Many small and medium sized enterprises or SMEs plateau after a certain point. This is a dangerous state to be in as it can lead to decline if not dealt with in a timely fashion. This concern is even more critical in these current times when small business owners are faced with the grim reality to make drastic changes or suffer the consequences. Here are some tips to affect the right kind of change that can help your business evolve to where it should be:
1. FREQUENT EVALUATION
Set the frequency for evaluating various aspects of your business early on. Once this system is set up, it’s easier to understand what works and what doesn’t - well before action needs to be taken. A consistent frequency also ensures that the measures put in place are gauged for efficiency during the entire process. This way, there are no unpleasant surprises. Every aspect of the business should be audited in this manner, whether it is daily operations, structure, fiscal programs, special projects, human resource matters etc.
2. RECOGNIZING THE NEED FOR CHANGE
Sometimes, there are processes or activities in place that continue to run because that’s the way things have always been done. This is true especially in case of long-standing SMEs. While it might be difficult to engage a new or amended process right away, recognizing the need for a positive change is the first solid step to progressive evolution.
3. ACCOUNTABLE CHANGE PARTNERS
Assigning roles and responsibilities to key personnel helps drive the right kind of change at the right time. The change leaders can take the lead on implementing the necessary changes and maintain accountability to all stakeholders, thus ensuring that the business is moving in the right direction.
4. ALIGNING GOALS
The ‘evaluation’ mentioned in point #1 is also extended to the business vision, mission and goals - both long-term and short-term. When implementing change, it is essential to align the financial goals, business goals, timelines and future effectiveness. If the business goals have changed, then it’s also time to re-evaluate the financial goals and perhaps even do a feasibility study to have a better understanding on where the business stands and how to grow it further.
5. EXTERNAL ADVISORY PARTNER
When running a business, there is always the daily operational and functional work to get done. Expending the company’s core resources on matters outside of these daily operations could further stunt growth as it takes the resources away from the very tasks that would keep the business moving. Partnering with business advisory experts would benefit your business by saving time and resources and gaining access to a much larger pool of experience and expertise in business growth.
Understanding that change is necessary and being aware of possible issues well in advance is half the battle won. The right kind of business advisory partner will include this strategy as part of the process specifically curated for your business. So if you are looking for an advisory partner, why not BOOK A FREE CONSULTATION with us to see if we are the right fit to help your brand.