With the UK experiencing such economic uncertainty since the
recession in 2008, great emphasis has been on the economic recovery and growth
of our nation’s business structure. More and more independent smaller businesses
are struggling to compete with much larger enterprises, and without additional
support from banks or government bodies, it seems unclear as to the future of
SME’s in light of the negative connotations associated with the impending rising
interest rates over the coming quarters.
For many small and medium size businesses, owners fight
through the difficulties with outstanding determination and are indeed an
admiration to many, but as one analyst recently asked “Why suffer the pain of
business, when you could easily see a specialist who can diagnose and medicate
the problem?” This suggests that a unique business strategy for developing
businesses is key to progression and growth, whilst avoiding the demise of many
perfectly manageable ailments associated with businesses at risk of losing
their footing.
Essentially, everything is relative and must be treated as
such. It is not surprising that small to medium size business enterprises do
not succeed beyond their infancy, as every element of business growth and
support is generalised, and in doing so, ignores matters that are specific to
certain areas of success for growth. Therefore, by applying the same model to
businesses of given ages or sizes, we can begin to establish the specific
business acumen necessary for smaller enterprises.
Smaller businesses can easily be compared with premature
babies whose survival is paramount to how they are looked after, as well as how
much they grow, and cared for in the right way, with specialist help, they can become
successful and create as many new jobs and resources as that of larger sized
long-term enterprises. As with life, businesses need to adopt strategies
specific to each stage – nurturing, growth and expansion – whilst maintaining
the health of every aspect of their creation, otherwise, one ailment may easily
cause a reduction in efficiency throughout the whole process, thus putting it
at risk of demise, effectively ending its life.
So how do we enable smaller businesses to employ more staff
and reach a higher threshold? Well, in essence, there simply needs to be more
emphasis on specific growth strategies for the various stages of enterprise –
from infancy to old age – considering the needs unique to that stage in their development,
rather than focusing on supporting larger businesses that are a safer bet for
the future. This model of support and development, effectively parenting, looks
to be a much more productive way of achieving economic success, in every sense
of the word.
This post was written as part of the Nollett Business Solutions blogging program, which provides businesses with the tools, expertise and solutions they need to become dynamic engines in an ever-changing world. Like us on Facebook. Follow us on Twitter.
