Techblog
4 management oversights SME owners should avoid
Managing a small business can be a juggling act, especially when you’re starting out and resources are scarce. At this stage, there are some common things that should not be overlooked in your growth plans.
Here are some common management oversights that are worth keeping an eye on.
Overlooking funding options
Small business owners know how crucial funding is to get up and running, but too many forget to look beyond standard loans. Today's entrepreneurs have a world of funding options to explore. The more sources you consider, the more likely you are to find one that suits your needs.
Debt financing is an option that is sometimes overlooked. This is where companies raise money by selling bonds, bills or notes to individual or institutional investors, and promise to repay the principal debt plus interest. You can see a breakdown of debt financing available from banks in Singapore and what you need to do to secure loans at Guide Me Singapore.
Or perhaps you'd prefer to sell equity in your company to a venture capital fund, like Golden Gate Ventures, or an angel investor who puts in their own money like Singapore Angel Network (SGAN). To access a wider pool of potential backers, you can try a crowdfunding platform like Crowdo, which helps startups source equity from across Southeast Asia.
Finally, it's worth considering the wide range of government support on offer. In Singapore, entrepreneurs can tap government-backed equity financing, business incubator and debt financing schemes, and cash grants. Looking to grow? SPRING's Capability Development Grant can help. Or if you're trying to bring a technology solution to market, the agency's Technology Enterprise Commercialisation Scheme can offset costs.
Leaving out tech tools
Technology has long been a key enabler for business. Today more than ever, tech tools are changing the way work gets done – making companies more productive and enabling anytime, anywhere work, so long as there's wireless internet. As a manager, you would want to make the most of tools that can help you get ahead.
Among the biggest game-changers for business are cloud-based apps. Executives use them to drive cost efficiencies, improve business performance and increase speed to market, as KPMG found. Some of the most useful apps can enable you to steer collaboration and easily share and edit project files when your team is spread across offices around the world.
You also want to leverage tech tools for the essentials like accounting. Glance at the options available today and you'll see generating professional invoices is only the beginning. The best accounting tools now also let you view real-time business insights, like up-to-date balance sheets and interactive tables summarising key financial information.
Not making the most of digital marketing
Digital is fuel for business today. But many managers miss out on making the most of it because they overlook the importance of creating a digital strategy aligned to business objectives.
One specific area that gets overlooked is content, particularly for email marketing. But trend watchers are well aware that yesterday's old ‘batch and blast’ emails are rapidly being replaced by more sophisticated, personalised email campaigns.
Another aspect that suffers from management oversight is mobile. We know it's central to the future of business, hearing predictions from all corners, including Google's Eric Schmidt, who recently told us Asia is transiting from mobile-first to mobile-only. Despite this, many overlook the critical need to optimise business websites for today's mobile generation.
Delaying key decisions
The final management oversight to watch out for concerns decisions. When you're heading a business, you’re the one who needs to make the critical calls – when to adapt, pivot, scale up or offer that IPO.
Being indecisive and failing to make a move is worse than being wrong. It can result in companies going under, like Borders, which rose to dominate the global book business but failed to adapt and was liquidated in 2011.
Next time you feel like avoiding decisions because the future looks uncertain, remember these words from leadership coach Margie Warrell: “Those who embrace uncertainty as part and parcel of life will be those best positioned to seize the opportunities.”
Now you know some areas managers overlook, you can give them the attention they deserve. You can get ahead by taking some time to focus on:
- Evaluating all funding options available.
- Investing in the right tech tools.
- Getting their digital strategy right.
- Being quick-footed in making key decisions.