One of the biggest challenges to growing a business is recognising where knowledge gaps exist and figuring out how best to plug them.
The ‘Barriers to Growth’ research commissioned by the members of The City of Expertise, asked local businesses where they had the most skill shortages and IT, sales & marketing and regulatory issues topped the list. Business planning, HR and financial management followed these first three.
As might be expected, the size of a business affects the needs of that business and for businesses with 1 – 5 employees, their biggest skills gap lies in sales & marketing. This is followed by regulatory support and IT, then business planning and financial management.
As businesses move into the mid-size of 6 – 50 employees, regulatory support and HR push sales & marketing and IT into joint second place, then once again comes business planning and financial management.
For the largest of our companies with 50+ employees, IT support is the area where skills are most needed. Regulatory support, sales & marketing are in joint second position, with business planning in third place.
Often, in smaller businesses or those that are growing fast, the temptation is to try to solve all the issues internally. But ask yourself ‘can you really be expected to be the Owner, Manager, Finance Director, Legal Expert, and HR Director all at the same time?’ The answer must be ‘probably not!’. And the sooner you get help, the quicker you can focus on the areas of your own expertise, whatever they may be.
We are very lucky in St Albans, to have a wealth of skills, experience and expertise within our professional advisory firms that can support you across a wide variety of areas.
If your business is looking for solutions to its challenges, please get in touch with one of our members for help and advice. We are called ‘The City of Expertise’ for a very good reason!