Melanie Hird
[email protected]
07917 888 880
Melanie Hird is responsible for the origination and
execution of deals in the Yorkshire market, specialising in
restructuring and turnaround.
Evaluate management teams
Sort out processes and infrastructure
Under performing management teams continue to be among
the top factors hampering the growth and productivity of
SMEs. Continue to review your staff and look at performance
review techniques to assist with this. Reward appropriately.
If they are failing to pay their way, then release them.
While it is tempting to expand quickly, it can be risky when
coming out of a recession to over commit and take on too
many orders or contracts that can’t be fulfilled. Many firms
have gone to the wall as result of over-trading. The most
effective and successful bosses ensure they have the financial
resources, staff, technology, production capabilities and
infrastructure in place to support a growing business ahead
of works being carried out.
Engage and communicate with employees
It is critical that staff understand the direction the firm is
heading and that managers and their teams are engaged with
the bigger vision and goals. The role of business leaders is
to keep looking forwards, know where they add most value
to the company, and keep their teams updated on how the
business is performing against its targets.
Set financial measures
And finally … innovate
Receptive businesses are open to innovation and adaptable
to recognise and change practices that aren’t working.
Innovation is critical in both product and service based
industries for enhancing customer service and boosting
efficiency, effectiveness and, most importantly, profitability.
Putting in place robust financial measures is often
overlooked by many SMEs. Producing regular, up to date
financial accounts is crucial to maintaining and growing any
business. Detailed accounts provide an effective process by
which to measure and evaluate productivity, sales, income,
debt, cash collection and staff efficiencies.
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