Its small business month and as a founder CEO of an SME my self ; I have been presented with an opportunity to make a few remarks in honor of this month but before I do please understand I do not claim to be best at this but I promise this is my best effort.
- As a SME owner and founder CEO several thing are important to me and I would like to imagine they attract the same level of attention from every SME owner-during October
- Can my SME pass the going concern test through Cash flow test
Through being able to meet its payroll commitments for at least a month through AR payments and near term financial products and lines of credit – a key solvency test
- Can It make its rent and other overhead payments between a mixture of Vendor payment terms and near term financial products for at least 60 days as you do not want to face the embarrassment of finding a lock on as you get to work on a Monday morning .
- These two are not about having cash saved but an ability convert a paper asset into cash quickly – for example – negotiate your lease to give you at least 5-10 days after month event before default and factor that into your cash flow plans where needed & same for other overheads
- Is my sales and business development team making progress on our medium and long term business growth targets ? again this is not about bringing in new clients but achieving those intangibles like out reach, number of calls , prospects and a sustainable pipe from which a projection can be built based on conversion statistics and revenue per converted client .
- Business development like other aspects of your business is a science which once figured can be designed to project your vision as far as revenue is concerned into a reality and that is how to do it.
And most important do not forget to schedule spending time with your family , friends and loved ones into your month and week because as SME owners we tend to have our diaries booked by every one else but our families – let us make a determined effort to address that as at the end of the day we are doing it all In part for them ; involve them in the process.
Henry Lukengey
Founder & CEO of Nexim Healthcare Consultants Inc.
Henry Kalule Lukenge has been an experienced financial, tax, and business executive for over two decades. Born in Uganda, Mr. Lukenge moved to England in the late 80s after surviving the conflict in the Southern African nation. He completed high school in England and gained admission to the University, where he studied Mathematical statistics. However, Mr. Lukenge had very little interest in the subject, but with his limited command of the English language, it was a perfect fit for him. Eventually, he returned to school for the professional accounting exams- the Association of Chartered certified accountants – UK – one that combined his love for numbers, problem-solving, and people engagement.