Businesses around the world are still feeling the effects of this global pandemic. It’s hard to keep up with the latest consumer expectations and adapt to this new fast-paced, digitized world. But despite the global pandemic, some businesses are well into a massive growth phase. SMEs are the true powerhouses of the global economy, and it is important that they keep growing. Here are a few ways for you to ensure that your SME continues to grow and succeed..
Pay attention to marketing and strategy
Your primary role is to attract and serve your customers – this is marketing. This is your most important role. If you do this well, you will differentiate yourself from your competitors and endear yourself to your customers. Marketing promotes your brand. And, your brand is how your customers perceive you, your quality, value, customer experience, and everything about you. Since you can’t read the label from inside the bottle, it’s impossible for you to see yourself as your customers see you. What is your brand? Strategy is about focus. It’s about saying NO! It’s about the courage and drive to be the best at something specific and unique, where few if any competitors fear to tread.
Make use of technology wherever possible
In the current business landscape, the competition is fierce. The businesses that win customers are more organized, better informed, and inspire trust. Running a small enterprise is a juggling act. So it can be difficult to move forward with a growth strategy when there’s barely time for the day-to-day. To support your business growth, it is critical to complete the automation of all your processes and administrative tasks. This will help you improve team productivity and will also free up time so you can focus on the top activity that adds value to your growth such as serving customers! It also keeps all your data in one place, eliminating disconnected systems, i.e., spreadsheets or physical paperwork. These outdated methods can slow your business down as you manage growth. Further it will eliminate extra staff and save much–needed cash. The best systems scale with your business as it grows.
HR, training and development
Train your employees as if you want them to take over the company. That way, someday, maybe they will. Develop metrics for all important results and the activities that drive them. Don’t just measure inputs, measure outputs. Your HR processes can be aligned to ensure that these actions happen on a regular basis. You see, when these methods are put in place, not only will your employees be more invested in the performance and growth of your business, but your customers and stakeholders will also benefit from much higher levels of quality service that will ensure the longevity of your SME.
Think about sustainability
Take a broad view of sustainability. Understand the main drivers, risks, and opportunities for your organization. Finding creative ways to be a good corporate citizen can benefit your employees, customers, and suppliers. It also will benefit the business. Define in detail what sustainability means to your company. A clear definition and clear measures for success will lead to sustainability practices that focus on the right goals.
Try implementing some of these methods in your SME as best practices and you will be able to see better growth and progress.