It’s a strange time in the UK for mid-sized businesses. The ONS reports that the market is ‘broadly stable.’ We’re hearing some positivity as well, mainly that many businesses are hiring, and there is strong demand for AI and system streamlining initiatives.
At the same time, unemployment is up, taxes and salary demands are up, and UK energy is shockingly expensive. Perhaps due to these contradictory signals, there’s simply a lot of uncertainty in the market, which is why many CEOs are asking us if they can do more with that they have.
In most cases, the answer is that you most certainly can. A few ideas for doing more with less:
- Use data to allow you to delegate. Directors of SMEs tend to control every aspect of the operation, often because they have the clearest view of what’s going on. But your own people will have untapped strengths, and often they’re dying to step up and help out. If you can provide them with the information and guardrails about decision-making, they can take tasks from your desk so you can re-focus on growing your business.
- Prioritise. In uncertain times, internal clarity is a strategy. It’s simple, it’s useful, and it doesn’t have to eat up a lot of time. Go back to your business goals and then be ruthless about pruning whatever distracts you and your people from reaching them. Ensure your IT budgets and resources are focused on what matters to your customers and what makes your business competitive.
- Lead by example. Foster a culture of openness with better communication, especially when it comes to your business goals. Also, consider cyber security – if leaders don’t walk the walk, neither will the rest of the team. If you’re not following best practices, how can you expect your people to? Most breaches are the result of poor culture and leadership, not technical errors.
- Re-evaluate existing tools. If you’re already got ERP, are you using it to its fullest potential? Are there aspects of SaaS subscriptions you’re not taking advantage of? Are users properly trained and aware of how to make the most out of their systems? What can you do with the AI tools you already have? And don’t forget to delegate finding these answers!
- And re-evaluate systems and processes. Does your current technology provide a platform for growth? Or is it a source of operational friction and wasted time? Where can you dismantle barriers to growth without investing in more technology? Are there any redundant or little-used systems you can do away with for quick wins?
One final thought is that this is a process, and you don’t have to take it on yourself. One CEO we work with blocks out twenty minutes a day simply to investigate these questions with team leaders so that they’re thinking about doing more with less as well.
If you’re looking for a practical way to understand how AI can support your business growth, join our upcoming webinar. Our experts will share real insights on how organisations are using AI to improve efficiency, innovation and decision-making. Register here: AI for business growth: masterclass for CEOs.
Either way, as ever, we’re always ready for a no-pressure chat about your business goals and how to reach them.