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5 Reasons You Need A Business Plan
Protect Your Business In Tough Times
Six Traits Every SME Leader Should Have
Small Business Strategic Planning – Thinking Big
Managing a Mature Business – Risk Management Planning

5 Reasons You Need A Business Plan

Do you own a small business and you feel frustrated that working hard every day is not getting you any closer to your goals?

If you started your business with a dream but now feel that you can’t even see the big picture, you need to read this.

Once you understand how a Business Plan can help you move from “just working hard” to a planned series of steps to grow your business, you will know how to remove the stress and frustration from your life. Read More

Protect Your Business In Tough Times

As we open up after the pandemic lockdowns, many businesses are yet to fully recover. In fact, some may never recover from the enforced closures and the extended reduction in demand as customers preferred to stay home to be safe.

While people begin to embrace this new world, it is still tough out there.

This means we have to think of ways to protect your business in tough times.

While it may not be possible to be fully proofed against these times, what is possible is to secure your business as much as possible by following some common-sense business strategies.

These strategies can be either “defensive” or “aggressive” strategies.

As your profit performance drops it is difficult not to panic and to tighten all your spending.  However, you can tighten things too much. While it is natural to seek defensive strategies such as cutting costs, it is important to keep in mind the more aggressive strategies – those that your business should take to ensure that you are the one in your industry survives while others are closing down. Read More

Six Traits Every SME Leader Should Have

Having a great leader is crucial to the success of a business. In fact, positive leadership has been proven to improve employee engagement, especially in Small-Medium Enterprises (SMEs), which helps the company achieve its goals. A good leader also cultivates a positive workplace culture, which, in turn, encourages employees to be productive and loyal.

However, if you want to become a good leader, there are a few traits you should observe. Below are the six traits that every SME leader should possess.

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Small Business Strategic Planning – Thinking Big

A small business and strategic planning – is that chalk and cheese?

“I’m not even sure I need a business plan,” you say. “Do I really need to look at the big picture when I’m in the trenches?”

Well, that’s really up to you.

With a plan – any plan – you can envisage where you want to go, and then prepare steps to get there, rather than staying “in the trenches” and seeing what you get if you just work harder.

But first, let’s be clear about what is a strategic plan, and what the difference is between a strategic plan and a business plan.

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Managing a Mature Business – Risk Management Planning

This is the fourth article in our series of Managing a Mature Business. If you haven’t caught up, the other articles in the series, published so far, are:-

In this article, we will deal with identifying, prioritising, and mitigating risk – Risk Management Planning in a mature business.

But first, to recap what a “mature business” is. The business cycle of a business, starts with a new business, then rapidly moves into a growing business, and then eventually morphs into a “mature Business” and ultimately – unless you do something at maturity – goes into decline. Each stage of this business cycle has different challenges.

In a “new” business, those challenges are all about establishing the business – proving the product, finding customers, poor cash flow. In a growth business, the issues are around retiring debt, satisfying demand, larger customer bases and proportionately larger debt-collection problems, control over organisation and business systems.

In maturity, it is about fading demand, older products, reducing customer bases, reduced cash flow. If this is recognised, businesses can “kick-off” a new growth phase by innovating and finding new products and markets through expansion or change. In this way, they can stave off the ultimate slide into decline.

Risk Management Planning is important at every stage of the business, but why is it especially important in maturity?

Read More

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