Never has there been a more important time for business leaders to take a strategic approach to how they go about carrying out their duties. Many top managers responsible for running SME’s have no formal business qualifications and this is particularly true for lifestyle businesses and start-ups. Therefore is there any wonder that many of these businesses struggle in difficult times, in worse case go bankrupt and into receivership.
It is recommended all leaders should undergo business management training as part of their continuing professional development and that age should not be a barrier. Sometimes business leaders need to take a step back from the coalface to ensure the Company is going in the right strategic direction, that the vision and mission of the Company is not being compromised and the corporate objectives are being met, or if not met working towards them being achieved. It’s very easy to become insula and therefore it is imperative to undertake a strategic analysis not only internally, but externally looking at both your competitors and customers to optimise your corporate strategy. Ideally those employed to lead in an established Company have the necessary skills and those that don’t go about up skilling. In some instances those with the right skills are too expensive to employ on a full time basis. This is where professional external resource in the form of consultancy and or interim management can provide flexibility and add value as they bring the requisite professional business skills. Essentially, they are able to be objective as they are there for a targeted assignment imparting their knowledge on the organisation to meet specific goals.
Perhaps it is time to reconsider your approach?