It is difficult for businesses right now, especially for SME business owners. There are so many new pressures to consider: furloughing staff, HMRC support, remote working, social distancing. And, of course, more than ever, the priority of cash management.
Whilst it is still difficult for big businesses with equal pressures, there are generally more resources available in their organisations to deal with these challenges. SME owners rarely have these and turn to their own network of advisors, suppliers and customers to guide them through. Of course, some SME’s have an abundance of experience and know-how whilst others are much earlier in their journey.
Wherever you are on your journey, these events will have caused great difficulties for thousands of business owners. Nonetheless, Government support cannot last indefinitely and we will all certainly need to adopt new ways of working going forward. As such, businesses will have started to look to the future and implement plans how they might grow and thrive in the new landscape we face today.
In many instances, new opportunities and markets are emerging for those companies which are agile and forward thinking. Others have long established business models that are hard to adjust quickly.
BMC’s key management principles
Whichever position you find yourself in, there are some key principles which apply to virtually every business, big or small, but are especially relevant in the current environment. With so much volatility and financial stress, it could be said that every business is in a turnaround situation.
I am going to be sharing a series of management practices that can help SME business owners and their management teams navigate the key challenges they are likely to be currently facing. I hope you will find these beneficial and worthwhile.
As a SME business owner, investor and advisor, these have been fundamental to my business ethos for over 20 years. Apart from using them for your own business I would like to think they can in some way contribute to encouraging business owners to be resilient and overcome the hurdles for survival and growth, thereby nurturing the UK SME economy back to a position of strength. A thriving SME economy creates jobs and contributes massively to the tax system to support our NHS and key workers.
I know you get it.
BMC’s Key Management Practices – Get the basics right with our first management principle
There are a range of key management practices which should be at the forefront of every leaders mind as business begins to return to work. Our next article focusses on getting the basics right: cash margins and overheads.
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