How can SME’s Operate More Like a Corporate Organization to Become More Efficient?

Practical tips by the panel to help you get organized from a planning, record keeping, marketing, leadership and organizational point of view


Solutions by the Panel of Experts

SMEs do not always organize things in terms of planning, management, bookkeeping etc. Running a business requires assistance and uses a system.

According to Andrew Christopher from RFBE Consulting, “The system any business enterprise needs is called Business Excellence, which is applied in 85 countries and guides businesses in the fundamentals of organizing and managing a business key principles and guidance on categories you need to understand and manage.”

The uniform convention that a good business functions on includes 7-10 categories:

1. Leadership

2. Strategy and planning

3. Info and knowledge

4. People

5. Customers

6. Business and operational processes

7. Business and financial reserves

Shannon Bush brings to this case study her leadership perspective having worked in the corporate world and with many small to medium sized business owners.

According to Shannon, many business owners wear multiple hats and usually it is to do with cash flow. In which case Shannon says, “Understand the things that you really struggle to do & where you really have to hire an expert”

Shannon also suggests business owners get the right people to help them from the beginning or generally they will end up spending a lot more time and money 5 or 10 years down the line to go back and reset foundations.

Shannon reinforced that businesses document everything. This can be in a simple format using tools like videos. A systematic documentation will grow the business and improve efficiencies of the staff remarkably.

From an accounting and books perspective, Sonia Pilkington says, “Usually businesses delay things to quarterly and they put off entries like expenses, which can be a problem. Do it weekly or at least monthly. If you cannot do it yourself then hire someone. You will not know when someone owes you money and cash flow is the key to success of your business. Missing financial information will prevent you from taking steps in business.”

To ensure proper bookkeeping, give your staff the tools to manage it and provide accounting information correctly.

Tell your staff to stick to ‘business’ and not get into ‘busy-ness’ They are two different things, where ‘busyness’ means the staff keeps itself busy with other things and would not pay attention to the business.

To avoid ‘busy-ness’ make sure they are accountable, give them tasks that train them, and tinge them. Guide them when they do not know what to do, teach them that they are valuable to you.

5 tips for business excellence by Andrew Christopher:

1. Seek to understand what the business is about (seek advice from experts)

2. Educate and secure your leadership commitment

3. Set base line or framework to understand where the business is going to be

4. Develop a plan and integrate it with you corporate strategy and driven with accountability

5. Engage your people and enable them with knowledge and skills to understand and apply system unleashing their potential.

5 Tips for better Efficiency by Shannon Bush

1. Have a plan

2. Keep it for 12 months ahead

3. Focus on 4 key areas: business/wealth growth, expertise growth and self-growth

4. Track your success and celebrate it

5. Take a time out from business to stay fresh and undivided since you may carry many hats

5 tips on book keeping by Sonja Pilkington

1. Do whatever you do consistently to have great bookkeeping

2. Embrace technology

3. Scan documents to keep electronic copies

4. Work smartly

5. Give the staff the right tools

Panel:

Andrew Christopher: RFBE Consulting

Sonja Pilkington: Asset Financial Accounting

Shannon Bush: Creative Possibility

 

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