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Being a Managing Director or Owner of a small to medium business is one of the toughest and loneliest positions in business. Unlike large organisations and corporations, SME’s generally lack the ...

Being a Managing Director or Owner of a small to medium business is one of the toughest and loneliest positions in business. Unlike large organisations and corporations, SME’s generally lack the resources to build a management team of professionals experienced across a range of business critical disciplines. In fact, the burden of maintaining and growing a successful independent business is generally limited to Managing Director/Owners/Partners and sometimes this falls on just one person.

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How we deliver practical advice that works Presentation Transcript

  • 1. ‘ How we deliver ‘ practical advice that works’ East Coast Consulting
  • 2. An Introduction to East Coast Consulting
    • Over 95% of private sector businesses are SME’s - employing two thirds of the workforce
    • Most SME businesses suffer from limited financial resources
    • and
    • … in many cases weak business management and marketing skills
  • 3. An Introduction to East Coast Consulting
    • Unlike large organisations and corporations, SME’s generally lack the resources (62% employ less than 20 people) to build a management team of professionals experienced across a range of business critical disciplines.
    • In fact, the burden of maintaining and growing a successful independent business is generally limited to Managing Director/Owners/Partners.
  • 4. An Introduction to East Coast Consulting
    • Sometimes this falls on just one person.
    • With so much to do and with limited resources, many feel frustrated at the ever-increasing demands being placed upon them.
  • 5. Worrying Statistics
    • 85% of all businesses employing less than 60 people don’t know where to go for advice
    • Less than 35% of all businesses see any need for marketing
    • Less than 20% of businesses employing less than 30 people have a CEO/Managing Director with any previous experience in running a business!
  • 6. Worrying Statistics
    • 27% of all companies employing more than 5 sales people have no formal, or ongoing sales training
    • 74% of all businesses feel they are under-capitalised
    • More than 60% of businesses do not succeed because of poor financial practices
  • 7. Worrying Statistics
    • Up to 25% of all business
    • start-ups
    • fail in their first
    • 12 months!
    • Over 50% are gone within
    • 5 years
  • 8. Typical SME problems - 1
    • Most Managing Directors/Owners work too hard & receive too little reward.
    • For most, the business consumes, rather than serves their lives.
    • Absence of a personal life plan that purposefully guides their daily actions.
    • Not grasped that they can & should create a business that works without them.
    • Most Managing Directors/Owners wear too many hats & have no plan to free themselves from the technical work of the business.
  • 9. Typical SME problems - 2
    • Nearly all are organised around existing people rather than business processes = inconsistent performance & havoc when key players leave.
    • Unable to depend upon employees, many SME owners feel trapped in business.
    • Confused reporting lines = overlap & lack of clarity!
  • 10. Typical SME problems - 3
    • No examination of impact entire business process has on their customers.
    • Market & sell by ‘seat of pants’ rather than apply proven marketing & selling strategies.
    • Failure to appreciate that in the best business, systems run the business & ordinary people run the systems.
  • 11. Typical SME problems - 4
      • 65% of all SME’s feel they have a poor relationship with their financial backers
      • Issues with access to funds
      • Many need funding to expand
      • Funding required typically $1-4million
  • 12. Typical SME problems - 5
    • Many do not have a strategy - and only get to where they are by chance!
    • ----------------------------------------
    • Bad news is that it’s a long list of problems & unfortunately far from complete…….
    • Good news is that every point DOES have a solution!
  • 13. Managing Directors/Owners of SME’s
    • Have usually put up the money!
    • Dynamic, entrepreneurial
    • Strong in their own areas
    • but
    • Often lack broad business experience
    • Usually lack formal business training
    • Have no specialist board of directors
  • 14. They don’t know what they don’t know!
