Creating a success story for business, Year on Year growth, every year is not easy to accomplish. Yet large companies do it, growing at 8-10% every year on a large base. Why then do SMEs stagnate after a period? Whereas, the big organizations not only prevent themselves from being plateaued out but also are able to maintain 8-10% growth every year. What sets them apart? Scaling up business, growing customer base while maintaining the current growth rate – these need to be a key focus area for SMEs.

Large corporates have a set of processes that are growth-oriented and time-bound. The clarity in processes and clockwork-like repeatability of these processes set them apart from SMEs. However, most of them are simple and easy to adapt for SMEs.

How can SMEs create and implement such processes? Do you have YOY growth – mapping to your potential – on your mind? Read on to know what you might be doing wrong!

LACK OF PRIORITIZATION

As an entrepreneur, it is difficult to have the time, sit down and chalk out a plan of work– but it is directly proportional to the success of a business. By getting in the right frame of mind and nailing down not only what you aspire to achieve, but also how it can be accomplished, business goals becomes much easier to attain.

While large corporations are used to the rigmarole of annual and quarterly planning, these exercises shouldn’t be restricted to the big players. Goal setting, prioritizing and following a plan can help small businesses to set a course for success. A detailed plan and close monitoring against the plan can help you and your team to stay on track. It helps you to approach your business according to a well thought out plan and not as per ad hoc decisions taken as knee jerk reactions to some development.

NOT BACKING PRIORITIES WITH BEST TALENT AND MONEY

Building a strong team at the top should be the utmost priority of SMEs. It should always be acknowledged that a top team can take you places. Attracting quality talent, retaining them, and giving them suitable compensation progression should be on an entrepreneur’s mind. It can take the business places. Unreasonable level of trust in the entrepreneur’s own capability to handle senior and multidimensional functions often leads to chaos and complex situations. If the SME is too small to have a full-time senior employee, several hiring models (on-demand) have come up recently which allow the SME to hire top talent without spending a large amount on the compensation. On-demand hiring model transforms businesses by optimising both – time and money.