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Are your operational systems scalable as your business grows?
As your business grows, your operational systems need to scale in order to keep pace with change. Failure to do so causes those unwelcome ‘growing pains’, which if left ignored, can have huge consequences for your business.
Business growth is high on the agenda
80% of SME business owners are striving for ‘moderate or substantial growth’ this year, with 43% looking to recruit new headcount.
But growing a business is tough; there are numerous challenges along the way. According to a study by the Academy for Chief Executives of its membership, the 10 issues causing these growing pains are:
1. Quality people: recruiting, retaining and developing
2. Managing growth and change: access and cost of funding
3. Government: competence, regulation and understanding of business
4. Managing uncertainty: wide geo-political and economic uncertainty
5. Increasing costs: regulation, commodities, wages and land
6. Technological change and disruption: make the most from the digital economy
7. Fostering innovation: delivering results in a constantly evolving way
8. Understanding millennials: what drives them, how best to retain and develop
9. Banks and stock market: trusting in the reputation of these institutions
10. Security: physical and cyber
Fail to address these issues head on, and it can impact your staff morale, operational efficiency and your bottom line.
But what’s really causing these issues in the first place?
Lack of process and time cause your operational systems to break down
When you started your business, you probably found yourself wearing lots of ‘hats’; closing sales, delivery, recruitment, personnel and writing webcopy for the new site were all just part of your standard day. But as time went by, your company grew, and things started to change.
Now, the way you used to run things doesn’t work anymore. You’re trying to delegate your workload, but that isn’t working either. And you’re starting to feel the growing pains because your business lacks the policies and procedures that provide the framework that allows it to transition smoothly from a small business to a medium-sized organisation.
Furthermore, time (or a lack of it) is preventing your business from realising its potential. Research conducted with 500 SME business owners concluded that ‘sub-optimal or bad time management’ is one of the biggest barriers to business growth; our own research shows that 88% of senior managers waste two-fifths of their week managing process.
Imagine what you could do if you had those two days back every week? Surely anything would be possible?