Think like a larger business

All businesses large and small need to be implementing a ‘Culture of Continuous Improvement’ to combat the challenges of 2024 and beyond.

Observing and learning how a larger business operates can be very beneficial for an SME operator.

Every business needs a Leadership Team and whilst in a larger business most of the leadership team members are probably employed on a full-time basis, SMEs do not have that luxury and in most cases, only a few of the leadership team will be full-time employees, while the others could be consultants that are engaged for specific specialist activities.

SMEs will find that consultants will probably be engaged for services such as CFO, Marketing Manager and Communications Manager.

A key task for the Leadership Team is the preparation of the ‘WHO IS THIS BUSINESS’ document.

This covers the key tasks – vision – strategy – execute – success

Ideally, this document is reviewed annually at the firm’s STRATEGIC REVIEW MEETING, which is a must for most companies who are ‘scaling up’ or just wanting to keep ahead of how they performed last year.

The documents that flow from the ‘who is this business’ include:

Business Plan: this must be a ‘living document’, NOT put into a drawer and forgotten about.

Predictive Accounting Reports: Budgets for all business units – Key drivers – Cash Flow Forecast – Projected Balance Sheets

The Projected Balance Sheet: enables the Leadership Team to be able to gain a visual understanding of what the business should look like in three or five years’ time, so long as the budget forecasts are achieved

The VISION Process: enables clear thinking to be given to some very important items:

R&D Projects

Intellectual Property Development

Investment in TALENT

TEAM TRAINING AND PROFESSIONAL DEVELOPMENT

Capital Expenditure

Scaling Up

Funding – where is it coming from?

Loan funds – is there enough security available for the lender?

Capital raising from the public

When these activities are concluded, the CEO should then communicate the VISION for the business to the entire team. “This is our business and this is what we want to achieve over the next few years!”

Towers Business Development can assist in the planning of the ‘strategies to think like a larger business and implement the strategies’. To find out more, contact us on 1800 232 088 or email .