Develop & Implement a Successful Business Plan

Feeling like your business has hit a plateau? 📉
Business stagnation can be frustrating, but it’s a common challenge many SMEs face. Discover practical steps to reignite growth, improve your operations, and develop a clear business growth plan. Plus, learn how independent guidance can help revitalise your business.

👉 Read more in our latest blog: What Should You Do If Your Business Has Stagnated?

Exiting your business is arguably the most important moment in your business life. It deserves time, planning, and the right support. Whether you're considering a sale, succession, or employee ownership, your exit plan will determine how smooth and successful the process is. This article explores the main business exit options available, how to prepare a robust exit plan, and why bringing in independent expertise helps you maximise value and ensure a smooth transition.

In the dynamic and challenging environment SME businesses face, having a well-thought-out business plan isn’t just a formality—it’s the cornerstone of success. A strong business plan drives business accountability, aligns stakeholders, and provides a clear path to achieving your goals. Yet, many small businesses either neglect this vital document or fail to revisit it once it’s written. This oversight can lead to missed opportunities, misaligned priorities, reduced profitability or worse; business failure.

This article outlines the benefits of having a business plan, highlights the key elements of strategic planning, and explores the essential role of a Non-Executive Director (NED) in driving SME success. 

Running an SME as a Managing Director can feel isolating, but it doesn’t have to be. The introduction of a Non-Executive Director offers a solution to many of the challenges MDs face. From providing independent oversight and strategic input to reducing feelings of loneliness, a NED can transform both your business and your personal experience as a leader. So, if you’ve ever thought of appointing a non-exec director, now might be the time to take that step. Embrace the advantages of non-executive directors and make loneliness at the top a thing of the past.

Management accounts are a vital tool for businesses to make informed decisions and plan strategically. Unlike financial accounting, management accounting focuses on providing internal financial information to key decision-makers such as FDs, CFOs, and the wider senior leadership team. By understanding the role of management accountants and the significance of management accounts, businesses can unlock numerous benefits.  In this article we will explore the key features of effective management accounts and how to use management accounts in business.

The concept of Fractional CFOs is a game-changer for businesses of all sizes. Instead of hiring a full-time Chief Financial Officer, companies can tap into the expertise of seasoned financial professionals on a part-time or temporary basis. This approach allows businesses to benefit from the strategic financial insights and management skills of a CFO without the hefty price tag associated with a full-time executive.

Understanding the concept of gross profit is paramount to business success.  It serves as a cornerstone for evaluating a company's financial health, making strategic decisions, and ensuring long-term sustainability.  Yet despite this, many SME business leaders do not give it sufficient importance, and many focus their attention on turnover instead.  In this blog we will examine the subject of gross profit, exploring its definition, significance in business, and how it plays a pivotal role in improving business profitability.

With all the pressures that come with running a business, having a seasoned guide assisting you at the helm can make all the difference. That's where a Non-Executive Director (NED) comes into play. These expert business practitioners are like the North Star for a company, offering invaluable guidance without being involved in the day-to-day operations. In this article, we will delve into the world of NEDs, exploring what they do, why they are crucial, and how they can elevate your business to new heights.

Management accounts are a vital tool for businesses to make informed decisions and plan strategically. Unlike financial accounting, management accounting focuses on providing internal financial information to key decision-makers such as CFOs, FDs and the wider senior leadership team. By understanding the role of management accountants and the significance of management accounts, businesses can unlock numerous benefits.

The Benefits of an Interim CFO

In today's dynamic business landscape, companies often encounter the need for specific financial expertise and leadership at various stages of their growth. This is where an Interim Chief Financial Officer (CFO) steps in. An Interim CFO brings temporary but impactful financial guidance and leadership to a business, helping it navigate critical financial challenges and achieve its strategic goals. In this article, we will delve into the role and responsibilities of an Interim CFO, shed light on the benefits of hiring one, and explore the range of services they provide.

How can I make my company more successful?  It’s a question that every business owner should ask themselves.  There are numerous factors that determine the success of a business but one that should not be ignored is employee engagement.  Studies on workplace culture and business success have shown a direct link between employee engagement and company performance. Here we explore why employee engagement is so important and how you can improve it in your business.

Bridging the Gap in Financial Leadership

Strong financial leadership is essential in every business so when the CFO / FD is missing, the company and its executive team can really suffer.  That’s where an interim CFO / FD comes in, bridging the gap between finance executives.  By providing financial expertise and a reassuring presence in the boardroom, an Interim FD (IFD) is worth their weight in gold.  This business success story demonstrates the value a Secantor IFD added at fast-growing recruitment business when they suddenly found themselves without a CFO.  Having stabilised the finances, our IFD was retained by the incoming permanent CFO to undertake specialist finance projects allowing him to focus on financial strategy.

Do you wish your business had a financial crystal ball?  Sadly they don’t exist but the closest thing in reality is a detailed financial forecast covering your medium to long-term plans.  By creating a financial forecast to quantify your business plan you will be able to see the likely financial outcome of achieving your goals and objectives.  It is an essential tool for a successful business but despite this, many SME businesses don’t have one.

Every business, irrespective of its size needs financial strategy, clarity and control. Introducing an experienced and commercially-focussed Finance Director to your SME business will transform your finances. The good news is that high-calibre FDs are available part-time at a very affordable cost. That’s why every SME should have one.

If your business is struggling you need to take urgent action. Thankfully professional support is available to help you through.