Small Businesses and Financial Careers
Financial careers within small businesses will allow you to actually see the difference you are making towards a business. The salaries may not always be as high as working for a large company but there are good opportunities to profit from company growth. Small businesses will employ a wide range of finance professionals and it is a good starting point for any financial career.
Why Work for a Small Business?Small and medium sized businesses, usually known as SMEs, are a good job market in which graduates can begin their financial careers. In business size terms the small business will employ around 50 employees with medium sized businesses employing around 250. There are many reasons why a large percentage of graduates seek employment within these companies, and job satisfaction and career growth are two of the biggest factors. Another reason is that if you prove to be an asset to a small company you will be noticed by your employer and this can lead to other opportunities.
Benefits of Working for a Small BusinessGraduates will often choose to begin their financial career with a small business as there is a lot of scope to gain a variety of work experience. The small business employer will expect employees to help out as required, sometimes with tasks not directly related to their own job. There is also a lot of scope to bring up new business ideas especially if they will increase productivity. There may also be more a personal touch within a small business where training is concerned and also the chance to work closely and learn from other professionals.
Disadvantages of Small Business CareersThere are some disadvantages to working for a small business and these are mainly in the career prospects department. There may not be as much scope for financial career progression as there would be when working for larger companies. The pay and benefits packages may also not be as good as working for a large company. As far as professional qualifications go, employees will usually have to pay for exams themselves. The larger company employers may well have their own funding policies that enable trainees to gain qualifications.
Skills Required by the Small BusinessIf you are seeking a financial career within a small business then there are some skills which will be required. A definite “hands on” approach is valued and employees shouldn’t be afraid to help out in other departments when needed. The ability to work well without supervision but still fit in well as a part of a team is also a valued skill. New employees are expected to pick up skills quickly and have a “can do” approach to work.
Finance Jobs in the Small Business MarketThere is a huge range of finance jobs available within this sector and a huge range of business areas. Many employees can take trainee roles within insurance, banking, legal and financial businesses and study for professional qualifications. This gives them the opportunity to gain vital work experience while studying for qualifications. Finance jobs will include accounting, payroll services and financial support roles.
Job Search the Small Business MarketSmall businesses will usually recruit via newspaper adverts, job centres and recruitment agencies. In large cities such as London there are a huge number of small and medium sized businesses that use recruitment agencies. Graduate schemes are not usually available through the SME sector so pay may be lower. However recruitment agencies should have a wide range of contacts through a large number of business areas. Many recruitment agencies will specialise in different business areas and should be able to find jobs in specific business areas.
The small business job market is large, and around 85% of graduates will start their career in this area. If you wish to work in job with a more personal touch towards staff training and where you can see your work skills making a difference to a company’s growth then this may be the ideal job market.