I recently penned [or should I say, typed] this piece for the Mayo Advertiser. It was inspired by a visit I made to the SWIBN group in Sligo, and a presentation I made to them. Thinking about the issues I felt created most difficulty for small business owners and entrepreneurs, I realised those I noted most regularly, all started with the letter 'C'. It also resonated with me that being in business, small or big, could be likened to heading out on the open waters. The journey is not always smooth, can be breathtaking [scary for some], often very enjoyable and inspiring.
I hope you find this small segment provides you with some insight and inspiration!
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It’s no secret that small businesses will be the driving force behind Ireland’s economic recovery. It’s also no secret that these small businesses are grappling with increasingly difficult access to supports in developing and growing their businesses.
Since starting Irish Business Intelligence, I’ve worked with many indigenous Irish businesses in start-up and development stages. There is one thing that is unerringly clear: small business owners are THE most creative, focused and driven individuals. Though times are proving most challenging for them, they remain optimistic, insightful and charismatic. Why? Simply because, without their belief and commitment to the business, it would not succeed.
One of the key issues for entrepreneurs [even though they may not know it!] is their own ability to identify when they need help... often owners become so entrenched in the running of their business or the germination of an idea, they lose direction or footing. Don’t wait until it’s too late folks! Remember that there are many organisations tasked with offering advice and support to you, pick up the phone!
It’s very hard to narrow down just four key tips for small businesses, and in the main, I prefer to write about specific areas in minutiae... however, for starters, I have chosen a few centrifugal topics.
In Sligo in April this year, I spoke to a group of businesswomen about the ‘Four Cs’ – in essence, four [main] areas of business which define its success. They are building blocks for any business and ensure its growth, along with planning and strategy.
The Two Financial Cs
Well, you’d probably have guessed these two... Cashflow and Credit. Interconnected, and the ultimate issue for many businesses today. If you don’t know why you need cashflow, you may be in trouble... maintaining liquidity in your business is critical to ensuring you can meet the needs it will have in its initial development, growth stages and ongoing expansion. At the very least, start-up businesses should know the financial requirements it will have at the outset [the basics] – growing SMEs, on the other hand, must be cognisant of the ongoing financial requirements in the development of their enterprise.
The credit issue remains a huge bugbear for small and growing enterprises. Often access to credit can be the deciding factor in an enterprise’s long-term prospects and lack thereof can stymie or thwart it.
What should you do if you need credit? Firstly, ask yourself why you need it. Is it due to lack of planning? Is it to help grow the business? Is it because the business is not performing? One myth which must be dispelled is that credit is completely unavailable. Try to remember one thing when you look for assistance or support financially [from a financial institution or otherwise] – would you lend to you? If not, why not? If you can’t stand over what you need funding for, then surely you wouldn’t expect anyone else to...
Declined application? Did you ask why? Getting to understand why your business hasn’t met criteria or isn’t ‘fitting the bill’ will help you in the long run.
The Defining Cs
Less obvious, then, is confidence. It’s the key to your success and everyone else’s’ belief in you. Normally, this slippery little fella comes about when you’ve put thought, planning and strategy into your business. However this alone may not do it... you’ve got to believe in your business. Think about all the entrepreneurs or people, in general, you admire. They’re charismatic? Something ‘special’ about them? More than likely, they also have confidence. It may not be ‘in-your-face’ or ostentatious, but it’s there. If you don’t believe in you, who do you think is going to buy your story?
Inspired by a great service or product, excellence in delivery and customer relations... come... clients! Without them, you don’t have a viable business and once you have them, you need to look after them.
Roll the tape back a little: do you know who your client is? Do they have a demographic profile? What connects with them? Don’t expect that wandering blinkered into the marketplace is going to provide the desired effect... be wise and invest time into planning your ‘attack’ on the market!
... and finally!
Don’t be afraid to ask for help. Starting out, or growing a business is a demanding, exciting, rewarding, nerve-wracking rollercoaster – don’t go it alone. For those of you whose business is ‘ticking along’ nicely, don’t make the fatal mistake of complacency; business is an organic world to reside in... Remember what happened to the dinosaurs?
Followers of this blog will recognise that this is not the first time a topic of this ilk has been posted! However - let's just say that IBI pays attention to the trends when it comes to our customers - and sometimes things need to be said, well, differently...
