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Common Barriers to Growth in SME s
There are many common barriers to growth in SMEs. Many companies that start off growing well find their growth slowing down or even falling into decline. The exact reason in your own case needs to be pinned down by analyzing your specific business, circumstances and customers. However, a recent study[1] has confirmed that there are a few common barriers to growth in SMEs. These are our prime suspects and are usually curable.
The key areas are listed below and we have highlighted how your own business may have related issues:[/vc_column_text][vc_column_text]
Accessing talent
For leaders of scale-ups, the number one problem that prevents them from being able to accept customer orders is access to correctly skilled talent.
If your business growth has stalled you may be suffering from a shortage of suitably skilled staff in the right positions.
Developing scale-up leadership
The second most important factor cited by scale-up leaders as stopping them from growing their revenues faster is lack of capacity and experience in the senior leadership team.
Your business may have reached the limits of some of its existing senior managers’ capabilities and additional training or support (which could be provided externally) needs exploring
Increasing customer sales at home and abroad
Barriers exist that prevent companies creating new products and services for domestic markets, and selling successful products in other countries.
Many businesses fail to keep up with their markets as their customers and competitors evolve over time. You may find that your target market is not where it was but your marketing is unchanged.
Financial barriers to growth
Fast growing companies often turn to the US or Asia for their financing as those sources have developed mechanisms for assisting the companies they invest in to attract and retain talent and therefore to continue to be able to accept ever increasing customer orders.
Good cost control and well timed, targeted investment are key contributors to successful and continuous growth and benefit from an impartial external viewpoint
Infrastructure barriers to growth
Lack of access to infrastructure. Examples of pain points cited by scale-ups range from planning laws that make it difficult to grow, to inflexible landlords or suitable broadband not being available
Your business may be coming up against infrastructure limitations without it being obvious. An assessment of business needs and capacity constraints will highlight such barriers.
Mistral Associates look at your business and advise you on these issues plus any others that our experience reveals. We then work with you bringing into place the actions needed to address these, ensuring they’re most appropriate to your business and your aims.
[1] The scale-up report on UK economic growth, Sherry Coutu CBE[/vc_column_text][vc_empty_space height=”20px”][vc_column_text]
Talk to our specialist advisors on 0114 3993985 today for your free and confidential first discussion about Business Growth or Business Transformation tailored to your business, or click here: Contact Mistral Associates
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