  • 15. Why is this relevant?
    • Managing Director/Owner only sees symptoms of the problems
    • Has no time or possibly lacks skills to find solutions to specific business problems
    • This can seriously damage the business
    • Associates facilitate change AND make the client more secure and profitable
  • 16. Being a Managing Director/Owner
    • Is one of the toughest & loneliest positions in business
  • 17. Solution
    • The Business Support Programme via East Coast Consulting
    • A tailored co-ordinated program delivered by specialists.
    • Access to an ongoing single source of help, guidance, mentoring & advice
  • 18. Business Support Program
    • All businesses could benefit from help, better wanted rather than needed
    • Advantages/disadvantages of type of help available
    • Variety of sources, some limited in their role
    • Innovative, alternative solution
  • 19. Business Support Program
    • Each Executive within Your Virtual Board, gives some time every month to businesses, to:
    • Discuss concerns, problems, opportunities
    • Deal with specific business requirements
    • Discuss future plans
  • 20. The Comprehensive Audit
    • Ground Covered:
    • Accounts, Asset protection, Auditing, Awards,
    • Banking (overdrafts, overcharges), Brochures, Business Plans, Cash Flow mgmt.
    • Computers (systems/purchasing/software), NOHSC, Cost reduction, Credit Control – systems/procedures/debtor improvement.
    • Databases, Employment law, Exhibitions, Exit route for owners, Exporting,
    • Factoring, Franchising, Funding, Grants, Occupational Health & Safety
    • Human Resources, Import, Incentives, Insurance, Internet, ISO 9000,
    • ISO 14000, Leasing/purchasing, least cost routing, loans/mortgages, management development, marketing,
    • Offshore, Overcharges, PAT/FAT, Payroll, Production, Procurement, profit/loss,
    • Rent/rate reviews, R &D - new products, Sales – new & repeat, Selling the business
    • Skills audit, Tax & Accounting Services, Telephony, Training/Coaching,
    • Venture Capital / Business Angels
    • Websites
    • Vision - Where did you hope to be?
        • Vision - Where are you now?
    • Vision - Where are you going?
            • Vision - How are you going to get there?
  • 21. The Comprehensive Business Review
    • One Single Objective:
    Would have the most positive impact upon EITHER the Business , the Managing Director/Owner or both To unearth those things that IF CHANGED
  • 22. Typical Areas of Need
    • Planning & Strategy
    • Profitability
    • Sales & Marketing
    • Quality
    • Import / Export
    • Systems & Processes
    • Occupational Health & Safety
    • IT/ E-commerce
    • Human Resources
    • Compliance
    • Cash Flow
    • Training/development
    can affect any area of the business!
  • 23. Filling the Management Gap
    • Business analysis and support complimenting skills in place
    • Mentoring
    • Practical advice
    • Hotline access
    • Project design and implementation
    • Someone to turn to…………
    • Your Virtual Board
  • 24. Business Support Program
    • Enables Managing Director/Owner to access the combined business experience of accredited senior business professionals
    • Most have sat in CEO/Owners chair - they know how lonely it can be and will understand the issues they face
    • Networked in to Managing Director/Owners in thousands of businesses worldwide.
    • It can be what Managing Director/Owners wants it to be, long term support or project based
    • Managing Director/Owner retains control of the business
    • Proven - “ practical advice that works”
    • Independent, Impartial - No baggage or office politics
  • 25.
    • In effect – the Managing Director/Owner
    • has at his disposal
    • his own Non Executive
    • Board of Directors
    Business Support Program
  • 26. Business Support Program
    • Associates understand that it is the Managing Director/Owners business and will work alongside them to devise and implement the solution(s)
    • Available when and for as long as they need them
  • 27. Business Support Program
    • Leads to improved performance
    • and in the best cases
    • world class businesses!!
  • 28. Business Support Program
    • Thoughts / Questions ??
  • 29. Harry Goldstein
    • Who can be reached at:
    • East Coast Consulting Pty Ltd
    • Phone: 1300 835 667
    • Phone: + 61 2 4945 2285
    • Fax: + 61 2 4945 4228
    • Email: [email_address]
    • Web: www.yourvirtualboard.com.au
    Accredited Associate of the Institute for Independent Business