.
The key here is planning ahead and remembering most things take time to get traction going. So apply realistic timescales. If you would like to find out more about how our Sage 200 and Sage 300 business management systems can help support business growth feel free to request a free demo here.