FIT FOR BUSINESS AND PERSONAL GROWTH....

All business owners should pay attention to enhancing business and personal performance. Having the `right` processes in place will pay real dividends now and in the future.

All types of businesses whether small or large are a very important part of the economy. There is great diversity from very small owner-manager businesses, with only a handful of people, to fast-growing ones, where capital and management have been separated. Many of these businesses are family owned and are extremely well managed.

The question is whether these successful businesses can enhance their performance. SME`s, and particularly family businesses can extract more value from areas not always in the forefront of owner managers minds. For example, having the right processes to deliver the right information at the right time, getting good independent input for the business and finding value in excellent governance.

The processes and information for success

Owner managers are usually much closer to the business and so need less information, les regularly. This is especially true where there are no significant other shareholders involved. Even in these cases, there is value in reviewing the available information.

These processes need not be heavy and hugely time consuming. They can be light-touch and tailor-made to the requirements of the business.

Even the most capable of managers with their finger on the pulse of the business believe that decision making is enhanced if they can talk over the tough calls with an experienced, knowledgeable person. Skilled and experienced successful business people can share their knowledge and have an important role to play in providing valuable insights that will help bottom-line performance.

The person you need will know the company, its competition and the industry and the challenges it faces. But to be effective, the person needs to be provided with regular material so that they can be pressed into action when needed to help become more successful.

The second approach is the utilisation of an experienced business person as a mentor. The mentor is typically more broadly skilled and would have reasonable frequent contact. A similar approach is networking with groups of people at the same level, often from similar industries and where experiences are shared to benefit all parties.

The third approach is the appointment of a Non-Executive Director, who carries the responsibilities of a Director and will become more knowledgeable about the business. These appointments can make board meetings more effective, through breadth of experience and constructive challenge to the board. In addition, the Non-Executive is then informed and readily available for off-the-record discussions and to provide input that makes business decisions more robust. It is important that any such appointee has the breadth of experience and the chemistry that makes this a positive relationship that is rewarding to you.

The fourth approach, taking on a Non-Executive Director role in another, preferably unrelated industry will help broaden the Director`s personal experience and build their self-confidence.

Value in good governance

A review of key areas of the business will help improve confidence in the business and therefore, value to the stakeholders. These areas are regular board meetings with well-thought through agendas and back up with good information. This includes seeing that topics such as strategy review, succession planning, risk assessment and control, the control environment and health and safety are included at appropriate intervals.

They also recognise the importance of balance on the board with the right skills and experience and without one person dominating.

In total, these are some of the areas where owner-managers believe that they extract more value from investing some time to deliver greater assurance and have a stronger governance regime. It is also good to step back and review how well managed businesses can be enhanced by extracting more value.

Success is a journey, not a destination, there is always room to achieve growth in business and in person wellbeing.

Publications that will help with you with business and personal growth are;

`Create Your Own Success Story` ISBN: 978-1-84549-260-1 https://www.amazon.co.uk/dp/B07XP62XYC ?that helps you to be successful in business life and in general?life.

`Accelerate with Impact`?ISBN: 978-1-84549-289-2 https://www.amazon.co.uk/dp/B07XKVCTJ4 ?business and personal goals that produce the rigour and thought that lead to the production of a plan that will improve company and individual performances.

Now go and be successful with your life.

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