Key Areas for Sustainable Growth of Small Business
Every enterprise must desire to grow and expand with the passage of time. Sudden growth may not be prolonged. Both small and large enterprises need to grow sensibly and responsibly in a sustainable manner. Most of the time, businesses are not aware of the changes that they need to incorporate in order to flourish. The underlying problems that hamper the growth of small businesses include complacency on the part of the management and the employees, availability of old and incompetent staff, lack of standard and controls, unsatisfied customers, outdated technology and products, lack of investment, stubbornness and ineffective leadership.
In order to avoid such factors that lead to stagnation of the business, the small business entrepreneurs need to resort to recruiting new and competent personnel which may be possible through outsourcing. You can be sure of their levels of productivity and efficiency as the outsourcers can be held responsible and accountable for their performance. A motivated workforce is ideal for the growing business.
Also, all the tasks cannot be performed by the manager or the employees on their own. The services and assistance of professionals are required who have specialized knowledge about the niche areas. Following are such services and areas that need a specialized team of work.
A lawyer’s advice is necessary before taking any such decisions that result into legal ramifications. Checking for the locality where you decide to run your business, complying with the terms and conditions while altering the partnership deed or corporation, collecting bad debts, reviewing business forms, making buy-sell agreements, setting up trademark or goodwill, etc. require the services of a legal personnel.
Rather than getting involved in lawsuits, it is always better to avail the services of a lawyer. Usually, the lawyers that advised you, in the beginning, may not prove to be much help as the matters of incorporation or legal form of the entity-end once the business has started
The services of an accountant or a bookkeeper are essential for a growing business as the accountant helps to strive with financial concerns and ramifications. The tax liabilities and benefits are well known to the accountant and by hiring an accountant for your business, you can do well with such concepts and benefit enormously. Maintaining records of the daily operations of the business is of great vitality to form future plans and policies. Accounting for depreciation, liabilities, assets, profits, losses, etc. has to be done by the accountant in every business.
It is not possible for the owners of the business to indulge into the diverse area of marketing. Starting from the introduction of the product till it is delivered to the customer including the after sales services can be accounted as marketing. The entrepreneur needs to focus on key result areas and take the management decisions thoughtfully. The task of marketing must be assigned to outside consultants or a specialized team of experts who have the creativity and convincing power for the maximum sale of the products and services. Experts can devote reasonable time and perform exceptionally well.
Management comprises of the top or executive level members, the middle-level heads, and the lower or operational level workers that contribute their every bit towards the development of the business. The business may not be equipped with enough staff to work at all the three levels. Consultancy services or managers can be hired or employed who have technical skill, knowledge, and qualification. The old or experienced personnel may not be competent enough to become managers. The choice of managers should be based on skill and abilities and not on experience or seniority.
Upgrading professional service providers
It is not easy to get the professionals for your business. There various ways by which you can be equipped with best professionals are as follows:
Referrals: Referrals are a great way to employ personnel for professional services. References can be obtained from other professionals such as accounts, lawyers or from the managers of other concerns who are into the same type of business. Referrals can also be obtained from bankers, customers, recruiters, and suppliers too.
Interview: Professional staff can also be employed by interviewing the prospective applicants. They can be gauged for their interest in your business while you should specify your field in which you require their expertise. Applicants can be judged on the basis of their experience, availability, ability to communicate, understanding, rapport, references, etc.
Evaluating credentials is essential for any business to gain the confidence of external stakeholders. People like to invest in a business which has been appraised by professional experts and service providers. The professional qualified MBA or the like can prove to be effective in evaluating even tricky credentials. This adds to the goodwill of the business and encourages investment from the public at large.
Computer managing aid
In today’s scenario, it is essential to have computer operating skills as most of the work has been digitalized. You need to have a great platform for your business online as well. A well-trained software engineer or professional computer operating team is essential to carry your business to the next modernized level. This function cannot be performed by the entrepreneur alone as it involves not only marketing the products or services online but also inputting the data to maintain records accurately. With the advancement in technology and ways of doing business, it has become vital to have a reliable computer operating manager or a team of professionals for the same.
Human resource assistance
Since every organization functions well with the help of its workers and employees as they are the heart and soul of every organization. So, their needs must be taken care of and a professional HR department can settle their grievances and make provisions for their needs and wants.
These professional services can be outsourced or hired or employed as these are the lifeline for any small business. In order to grow and expand in a sustainable manner, these services must be performed with great efficiency.
Nirdesh has rich experience of 10+ years in finance sector as well information technology sector. He is 36 years and right now working as director/CEO is in Zedexinfo Pvt Ltd. and one of the co-founder in fashionbuzzer.com, which is a fashion eCommerce portal in India. He is big fan of internet marketing which he still managing in his own companiesRead Full Bio