Disorganization impacts all businesses regardless of size; however, SMEs feel it the most. In a recent survey of SMEs, 23 percent rated their businesses as disorganized, 1 in 3 accepted that disorganization lessens productivity and 75% of owners of struggling businesses believed that disorganization had a negative influence on their results.
Culture in terms of a business is defined as the ideas, customs, and behavior of an organization. A company’s culture directly affects its reputation, valuation and hence profitability. In an era where social media reigns supreme and reputations can be made and destroyed by the careless release of ‘news’, special attention should be given to how a business is portrayed, seen by the public and what the effects are on financial results and profitability. A company can re-invent itself and thrive on change.
Change is hard. We all know that. Changing a company is even harder. It is akin to steering a fully laden tanker on a totally different course while avoiding storms. But as hard as it is to make changes, the hardest decision of all is to acknowledge that change is needed and to start the journey. Once the decision is made and the journey starts, there are certain guidelines which can be applied:
There is an old saying that states ‘the more things change, the more they stay the same’. Corporate behavior changes as a business grows but companies tend to follow the same general pattern. Let’s not be deceived by the shooting stars of the technology world. Media focuses on the spectacular success of a few but ignore the struggles of most businesses around the world. To build a successful business and survive, the business owner must remember that cash flow is king. Small business owners don’t work eight hours a day, they don’t pay themselves overtime, they don’t take holidays.
The SME market is undeniably experiencing exponential growth across the USA, the United Kingdom and Australia, resulting in hefty competition and countless challenges. While the gaps and opportunities for success and longevity are existent, the question SME’s are asking is how they can become more competitive and more innovative? What is an SME? Although there are different interpretations of what an SME is. it is important to first define the classification of ‘small’ and ‘medium’ as they vary between countries and the domestic economy of those countries.