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Expert issues new business warning
08/05/2007
Newly established businesses can often suffer as a result of a lack of a long-term enterprise strategy, according to Lynda Purser, director of Institute of Business Consulting.
Ms Purser makes clear that to leverage the most from any business loan or financial package that may have been secured an individual entrepreneur needs to be forward thinking and not be "forever fire-fighting".
In addition, the business expert suggests that for many young enterprises around the country access to appropriate and timely advice can prove to be invaluable as a company progresses.
"Thinking in a strategic way is a rare commodity and people tend to address the more day-to-day operational issues too readily without having thought through a really good plan for their business," said Ms Purser.
"Not doing that means that they are forever fire-fighting and running the business on a day-to-day basis rather than looking at the potential of it and where it really ought to be going."
She added that in some instances founders of a new business are over ambitious in what they can achieve in the immediate term and find themselves thinking "they can do everything at once".
Ms Purser makes clear that to leverage the most from any business loan or financial package that may have been secured an individual entrepreneur needs to be forward thinking and not be "forever fire-fighting".
In addition, the business expert suggests that for many young enterprises around the country access to appropriate and timely advice can prove to be invaluable as a company progresses.
"Thinking in a strategic way is a rare commodity and people tend to address the more day-to-day operational issues too readily without having thought through a really good plan for their business," said Ms Purser.
"Not doing that means that they are forever fire-fighting and running the business on a day-to-day basis rather than looking at the potential of it and where it really ought to be going."
She added that in some instances founders of a new business are over ambitious in what they can achieve in the immediate term and find themselves thinking "they can do everything at once".