To the blog for small and medium sized business (SME) owners.

Sunday, October 28, 2007

10 Characteristics Your Business Mentor Should Possess

Your business mentor should possess the necessary skills to guide you in achieving your goals. The business mentor will display many attributes that will be necessary to help you achieve success and include:

1. Relationship building – building trust
2. Honesty
3. Commitment
4. Experience
5. Acting as a sounding board - 'a shoulder to cry on'
6. Independence
7. Objectivity
8. Retaining a balanced perspective
9. Robustness
10. Elimination of the ‘loneliness’ of the business owner

Tuesday, October 16, 2007

Discover 7 Factors Determining the Success of Entrepreneurs

There are several factors that will determine the success or otherwise of the small business entrepreneur.

There will be business associated factors that will influence the success of the entrepreneur, however, personal characteristics will also set him/her aside from others and afford greater chance of achieving success.

7 characteristics that help mold a successful entrepreneur include:

1. The person will ooze self confidence
2. There will be a zero or very low fear of failing
3. Clear goals for the business will be set
4. The person will possess an abundant supply of energy and drive
5. Responsibility for the development of the business will be personal and rarely delegated
6. A ‘controlled’ level of risk taking will enjoyed
7. Use of all freely available resources

For more advice on leadership and entrepreneurship visit DAW Consulting.

Thursday, October 11, 2007

7 Symptoms of a Business Turnaround

Business Turnaround - DAW Consulting, Kingswinford, West Midlands, UK
Why should there be need for a business turnaround?

Unfortunately, business turnaround happens when the financial expectations of the business fail to materialize, a situation that may result from:
- Failure to regularly review the financial performance and to take corrective action if required
- Poor internal business controls
- Fraud
- Major errors of judgement
- Events outside of the control of the business owner.

A regular review of the business should identify the causes that give rise to areas of weakness or poor performance. The 7 symptoms that often result in a business turnaround are:
1. Cash flow difficulties
2. No business growth, declining markets
3. Expansion of the business has been too rapid resulting in a lack of working capital
4. Quality of the product or service fails to meet the customer expectations
5. The business lacks strategy, no long term goals and exists from day to day
6. Low staff morale resulting in high staff turnover
7. Lack of specialist skills

If your business needs help to avoid a business turnaround then seek expert help quickly.

Monday, October 08, 2007

Business Plans and SWOT

Most business plans include a SWOT analysis, but what does SWOT stand for?

The acroym SWOT represents:

S Strengths
W Weaknesses
O Opportunities
T Threats

A SWOT analysis is a planning tool used by companies to identify the above features within their organisations. Its purpose is to critically assess the strengths, weaknesses, opportunities and threats in order to indentify and take action to eliminate areas of concern or extract further value.

A serious self assessment of the business should be regularly undertaken, otherwise the speed of change may overwhelm and place the business at risk. However, when preparing business plans the inclusion of a SWOT analysis will provide evidence to a potential investor of control within the business, that is knowing what is going on within the organisation.

For further help visit Business Planning.

Wednesday, October 03, 2007

The Interim Finance Director Role

An interim finance director can be appointed to undertake a specific project or into a line position where the interim FD becomes a member of the management team.

When and why should you use an interim finance manager?

Tuesday, October 02, 2007

Discover What Makes a Successful Part Time Finace Director

What are the factors that determine the success, or otherwise, of the part time finance director in a small (SME) business.

It is becoming more accepted that many business owners require the skill set that a finance professional can bring to their organisation, but they are unable to afford the person on a full time basis. Hence the increase in demand for the part-time FD.

The person should offer much more than the business accountant who may be focused only on reporting the numbers (the history). The part time finance director should be more active in making the history, implementing plans, improving systems and creating value.

Discover the factors that determine the success of the part time FD.