If you are an SME who started the financial year in April 2018 with targets to be achieved by March 19, it’s 6 months already. Have you reviewed your business? How much have you achieved? What does your report card say?
In our experience, most SMEs start the financial year with a lot of excitement and big plans. However, halfway through the year, they don’t even want to look back at what they had planned at the start. Nothing moved in the direction as was planned. The recruitments have not happened, important decisions were not taken or acted upon, credits are still not recovered, production plant is still not monitored, employee output is still low, no work had been done on the branding, vendor agreements still not signed and the list goes on.
In short, things are still the same as they were in the previous year and the year before that. No wonder, the revenue and sales figures will be same, recruitment related problems will be the same, challenges in finance will remain – everything will be the same. Growth 2014 mein bhi 5 Cr tha, 2019 mein bhi 5 Cr hi rahega.
Now why does this happen? The answer to this lie in the following questions:
Q: Do you have a yearly strategy planned on paper?
Q: Are there Account Receivables (AR) and Account Payables (AP) mechanisms in business?
Q: Did recruitments happen in your business?
Q: What did you do to improve your brand image in the market?
Q: Did you try to make your business compliant with industry/government regulations?
Q: Did you acquire new customers?
The areas that these questions bring up may be varied. But truth is that, any business that plans to grow must work on all areas of business simultaneously. If you only focus on sales, other areas like finance, HR etc will suffer. If recruitment doesn’t happen, who will drive sales numbers? Everything is inter-related. Growing a business requires addressing challenges in all areas of business and solve them on time.
What’s the point of creating ambitious targets in the beginning of the year if you are not able to follow through?
Why does the definition of ‘financial year’ exists?
If you are one of those businesses who realize that things have not moved as per plan or did not move at all; and it’s already 6 months gone this financial year, start acting now. Not all is lost. There is still time to cover some grounds. Don’t focus on lost opportunities or regret the time lost, get a quick plan and start immediately implementing it.
Contact A&A Consulting for a quick consultation on how you can still grow your business in the last 2 quarters. Your report card in March 2019 can still be good. But act now!
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