Keeping goals on track
Welcome to our series on Great business management tools for SMEs where we provide you with a tool kit to ensure that you have longevity as a business and continue to grow and prosper beyond your wildest dreams!
So many small businesses fail in their early days simply because they have not been aware of, or adhered to, some basic principles of managing a successful business. Our series of toolkit articles will address a number of these key principles and we trust that it will assist you to not only survive but to prosper from the start … let’s get started:
Maintaining the goals you set!
We are already into the second month of the year and most businesses, large or small, would in November or December of 2022 have reviewed their past year’s performance. Having done this they would have set goals for 2023, hopefully with the idea of surpassing past performance and creating business growth.
As with many people who start the year signing up at a gym determined to get fit, and stop going by month three, many businesses also set goals and find that as soon as the months progress they simply slide back into old ways and the goals go by the wayside. There are a couple of practical ways to avoid this though and keep your goals on track.
Ensure you have set realistic, attainable goals
We have had sufficient time this side of 2023 to get back into the swing of things. Before you give up on the goals you set, just take a moment to check if these goals were realistic and attainable within the period in which you expect to achieve them.
Nothing negates goals faster than realising you simply can’t achieve them and it was not realistic to imagine you could. Don’t give up on the goals, simply make a small adjustment and then determine, through measurable ways, to keep them on track!
Monitor the important KPIs
It is essential that you monitor and align with your most important Key Performance Indicators (KPIs) as you progress. To mention a few:
- Cashflow Requirements
- Financial Performance Indicators
- Customer Satisfaction,
- Product and Service Quality, and
- Employee Satisfaction
- Internal Process Quality
We agree that these are key essential areas of any business that need to be monitored and benchmarked, particularly the first two, your Cashflow Requirements and Financial Performance. This is essentially why we are in business and it is also the fastest way to go out of business if mismanaged!
Finrock can assist
Finrock Capital is not only an exceptional invoice factoring business, assisting small and medium businesses when their cash flow falls short from long overdue invoices, but we offer additional value-added services at no additional charge.
These services are not only to ensure that the invoices you have factored get paid but also to assist your business with several financial challenges that many business owners would rather not be saddled with.
We hope you will find these Great business management tools for SMEs useful and watch this space for more. In the interim contact us for all the advice you will need on any cashflow and debtor administration aspects of your business. We can help you to ensure you never give up on your business aspirations – just find a better way to achieve them!
