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Management development is vital for success

As part of our commitment to help our clients be successful, Sackmans keep up to date with the latest research on what makes businesses successful.

Unfortunately, we have not found a magic wand but we have established a few key principles that we believe guarantees success. The first principle is that business growth comes after personal growth of the business owner. One core skill is business management.

To highlight the importance of management training, an article published by the Chartered Management Institute (CMI) revealed that bad management accounts for 56% of business failures.

The problem is an attitude of under-investment by small businesses as they are half as likely to invest in management training compared to big businesses. However, investing in management training can pay off – the example given in the CMI article was a house building business in Northern Ireland.

David Law of WL Law saw an opportunity for growth by land acquisition. But the company didn’t have the resources to buy land and the banks were not interested in lending.

They repositioned the business brought in an equity partner which has brought the business back to profitability.

Here are the five steps to making your business a success

  • Focus
  • Communicate
  • Calibrate
  • Delegate
  • De-risk

 

Sackmans can support and help you with your development, especially with calibrating because that’s about measuring and analysing. The key is to test your business ideas by using data to find the best way forward.

Using financial and non-financial key performance indicators is a key element of Improving the Numbers. If you’d like to invest in the management of your business get in touch

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