Director of CAD Partners CFO On Call shares her SME knowledge

Sue Hirst, Director of CAD Partners CFO On Call shares the lessions she had learned from her experience in running a small business for over 20 years.

According to Hirst, “What should I focus on in business?” is a question that is commonly asked. To help answer this question Hirst shares her five areas that most businesses should have:

The Product or Service the Business offers
A lot of businesses do not put enough research into whether their product or service is viable and if there is a market for it. The product or service needs to be well researched to ensure it delivers a solution or benefit. Research, testing and improvements need to be on going and be able to keep up with the changing market.

Marketing and Selling
Marketing is one of the most important factors in business success. Research is essential in order to understand the market and let them know what the business has to offer. Listening to a client is important, one has to understand their needs and find ways to solve their problems. A good sale process can have an massive impact on the business’ revenue.

Operations and Finance
There is a lot involved in delivering a product or service to the satisfaction of customers, according to Hirst. Systems are the best way to ensure efficiency. They assist in documenting tasks and help business owners be involved in more strategic aspects of business.
When it comes to finance, cash flow is one of the biggest issues for SMEs. It has to be managed proactively with forward planning, which includes budgets and cash flow projections. If cash runs out, the business won’t survive without outside injections.

Customer Service
A business needs happy customers in order to grow. It’s often quoted in customer service training that a happy customer will tell two or three people about the service, while an unhappy customer will tell around twenty. Customer service mentality must be paramount in every business operation.

Human Resources
Happy staff means happy customers. Staff are often the ones interacting most closely with customers and are the ones listening to their comments and feedback. Even if the business offers an innovative product or service, all the hard work could become undone due to an unhelpful and unhappy staff member. A good start to efficient HR management is an Organisational Chart and Job Description for all staff and the business owner.

CAD Partners CFO On Call financial advice franchises offer finance management solutions for all types of businesses. For more information, visit their website or fill out the form below.