How to grow your SME business
Launching your SME business is an exciting time, but when the exhilaration has died down, it’s time to focus on growth. This means you need a solid marketing strategy, but before you start spending money on ads, you need to get the basics right first. So here’s six tips that will help you set the scene for your business’s future growth.
1. Start with researching your business, competition and market space
Do you have the resources and the capital for growth? What are your competitors doing and why/how are they doing it better than you? There are many questions that you need to answer before you can decide if your business is in a position for sustainable growth. Maybe more work needs to be done before you start to expand? It’s your research that will answer these questions, because if you start too soon, you can jeopardise the future of your business.
2. Set achievable and realistic goals
If your research has shown that expanding your business is a viable option then you need to set goals that are realistic and achievable. Don’t forget, however, that you need to measure whether these goals have been achieved, and if not, discover what went wrong and how to overcome these problems. Not setting achievable and measurable goals can leave your business in limbo with mounting debts and no clear way forward.
3. Make sure to delegate tasks
No-one can do everything themselves, so as a business owner you need to learn to delegate. Yes, you can steer the ship, but it’s the crew that keeps the ship running smoothly. So delegate tasks to senior management or outside specialists and reduce your stress levels. It’s your job to keep the course, not row the boat!
4. Learn more about contracts
Gone are the days when a handshake was a done deal. Today, you need rock solid contracts that stand up in court. So learn more about contracts, but also hire a lawyer who specialises in contract law and let them review your contracts before signing. Without a legally binding contract that favours your business you can land in a lot of financial trouble.
5. Hire a marketing team
Whether this is a single marketing expert who works remotely or an in-house team, you need specialists who can create a marketing plan that works for your business. So if you are currently handling this yourself or if you have co-opted an employee into this role, it’s time to reach out to the experts. This is the approach taken by the large multinationals and if you want to grow your business, you also need to leverage the expertise of marketing specialists.
6. Talk to a developer about creating a website
A DIY website isn’t going to be good enough to grow your business. You need a professionally designed website that ticks all the boxes - modern, appealing, easy to navigate, user-friendly, responsive, optimised for search engines, super-fast and focused on conversions.
If you want to grow your SME business, these six tips are just the basics you need to set everything in motion. Don’t forget, however, that insurance policies also play a big part of protecting your business as it grows and expands. To decide what type of insurance policies are suitable for your business, talk to a professional insurance adviser today.
This article originally appeared on Insurance Advisernet Website and has been published here with permission.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Fariha Neda.