Is the personal side of our development hampering SMEs?

 

Life is an experience that everyone goes through at different levels. However, when one zooms out their view, it is recognized that the more things change the more they remain the same. Business is not only comprised of what happens during business hours, but includes what happens on the personal time of the business owner and their team members outside of the said hours. 

At the end of the day, the heartbeat of the business are the individuals who work there. Who provides the information and service so critical to its success. What would be needed to create an atmosphere of support that encourages people to have delightful experiences at work? 

For some, life at home can be hard, and they may not get the appreciation there. 

I remember serving at church, and as we greeted attendees coming to the service, some collapsed and cried when they received a warm greeting from someone who barely knew them and vice versa. 

In his book How to Win Friends and Influence People, Dale Carnegie states that deep down in individuals is the craving to be appreciated. The use of the word craving conveys the level of seriousness that appreciation can play in the lives of others. 

This is not to be done in a manipulative manner. We often call out people when they do things wrong, but when they do things right, we tend to behave as if that's what they are supposed to do and don't provide the accolades that may serve to reinforce positive behaviour. 

In life, our colleagues/workmates will encounter some form of tragedy. Death, divorce, accidents, and robberies are some negatives that come to mind. Others that impact positively also impact our lives and result in changed behaviours. Marriages, birthdays, and promotions, to name a few, also require some changes that others may need help understanding. 

Why would people who would support you in a particular type of business not do so should you leave to begin your own? Can it be some emotion that you would rather not discuss here? 

You have to be perceptive and discerning when you're in business. Keep learning - both formally and informally. There's not everything you need a certificate for, but learning is to fulfil your curiosity. 

Have fun while working. Your work day can take over 1/3 of your life; ensure it is not miserable. With the personal/career aspects of your life in balance. There is nothing to stop you from accelerating towards your goals. 

SMEs - What's stunting their growth

In the Caribbean, most businesses are SMEs. Now that we've got the definition sorted out. Let's look at what's required to assist the business owner in a tangible way that promotes and encourages real growth. 

Many businesses need an accurate idea of what they want to achieve in terms of success. They speak about making money, being their own boss, and being able to make their own decisions; however, they tend to know precious little about how to reach these ideals. 

They tend to be under-resourced in many ways and cannot hire the help they need. Therefore, they stagnate and become another entity that struggles operationally. 

Monthly, they struggle with payroll, bills for supplies, and operational expenses. They make just enough to open the doors another month and are afraid to seek and speak about money. In short, they don't know the rules of money. 

The struggle is so real that they have ad-hoc marketing plans that look good on paper but need more resources to implement them. They become despondent and stressed, impacting other areas of their lives in ways that can be detrimental. 

It has been described that they are red-lining like a vehicle that's over-revving and getting no real power or speed. 

Their needs include operations, finance, and legal. Everything else comes under one of those headings. They may be pointed toward getting help through technical assistance programs like training and research. However, many become so reliant on them that they fail to help themselves, seeming to wait for handouts. It has been observed that they recognize they have a need but are unwilling to invest in themselves. 

Wake up! As a for-profit entity, you cannot and should not expect funds to flow one way, which is towards your business. Not that you are wasteful, but be prepared to take calculated risks and not seem to want someone to constantly buffer your business. Stop expecting free advice! 

We who provide technical assistance often get the requests prefaced by "Can I pick your brain for a moment?" I have learned to say no, that I don't pick your pockets, so others are more readily adopting this approach. 

The other type of client wants a quick fix. This is where they wait until all their options are out and then want to come with an appeal for you to pull a rabbit out of the hat and save their operations.

The money you make through your business is not yours to keep. Remember that. 

Stop the wasteful spending: the doodahs - constant unjustified travel, fancy cars, and the list can go on. Put money aside to reinvest in your business so that you build your equity and not be at the bank's door begging cap in hand for their expensive financing. Pay your taxes - do tax planning, look for legal ways to pay less, and educate yourselves through ongoing programs within your fields. 

See where you can contribute rather than looking to see where you can get all the time. Working with charities is a tangible way to keep in the public domain positively. Decide what programs would interest you and contribute to them. 

Develop insurance and pension plans so that you can facilitate investment opportunities. In short, become an entity that enhances its value as you grow. Get a succession plan so that you know how you get into business and how you will get out.

I hope that something here helps you get your creative juices flowing. Have a wonderful week ahead.