Key Reflections for SME Owners This Small Business Month

Key Reflections for SME Owners This Small Business Month

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.

Share
Tweet
Pin it
Share
Share
Share
Share
Share
Share
Related Posts
Total
0
Share