Having a business is a
challenge. It is not a walk in the park. But it is also rewarding. To see you
efforts and sleepless nights result into a growing business is a great feeling.
Here are 3 critical areas
that SMEs must monitor to ensure the sustainability of the business, and
maintain the great feeling of running a growing business.
1. Talent Pool
In the age of War for
Talent, you need to ensure that you get the right talent for the job. This is
easier said than done.
Also, you need to monitor
the rising cost of acquiring, training and maintaining the Talent.
You cannot take advantage of
the opportunities that knock on the door of your business if you lack the
Talents to help you in maximizing the opportunities.
On the other hand, if you
have Talents but their cost is higher than what the present opportunities bring
to you, it means you have a losing business.
2. Competition
As the competition becomes
tougher and the barrier to entry in your industry becomes lighter you must
always be nimble and wired to the moves and actions of your competitors.
Think about Nokia and Black
Berry, successful brands that failed to keep in step with their competitions.
Always study the competition
and never rests on your past success.
Cash is king. I was
witnessed to a lot of businesses folding-up despite their strong demand in the
market for one important reason they cannot pay the operation of their business
because they lack Cash.
Cash Flow is the blood that
continuously provides air to your business. Always make sure that your cash
flow is good so that you can grab all the opportunities your industry offers.
You don’t need a deep pocket
to maintain a healthy cash flow, what you need is a balance between your
accounts receivables, accounts payable and cash on hand.
Again, easier said than
done. But who says running a business is easy. It is difficult but fulfilling.
A fulfillment you cannot event equate to money.
For more information and
tips visit Philippine Business and Entrepreneurs Expo (PBEX) #pbex, July 15-17,
2014 at Megatrade, SM Megamall.
- Monday, June 30, 2014
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