Experience is something you just can’t buy; but you can make good use of somebody else’s. Behind some very successful business people are some skilfully appointed board members or Chairmen. The right person, preferably with a proven track record in your sector, will provide an invaluable amount of knowledge and help bolster the reserves of experience you have yet to acquire. Be sure to still allow yourself the chance to learn from your own mistakes along the way, though take note of the really expensive ones already made by others.
Executive coaching is another way to gain practical and theoretical support, although again, appointing the right person is key.
When it comes down to costs, most people are happy to pay large sums for those tangible assets like vehicles or equipment. It’s much more difficult persuading those same people to devote equal funds into securing a service. The impact and influence that good management can have on a business is often overlooked and the return on such an investment under appreciated.
At the risk of repeating an earlier post to this blog, the most important wheel of the SME is the owner. The more knowledgeable, experienced and aware they are, the better the business will run. If you haven’t already done so, think seriously about doing skills assessment. Take a candid look at the personal qualities you have and those areas of weakness. Look at the various areas of the business (finance, marketing, staff, legal and regulatory, systems and processes, technical etc) and areas which are important to you and start working to plug those gaps.
Just one well-targeted bit of training can pay dividends.
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