business focus 21
Chartered accountants Haines Watts presents a series of articles based on its blogs. It offers analysis, reviews and comments and welcomes your feedback at
www.hwca.com/blog
of the month Delegate for profit and growth writes Kapil Davda, partner at Haines Watts
With the tender shoots of recovery now well and truly underway, anecdotal evidence points to a record number of start-up businesses being established.
No one can dispute that starting a new business venture from scratch requires courage and SME owner/ managers, who bore the brunt of the economic turmoil over the past few years, have come out fighting with businesses that are profitable and cash positive. However, they continue to battle with long hours and sleepless nights worrying about not just their customer deliverables but also accounting and legal matters, stretched overdraft facilities, overdue customer accounts … you get the picture.
All this leaves little time for doing anything else and some can be forgiven for wondering if it’s still worth all that effort – particularly when facing the idea of having to commit even more resource to driving business profits.
It does not have to be that way. Many established SMEs, after the hard work of their owner managers, are now well placed to refocus their priorities to growing profits. The way to do it is to review and use your most important resource – people.
Having the right people (externally or internally) supporting you can make all the difference. Effective delegation to proactive colleagues will enable business owners to focus on expansion and profit growth,
whilst also improving their work life balance and finding the time to consider other objectives.
Naturally a large proportion of owner/managers will find it hard to let go of ‘their baby’. This can be avoided by building a team over time that has been nurtured, empowered, backed by good training and given standardised and documented systems, which have also been stress- tested.
Consideration should also be given to some compliance tasks being sub-contracted to trusted external advisers, to free up the owner manager’s schedule for that long overdue golf session.
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Details:
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Exceponal Your business. Our focus. THE BUSINESS MAGAZINE – THAMES VALLEY – JUNE 2015
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JIB082.05.15
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