Will Sme's Survive If They Fail To Plan For The Future

Many SME's are failing to review key aspects of their businesses that can help them

meet the demands of the downturn, according to Anchora Solutions - an Irish consultancy which specialises in mentoring and "turning around" companies' fortunes - companies are failing in terms of their strategic planning, technology, sales and marketing which will be to their detriment particuarly when the economy begins to recover.

"Companies need to get over the 'doom and gloom' treadmill and take the economic downturn by the scruff of the neck and turn it into business opportunities", according to Anchora's Nicky Martin.

"We find that many companies don't have up-to-date strategic business plans and those who do are slow to regularly monitor or review the process. If you are a business owner or manager, ask yourself if you still perceive yourself as running the business as a small start-up unit, rather than an established mid-sized enterprise in terms of management structure, work practices, delegation, leadership development or succession planning," he added.

Anchora also found in a recent study they conducted that few companies appreciate the importance of IT planning and are guilty of under-utilising existing software, not optimising their return on investment and infrastructure.

This is mainly due to the lack of ongoing IT training and strategy as well as a poor understanding of the cost and personnel productivity benefits brought about by embracing latest technology and improvements which are both cost effective and widely available such as Cloud Computing, mobile computing and hardware, the company said.

"For many business owners, the marketing function is completely misunderstood. Most companies opt only for the sales element of this function and overlook the benefits of ongoing research into existing and new client needs, their competition and marketplace trends," said co-director, Howard Kent.

"As a result, they are invariably closed to new opportunities and are failing to identify the changes in client needs and to collaborate with other companies to improve competiveness while strengthening their market position for both their home and critical export market".

Both Howard Kent and Nicky Martin emphasised that now is the time for companies to examine their business model and to put in place practical, tangible and achievable plans to take on chosen markets as the economy begins to kick-start once again.

by: Howard Kent

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