Growing a small business in a developing country such as Sri Lanka has been one that requires a certain amount of calculated risk even before the pandemic. Now it is positively challenging given that the entire world is grappling with an economic crisis. But even then, it is not impossible grow a small business in a developing country and here are some practical and easy strategies that will help you get the ball rolling.
Small businesses coping with recession
The first thing that you will need as a part of your business strategy or model would be contingencies that help you deal with the recession. Contingencies need to include realistic and productive ways in which your business will be able to pivot in case you realize that the original pathway you mapped out is no longer feasible, or for some reason has become obsolete. The contingencies that you choose in order to cope with recession will vary greatly based on the nature of your business, as well as your location in the country and the access you have to key resources. We recommend that you invest a good amount of time in research in this aspect before you put money down on anything. If possible, speaking to a good financial investment expert would also help you.
Use social media to its maximum potential
If you want to keep your small business growing in a developing country, the best foot forward approach is to promote your business. At a time of global economic instability, your best bet would be to maximize the monetization potential that comes through social media. Be it Facebook, Instagram, LinkedIn, YouTube, Twitter, Tiktok or all of the above.
Here are some tips that will be helpful to get you started:
- Study the audience that will be attracted to your brand on each platform. Remember that not all platforms will work for you.
- Cross-promote across platforms always so that you improve visibility, exposure and credibility.
- Maintain brand identity and recall by sticking to a brand style guideline and ensuring that your brand is recognizable on all platforms.
- Keep a steady flow of high-quality content. It is better to look at quality over quantity
- User-generated content
Another easy and low capital way to grow a small business in times of recession even, would be to win the trust and credibility you deserve, through your customers. Instead of preaching your values and high standards to your audience, post user-generated content. Ask customers for honest feedback and reviews and post them. Customers will believe other customers over a brand.
Start small always
No matter what your business idea is, it is always prudent to start small. You can always have an online business instead of starting a physical store. You may have to burn a lot of midnight oil, but consider having just a very small team of helping hands so that your overhead costs are low. Reinvest a portion of what you earn into the development of the business. Minimize expenditure that is not an absolute necessity.
The reality is that growing a small business in a developing country can be challenging. However, if you do your research, follow some of these rules of thumb and keep investing in your business, there is no reason why it should not grow. And remember to keep reading our blog, because we will be back with more tips and strategies on how you can thrive in the Sri Lankan economy.
