The Alternative Board helps SME’s avoid crisis
The Alternative Board has been sharing its top tips on how to avoid a meltdown when running an SME.
Running a small business or SME (small to medium enterprise) can be a huge challenge. So Jo Croft, from The Alternative Board’s Thames Valley East franchise has been sharing her thoughts on how to ensure your business is as healthy as possible to make sure it’s strong enough to outlast challenging times.
Croft’s advice covers all aspects of a company, including making sure management can cope with downturns in business and identifying how you’d make critical decisions as the owner, working the answers out well before any crisis point is reached. She advises seeking advice from companies such as The Alternative Board as soon as issues are identified that have more than a temporary impact on business, stating that getting help early “will always lead to a better managed outcome”.
Croft encourages businesses to have plans for how they will adapt to future changes or says they risk being left behind in competitive markets. She also warns about the perils of poor cash flow.
“[It’s important] to keep a close eye on forecasting and run ‘what-if’ scenarios to assess the impact on working capital before key business decisions are made.”
Croft adds that SME’s can overlook how important accurate accounting is and advises that it should be made a priority in any serious business to ensure financial problems don’t creep up on you.
The business coaching franchise was established almost 30 years ago, reaching the UK in 2009, and has helped more than 20,000 business owners improve all aspects of their companies and their lives. It’s different from most management consultancy or coaching companies as it uses advisory boards comprised of local business owners to share expertise and specific knowledge, helping business owners to get things back on track personally as well as professionally.
Sophie Cole, Point Franchise ©