Times Online Money suggests 10 people most responsible for the Global credit crunch. It is an interesting question, and a vague time line appears in the listing suggesting a ‘house of cards’ effect or Gladwell’s ‘tipping point’.
What lessons are there for UK small and medium sized enterprises (SMEs)?
Lots of obvious ones, of course, but always well worth reminding ourselves:
- Do not rely heavily on borrowings, and banks
- Cash management – tight fiscal controls (credit control)
- Efficiencies
- Productive staff – HR management (induction & exit strategies)
- Strong business network and supply chain links
- Strong business support (expertise available, as and when needed)
What action can SMEs take now?
Improve anything on the above list. Business support is one of the MOST important. An external perspective, and outside ‘input’, can significantly help protect SME management from the ‘delusional management thinking’ so prevalent in the 10 characters in the Times Online list.
You may ask the question: “If these giants of commerce and government were deluded, how can we -SME business managers avoid making similar mistakes?”
The answer is to try and avoid thinking you know it all, or the macro environment doesn’t affect you. Most savvy business support professionals are sufficiently down-to-earth to put you straight, but where do you go to find them?
Business Service Finder is a new kind of online resource to help SME management find the right kind of help as and when they need it. What is the right kind of help for their business? Access to the best SME advice, by top experienced professionals, at the most market competitive rates, in the shortest time scales in a simple process.