BUSINESS ADVICE

Lindy Asimus, Personal Business Coach of Design Business Engineering, specialises in small to medium enterprise (SME) business coaching and posts on the informative popular blog ActionBites.

WHAT IS THE BIGGEST CHALLENGE FOR SME OWNERS TODAY?
There is a thought that the current economic situation means that there is a different approach needed for the small business owner to keep afloat. In reality, while there is even more need to be clear on managing all the parts of the business effectively, spending well and eliminating waste, these are practical approaches that should be followed even in good times.

Spending money wisely in business, and ensuring that there is good measurement of the metrics that apply to the different sections of the business, are important keys that let us know that we are on track to achieving great results. But we need to do more than measure – we need good systems in place to ensure quality standards, consistency in delivery, and a degree of predictability. There is never a time that this is not important in business... though sadly, it is most frequently not practiced. Indeed it is very usual for the small business owner to neglect some areas that are quite critical to the well-being of the business, and all who work there, and of course, this is reflected in the profitability, and even the value of the business as a saleable asset.

HOW IMPORTANT IS A BUSINESS PLAN?
The business plan is very important! That is, if by business plan, we are speaking of the document that is written and encompasses the blueprint of what the business is there for, what the values of the business is, what the purpose of the business is, and details the working plan for the business to follow over the next period of time, and into the future.

Very often the idea of a working business plan is confused with that fanciful document written for a bank with the intention of raising a loan, and completely useless to a business owner from the point-of-view of driving the management and team in how the business runs and grows profits.

To be useful, the business plan should be an integral part of the now and future running of the business, and should be a reflection of the strategic plan, as well as actions that are to be implemented and monitored and adjusted over time. Not just the “What”, it is also the “How-To” manual for a successful business, and the essence of that should be known and embraced by the owners, staff, customers and all who have a stake in the ongoing health of the business.

WHAT IS THE BEST TIP YOU GIVE BUSINESS OWNERS?
My best tip to a business owner or anyone at all... is to know ... really know... what it is that you want.

This seemingly simple thing can be surprisingly difficult. Many people need help to pinpoint just what that is and to be able to articulate it into a working principle.

Without knowing we lack a compelling vision and focus and drive to achieve the life and the outcomes that are most important to us.

What comes after understanding what this is will be the basis for everything we do.

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