Business Growth Articles

The basics for the owner of an SME…

BizGro: Helping you the business owner to get a life again, plug the gaps, restore work/life balance and build an asset which is investor ready. Even if you decide not to sell, you will become free to enjoy the wealth created.

What can we do for you? Well that depends on where you are at and where you want to go.

To determine this, we will work our way through the following questions together. Once completed, we will have enough information to propose an action plan to build a successful business which operates on auto-pilot. So let’s get started:

Where do you, the owner want to take this? Is there a clear strategic vision? Does everyone know what it is? Is everyone pulling in the same direction? What are the company’s goals for the year ahead? Are they SMART?

Does the company have a business plan? Not the one in the bottom drawer you used to get a loan from the bank but a real live step by step document with stated goals and how you will achieve them. This will keep you accountable.

  • Sales/Marketing:

Lead Generation: Are the sales team making the most of “no to low cost strategies?”

Are leads being captured? How?

What is the follow up procedure? You do have one??

What is the conversion ratio?

What is your market share? Who are your competitors?

Do you have a USP, if so what is it?

Do you maintain a database or better still a CRM accessible to everyone who will deal with a customer throughout the project?

Is the company webpage updated regularly, are any social media sites used, how about SEO, Google ad-words etc?

Do you have a regular newsletter?

Do you test & measure your marketing?  

  • People 

Does each person know what is expected of them? Do they have a job description and clear KPIs?

Are regular performance appraisals undertaken?

Does your company have a Skills Matrix detailing clearly which employees are capable to complete each task, this should be cross-referenced. This same matrix should expose potential weaknesses and demonstrate the areas that require development.

What is the general attitude, morale, commitment in your staff, honest opinion required here?  

  • Financial Data

                                                                                LFY                       YTD                       Budget

 

     
     
     
     

 

Sales T/O

 

GP%

 

NP%

 

Sales staff 

  • Operational Data 

Product Mix; identify the winners & losers. What is average G.P% of each?

New product development; what is the current product’s lifecycle status?

Production efficiencies; is the plant layout optimized? E.g. could you implement cell manufacturing?

Are there SOP’s in place for every process? Are they revised regularly?

Have you eliminated clutter, obstacles etc, to streamline workflow, eliminate heavy lifting etc – look at 5S here.

Reduce WIP by promoting JIT systems, quicker the job is finished, quicker you get paid!!!

Supplier contract reviews?

Supplier terms, consignment stock etc?

Food for thought then 🙂

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