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Category - Systems and Procedures

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1
Managing a Mature Business – Risk Management Planning
2
Growing Your Business By Setting It Up To Scale
3
Growing Your Business By Growing Your Employees
4
The Right People Make All The Difference
5
Clean Up Your Business While You’re Quiet

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?

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Growing Your Business By Setting It Up To Scale

When you start your business, and as it grows, you will have a picture in your mind about where it will end up as your successful business.

The chances are that you see a business that grows and is prosperous, efficient, duplicating what it does for your clients now, but on a much larger scale, and repeating your success in bigger contexts.

This doesn’t happen by chance. You need to plan it, you need to set it up correctly so that it will scale efficiently rather than in fits and starts and discover all sorts of inefficiencies and roadblocks to growth along the way.

We will look at the steps you need to take, right now, before the growth spurts start, to set up your business to scale.

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Growing Your Business By Growing Your Employees

Typically, small businesses employ a small number of people before they expand and grow.

As small businesses grow, the way they develop and grow their people will help them grow their business as well. So, the performance of those people in the early years is fundamental to the performance of the business as it grows.

Therefore your small business should attempt to ensure the best performance from your employees, and systems to help them grow and develop along with your business.

The best way of developing your employees is to implement an effective review system where they are shown what their key performance indicators are, where they can be given clear targets to achieve, and where positive but honest feedback can be given both ways so that they are helped to develop and that they provide feedback to you on how you can best use them in your business.

In order to implement an effective staff performance review system, you first need to have something against which to measure. Read More

The Right People Make All The Difference

Whether you’ve only started your small business or have been operating for a while, if you are growth-minded, at some stage you will be thinking about, if not already brought in employees to help you do the work and grow your business.

Sometimes, you strike it lucky and you find people who are the perfect fit.

They work hard, the way you want them to. They are good at whatever you hired them to do. They even get on with you and everyone else in the business, and they get on with the customers.

If you are in that boat, congratulations! All you have to do is make sure they are happy working in your business.

However, most small businesses go through some difficult periods finding the “right” employee or employees. If you’ve ever had the “right” people working for you, then you know that the right people make all the difference.

So, how do you get it right all the time?

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Clean Up Your Business While You’re Quiet

OK, so it’s early January; you’re still full from the celebratory food and drink, and you may not have opened your business in the New Year yet.

Even when you open this or next week, maybe because of the usual holiday period and a little virus it will be a bit quiet in these first few weeks.

Well, instead of doing nothing, how about taking advantage of this and cleaning up some things in and around your business? Now is a great time to tidy up inefficiencies, catch up on some administration, finish those new ideas you have, and make plans for the future.

Here are some of the things you can do around and in your business when it’s quiet.

First, you can sit quietly over the next couple of days and prepare your business plan for the coming year.

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