Be ambitious...but manage to succeed

We read a great deal about Corporate Business in the Press and many might be forgiven for thinking large Companies are the saviour of our economy.

This is a perception that, in part at least, springs from the strong marketing budgets used to produce high profiles.

The reality is that it is the SME sector that has the biggest Impact on our prosperity.

You only need to look at the general breakdown of figures to see the Importance of SMEs:

•            represent 97.8% of all UK businesses

•            provide 58.2% of jobs

•            create 52.4% of GNP

Figures are never well understood without some definition – so perhaps this will help:

•         ‘Micro’ businesses:

–       Less than 10 employees (including Start-ups)

–       Less than £1M annual Turnover

–       Often less than three years in business

•         ‘Small’ businesses:

–       Between 10–50 employees

–       Greater than £1M annual Turnover

–       Usually established more than three years

•         ‘Medium’ or ‘established’ businesses:

–       Between 50–250 employees

–       Greater than £10M annual Turnover

–       Established more than five years

New business ventures are advised that the magic figure for safety is three years as many ventures fail before this stage.

For those who have been around a few years though, one great challenge is financing the next stage of development.

These are critical moments for Companies with ambition.

It takes strategic thinking, a project mentality and strict measurement.

If it cannot be funded it cannot succeed.

All aspects of a business exist to produce a return.

Any area of a business that falls short needs early attention.

In an Ideal world the primary stages of growth will be self funded through success.

Where finance is needed it needs to fit the framework of “not becoming a Slave to the Lender”!

Too many businesses have been ruined through losing financial control.

Business is a long distance race that needs small, medium and long term goals.

Each operate around each other but you need to eat now to be healthy later.

It’s possible to be so close to your business that distractions engulf you.

No-One who is successful can do everything alone.

Have the right team and never be frightened to delegate.

Our time needs to be spent where we add greatest value.

After all....we expect everyone else to produce best return!