BUSINESS - CHALLENGES - 05.02.2018

SMEs’ success depends on people

The importance of people. The Academy for CEOs ( http://bit.ly/2Gb7dYn ) carried out a survey of 400 businesses (£8 billion in revenue in total) to identify their areas of concern in 2018. Rather than Brexit (as you might expect), the areas of concern were all connected to people.

Staff recruitment. The first thing to do is develop a strategy. An SMEWeb article ( http://www.smeweb.com/2017/08/14/recruitment-strategies-works-best-doesnt ) highlights what works and, more importantly, what does not. One such avenue could be Webrecruit ( http://www.webrecruit.co.uk ), which offers a full range of services for clients as diverse as “global brands and local SMEs” . The Webrecruit blog has sound advice, as does a section on Monster about attracting candidates ( http://bit.ly/2DF4Y13 ).

Skills and training. You can recruit staff with the right skills or develop your own staff so they grow in the job. A Telegraph article ( http://bit.ly/2G9XQZ3 ) highlights the technical skills that are essential if SMEs want to grow in an effective way. Companies can also use Learndirect for Business ( http://www.learndirect.com/business ) which offers tailored training solutions for businesses.

Apprenticeships. Thinking long-term, another option would be to take on apprentices and educate them into the company philosophy. GOV.UK ( https://www.gov.uk/take-on-an-apprentice ) explains how apprentices can be hired, the available funding and contact details for all parts of the UK. RMPEnterprise ( http://rmpenterprise.co.uk ) advises companies how to find young talent. RateMyApprenticeship ( https://www.ratemyapprenticeship.co.uk ) has advice for apprentices and rates the companies that make best use of them.

Retaining staff. Once you have the right staff you must retain them. The CIPD ( http://bit.ly/2n7o8Di ) has a section on “Employee Turnover and Retention” , while on RealBusiness ( http://bit.ly/2DwevUO ) there is advice on creating an effective retention strategy.