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Understanding M
Mid-size enterprises are the powerhouse of the UK economy.
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IFAC looks into the challenges facing M companies
A draft paper from the International Federation of Accountants has identified the challenges associated with different growth trajectories experienced by medium-sized organisations, writes M Institute correspondent Joe Lickens. The paper, entitled "Typical Challenges for Medium-Sized Enterprises and Responses of Professional Accountants in Business ", is based on the premise that there are three archetypes of medium-sized business: "fast growing", "stable" and "under pressure".
The paper is part of a work program providing international good practice guidance to professional accountants in business (PAIB), but is very useful to senior managers in medium-sized organisations as well. According to the technical manager of the PAIB committee, Vincent Tophoff: "Feedback has so far been very positive. PAIBs from around the globe who have experience with M companies have been interviewed and the lessons learned will be used in conjunction with the paper when it is published."
M Institute co-founder and chairman Paul Druckman finds many advantages to this approach "commending IFAC especially for its detailed categorisation of the characteristics of medium, large and small enterprises."
The paper identifies the challenges that face both the "fast growing" and "under pressure" categories and offers a response for each. The following issues are dealt with:
- Governance
- Strategic management
- Organisation
- Human resources
- Legal & public relations
- Finance & accounting
- Information & communication technology
- Research & development
- Investments, procurement & suppliers
- Supply chain
- Sales, marketing and customers, services
- Community, relationships with (other) stakeholders
In some cases, the suggested responses are underexplained: it might be good advice, for example, for growing businesses in certain sectors to establish relationships with trade unions, but surely it would be useful to explain how to go about doing so.
Paul Druckman points out that "trying to find solutions to generic problems often overlooks the complexity and interrelatedness of what most companies actually face." However, the fact that IFAC does recognise M companies as a segment that needs addressing is very encouraging and M Institute looks forward to the final version of the paper.
