“SMEs are absolutely crucial to the economic prosperity of Wales, but each day SME management teams are facing a juggling act, as they try to control day-to-day operations while growing the business at the same time. And, as with any juggling act, sometimes they drop the ball.
“But the reality is they cannot afford to take their eye off the game even for a second because they are part of one of the fastest-moving markets - and growth can be a critical success factor.
“Achieving growth takes time and can bring with it a host of problems. This can put off many management teams, who are already weighed down with every day issues. Without the resources to tackle it properly, achieving growth can sometimes slip down the management agenda.
“Growth also carries with it a certain level of risk and this can also be off-putting to management. But there are plenty of options that management can choose to grow its business, depending on how much risk they want to take. At the low risk end of the scale, SMEs often concentrate on a growth strategy of market penetration, which focuses on developing existing markets and products or services to try and secure growth.
“At the other end of the spectrum is the high risk growth strategy of diversification, which involves taking on a whole new product or service in a new market.
“It is one of the most challenging decisions a company can face but if they don’t have the time or resources available, it won’t ever be made.
“All growth strategies carry their risks, but with the risks can come enormous rewards. The problem is that some SME teams are too engrained in the day-to-day running of the business to embrace them.
“Growth also raises a whole new set of problems, such as finding new premises, recruiting new staff, raising development capital, funding market research and developing new structures. It can be more than enough to put off some SMEs.
“The WDA has recognised that SME management teams could do with an extra helping hand to reach their growth potential – and it is taking action. t2 business solutions has secured funding from WDA, ELWa and European Regional Development fund to offer fully funded general business advice to SMEs.
“The team of experts at t2 are working with businesses throughout Wales assisting them to address the issues surrounding their growth, completely fully funded. And it is not just any advice either, it is practical, tailored advice that they can put straight into practice and make a real difference to their operations. It’s about really adding value to a business.
“We use the time we have with them wisely and ensure that it is not just about talking, but about putting things into action. As well as identifying problems or areas for improvement, we can also provide sound advice, practical solutions and take some of the pressures off the management team.
“It’s not just any advice we provide either. It is practical, tailored advice that they can put straight into practice and make a real difference to their operations. We ensure that each and every time we meet with the management team we are adding value to their business and producing real, tangible results.
“It is just what the busy SME management team need to bring growth to reality. It is a collaborative effort providing support that is cost-effective, timely and flexible.
“SMEs have a tough job on their hands tackling change, growth and diversity on a daily basis. But growth is key to the sector’s success and it’s something that should be developed and nurtured to create an even stronger economy for Wales.”
- t2 business solutions is offering face-to-face general business advice to businesses with less than 250 employees fully funded, under a scheme funded by the WDA, the European Development Fund (EDF) and ELWa
- The practical advice covers all areas of business including financial systems and management, business and strategic planning, human resources, managing change and expansion, operations and production and identifying and developing new markets
- The three stage process involves business analysis, action planning and implementation and monitoring and feedback
- It is open to commercial SMEs that have been trading for more than three months and have an annual turnover of less than €50m
Some of the t2 advisors currently working with SME’s include:
Mike has more than 30 years experience in the management of international blue chip companies and SMEs. He held high level management positions in Sony, TDK and Hoover before joining t2 as a director. Mike has a strong background in engineering and general business, which he has applied to create world-class performances from many Welsh businesses.
Robert is the managing director of t2 business solutions and has successfully steered the t2 Group from the early days. As well as having experience of growing an SME and an MBA under his belt, he is also a specialist in coaching, especially with leaders and business managers. He is well-trained in IT, having led the development of many innovative applications at t2 and for many clients.
Anne works with organisations of all sizes, helping them to develop their management teams and implement successful sales and marketing strategies. Having started her career as a sales representative, she quickly worked through the ranks to senior sales management roles at several blue-chip organisations.
Kingsley has a successful 25 year business career where he worked for several blue-chip organisations, including IBM and Cap Gemini, as well as starting four companies himself. He is now director of three SMEs and has considerable experience in IT, sales and marketing, finance, strategy and customer service.
With over 20 years of experience in engineering and senior management, Tim also has expertise in marketing, sales, finance and quality improvement. Having worked in many demanding and competitive industries, including the automotive industry, Tim has helped many SMEs achieve their growth potential.
Stewart has held many senior management roles in several blue chip companies, including project and change management and sales and business development. His hugely successful business career spans over 20 years.
With 23 years of experience in marketing and management, Catherine has started and worked for many SMEs in her business career. She has vast experience in the business-to-business environment, particularly contact centres, telecommunications, IT, recruitment and training and consultancy.
Jim has over 30 years of finance and business development experience. He has worked extensively at a senior level in local government and business support organisations throughout South Wales, assisting SME’s preparing and applying for finance
Douglas has over 35 years experience in retail, healthcare and entertainment. He has worked for several blue chip organisations, including Polydor Records, and has grown his own retail business from start-up to 10 stores. Douglas has excellent experience in sales, business development, strategic planning and financial management. |
