Guest Post
From the hundreds of decisions you will make in charge, some are undoubtedly far more important than others. Here are a few that we feel take utmost priority:
Legal Matters (Large and Small)
Whatever type of business you are involved in there will be a raft of legal matters both large and small that should not be overlooked. There are of course the more obvious concerns such as tax and contracts of employment and these tend to be concerns that are dealt with reasonably efficiently, but not always in a way that leads to the best possible outcome for the business. Then there are concerns that are less commonplace like intellectual property issues or arbitration. To ensure your business is 100% legally sound, it makes sense to use experts like Withers LLP, who can oversee, advise and carry out legal mandates large and small to the highest of standards.
Key Performance Indicators
Key performance indicators (KPIs) provide great insights into the way a business is progressing or faltering and while most businesses have a close eye on their profit and loss sheet, there are other KPIs that are often overlooked. Days sales outstanding (DSO) is one such KPI and refers to a business's average collection time for accounts receivables and looking at this data gives an indication of how well an accounts team or department is operating. Not only that, if the DSO data is poor then it means that opportunities to put money owed to good use are being squandered. Making the decision to monitor all KPIs makes good business sense and therefore profit.
Branding
All the best business models have excellent branding, but it is an easy factor to overlook, under-invest in or keep up-to-date. Let's take the most obvious example of how branding, done well, can catapult a business into unbridled success - Apple. The logo, the family of products they have developed and the company ethos have, over recent years, all come together to communicate a brand message that is strong, purveys quality and is unmistakable worldwide. Branding is much more than having a great name or product, it's about the whole business from the people who work within the business to the consumer/customer experience. Overlook branding and you are in for a rough ride.
Talent
Overlooking or not utilising the talent you have around you to its maximum potential is at best poor management and at worst could result in you losing that talent. A talented member of staff who is well deployed, empowered and rewarded is perhaps the greatest asset a business can hope to retain. Deciding to look after your talent and allowing them to play to their strengths has several other advantages. First of all they will be happy and this leads to higher productivity, but perhaps most importantly talented people tend to know other talented people and therefore your business is more likely to be exposed to more smart people and have an opportunity to hire them.
In the ever changing world of business, making decisions is an ongoing process, but it is making the correct decisions and ensuring you don't overlook factors that will give your business wings, is the key to ongoing success.
