The recipe for SMB success involves a mix of strategic planning, operational efficiency, and understanding your market. Remembering, success is a journey, not a destination, Susan Cooney discusses how focusing on these key factors and continuously evaluating and refining your approach, SMBs can increase their chances of thriving in a competitive marketplace.
Let’s look a little more at the ‘people power’ involved in your business success, and their professional skill base. While there isn’t a one-size-fits-all list for every SMB, here are 6key professional roles that can be crucial for most small and medium businesses:
- Sales & Marketing Professional: Drives revenue generation by identifying target markets, developing marketing strategies, and closing deals. This role can be filled by a single person in a smaller SMB or divided into separate sales and marketing specialists as the business grows.
- Financial Professional: Oversees the financial health of the business. This can include bookkeeping, managing cash flow, budgeting, financial reporting, and potentially tax planning (depending on the size and complexity of the business).
- Operations Manager: Ensures smooth day-to-day operations. This role might involve tasks like managing inventory, scheduling, quality control, and potentially overseeing customer service or logistics depending on the industry.
- Technical Expert (varies by industry): Provides expertise specific to the core function of the business. For example, a restaurant might need a skilled chef, a software company would need developers, or a construction firm would require an experienced project manager.
- Generalist/Administrative Support: Provides essential administrative tasks and support across various departments. This can include scheduling, bookkeeping (if not a dedicated role), data entry, customer service (in smaller businesses), and other administrative duties.
- Business Planning: Is responsible for creating and implementing a strategic roadmap that guides the company’s growth and success.This involves setting goals, analysing the market, developing financial projections, outlining strategies, assessing risks, and monitoring performance.
A Few Important Notes:
- The specific needs will vary depending on the industry, size, and stage of growth of the SMB.
- Some roles might be combined in smaller businesses, with one person wearing multiple hats.
- As the business grows, additional specialists might be needed in areas like Human Resources, Legal, or IT.
Additional Considerations:
- Outsourcing: Certain tasks can be outsourced to freelancers or agencies, especially for specialized needs or when a full-time role isn’t yet justified.
- Technology: Utilizing technology can automate tasks and streamline operations, potentially reducing the need for additional staff.
By carefully considering their needs and resources, SMBs can identify the key professional roles that will propel them towards success. That said, a business consultant can still be a valuable asset for an SMB. Here’s why:
- Expertise: Business consultants have a deep understanding of business practices and can help SMBs identify areas for improvement. They can also provide guidance on how to implement changes.
- Objectivity: Business owners can be too close to their businesses to see problems clearly. A consultant can provide an objective perspective and help SMBs identify and address issues they may have missed.
- Resources: Business consultants have access to a wide range of resources that SMBs may not. This can include industry data, best practices, and contacts with other businesses.
Overall, a business consultant can help SMBs save time and money by helping them avoid costly mistakes. They can also help SMBs grow their businesses and achieve their goals.
Susan Cooney – Oxygen8 Business Consultant
021 0237 4472