There is a disconnect between people believing they are working and those actually working.
Just like on Facebook where people have a few thousand friends but have only ever met (in person) a handful of them.
Because your company has the latest technology doesn’t mean it is being used properly – that the operative behind the computer screen or the cnc equipment is achieving their maximum potential.
It can also be that the software and the equipment can’t perform to your expectations.
The point is?…well…again…Productivity.
I continually hear from soothsayers – mainly accountants and financial advisors – that the country has too many SME’s and that they all can’t make it in the business world. Now, I am not totally sure that these soothsayers have the wellbeing of the SME’s in mind – or just trying to rack up more clients, more companies to assist and save, using a fear factor.
Even if we have too many SME’s – and they come and go – we continue to have – over the past years -around 94% of businesses being SME’s. What is this telling us? Maybe some of them are continuing to hang on, some are doing well and that the chopping and changing keeps the number high.
The latest figures show that the Productivity level is just over 50% – which is very low and that we are not doing as well as we should be. We have not been for quite a while now.
When it is pointed out that European companies like Slovakia make more than we do, we know there is a problem.
As an SME you need to have a definitive plan. You can’t go and open the doors every day to end the week with a few dollars in your pocket. Or treat the business as a place to go instead of staying home mowing the lawns.
You need to be aspirational, to re-evaluate why you are in business at all!
Your Productivity can increase, can go up by effort. By researching the opportunities and finding new markets. By considering disruptive technologies and where your company can benefit.
Just don’t stagnate…rise above the mass. Up your goals a notch or two and see what can happen. This is what one drone manufacturer in Westport did and found new markets actually exist!