SMEs are the backbone of the Scottish economy, who employ 56% of private-sector workers. These firms do not necessarily do better in a crisis, but they are better prepared to get out of the crisis. They are a powerful catalyst for change because of their structure which typically sees a small number of large shareholders controlling the business. This concentrated ownership gives these businesses the potential to bring about growth quickly; through collective change by insisting on a fairer and more sustainable economy.
For SMEs to manage the short-term pain against the long term gains they must consider:
The people within organisations are the most valuable resource any business will ever have. In times of disruption business owners need to speak with one voice, clearly communicating their commitment and purpose to their business and employees. This leadership will show the human face of leadership, demonstrating stability which will cultivate your incredible business resource as an even stronger asset, to build and create better outcomes through improved performance levels.
The continuous improvement of your business is necessary to keep you ahead of the game. This requires you to be agile and assess the landscape of your company in the context of industry and the vulnerability of disruption. With a focus on adapting within the fast-changing environment, business leaders will create better outcomes by positively seeking to develop change processes. Therefore, providing security through the sustainability of business.
The skills, knowledge and experience of your business mould the governance, strategy and essential framework of your business. This is where you decide the direction of your business and take responsibility for how you make money. Business owners should be planning how they will play a part in the transition to global sustainability. Embedding the strategic thinking of doing the right.
Every business requires some level of financial resource to deliver its plan. It is highly important for the sustainability of the business proposition. By understanding and effectively managing the business cash flow, business leaders can make the best-informed decisions. In all investment scenarios, the return on investment is key to the process. Effective financial management is crucial for the success and sustainability of the business ensuring the cash flow for day-to-day business as well as growth.
To learn how Carrick Management can assist you in Creating Better Outcomes for your business, contact: firstname.lastname@example.org.