Business challenges

When a company invites you to join them to either grow a static business, turnaround a loss concern or integrate a newly acquired company into the group you know there is going to be a mix of business challenges to face.

An analysis of what you have to deal with is the first move, as you can guarantee all the problems have not been outlined, just the symptoms.

It is good to know what sort of team you have to work with so find out if you have staff with the appropriate skills and competencies.

Assess the financials, costs, margins, credit control, forecasts, etc. The relate the business performance against what is needed to be profitable and achieve growth.

Discover the strengths of the business, where the most profit is made, the best customers, etc. and review buying policies all to maximise profits.

Look at how the business works, the logistics, the processes, and see where you can improve. Is there software that can make you more efficient? Do make sure you have good IT support in place.

HSE is very important and for SMEs it is often advisable to get a competent consultant to ensure compliance.

Ensure the business trades using modern technology. That sales and marketing takes advantage of all appropriate avenues and platforms.

Engage with clients, suppliers and industry gurus so you can identify trends and not get left behind whilst the competition embrace the future.

Embrace change but be inclusive and keep everyone on board.

These are some of the generic points, and each individual business will have its own special, unique challenges but it is important to look at the business as a whole as a change in one area can have ramifications in other areas.

Absorb the data as the first step before making decisions, ensure you have all the facts and proceed with caution. Act in haste, regret at leisure, but don’t procrastinate as time is money.