In similar terms, SMEs are often sales driven, when they should be profit driven. Where there is a lack of proper monitoring, budgeting is often performed purely for reporting purposes rather than for the proper management of the SME.
Invariably, many SMEs fall into the all too common error of giving priority to sales related expenses; where equal, if not increased emphasis ought to be given to other key areas in the likes of human resource development, IT infrastructure and operational processes.
The other common problems faced by SMEs would be the familiar tight cash flow and a general lack of review processes implemented within the organization.
In summary, SMEs often focus on the following wrong areas:
It is against this backdrop that iCFO will first perform a health check on your organization with the objective of identifying the following disciplines based on your organization's financial data:
Going global is always the dream of most organizations, but are you ready?