Having spent the last Weeks meeting and chatting around Essex to small business owners, it became evident that they all seem to face challenges. As are poor and there was an ongoing sense from owners or such company owners that they should be hands on and across every aspect of their business. But, as was told by them they may know about their company but they need expert support and profitability grows and increases. Some of the challenges they faced included:
Customers are at the heart of any company. Without the revenue generated and clients the company gets a fantastic idea. One was how to attract, retain and maximize their clients? For me, the key Ensuring client retention and winning new business is currently providing products or services to not only but adding a customer service experience that is terrific. A strategy has to be developed for maximizing revenues and ensuring that this customer growth. Many business owners need guidance in regards to developing a campaign, a marketing strategy, a company placement and considering the channels they want to market through their business and are not marketing experts.
The challenge is to enable the company to tell its story in a manner that permits the company. Bringing a seasoned marketer into the company either in-house or as a consultant can enable the business owner to concentrate on what he does. There are not enough hours in a day. All owners are stretched for time. Creating time means focusing on what’s vital for the achievement of the enterprise and saying no. This is business that is where Owner seeks advice from adviser or a business mentor to make them focus on what is crucial for the business’ growth.
It is critical for a midsize or small business to handle their cash flow effectively but occasionally managing the PL appeared to be the third or ‘order of the day’ for some business owners. Getting good financial Advice from a consultant who puts powerful planning steps, looks at debtors and takes the opportunity to analyze company performance mitigates the risk of the business. Business Planning appeared to be with; they worked more on the fly. Annual Planning should begin no less than four months prior to the end of the fiscal year and should begin with a formal yearly budget, understanding the sustainability of every client or customer, growth opportunities, business development planning and an investigation of the overheads required to support those clients or customers, market and grow the company, generate a terrific customer experience in addition to delivering a sustainable profit margin.