Growth opportunities could be lying within reach
With a recent report showing that over 40 per cent of West Midlands’ SMEs believe their business performance isn’t what it should be in terms of innovation and identification of growth opportunities, at a time when the economy is picking up and opportunities should be aplenty, what more can businesses be doing to remedy this issue?
Achieving the full business potential is something every business owner wants, but sometimes opportunities are not seen because the business owner is too involved in the operations and other elements of the business, which can be preventing them from taking a step back and seeing what’s often right in front of them.
Another scenario is that the business owner can see the opportunities but either does not have the time and resource to pursue them or the know-how to take things to the next level.
Alongside this, the survey showed that 46 per cent of those surveyed in the West Midlands had the intent to seek funding for growth in the next year, but more than half of those felt they would or could be refused finance from their bank – meaning lending sources are still a concern and a potential barrier for some businesses.
Sometimes, it is essential to outsource certain functions of the business to allow for more time for creative thinking, from which innovation is born. It is also the case that professional help to identify the opportunities can make the world of difference.
We have found, of the businesses we have helped through our Board Support service, that by taking away the hassle of finance monitoring and forecasting not only releases pressure on business owners to enable them to concentrate on other areas of the business, but has enabled us to identify opportunities for them though the business monitoring and analysis that comes as part of the fixed fee product.
Help to overcome worries about access to finance can also help, as can suggestions about alternative lending sources that may not be known about or considered can be given for consideration.
In short, sometimes a helping hand is all that is needed to take a business to the next level.
For information about our Board Support product, or any other of the business solutions offered by Adams Moore, speak to Tessa Taylor on 01827 54944.