All through this month, I’d be sharing on tips for SMEs on how to grow their business, yes every business needs growth, but how exactly do you grow? These tips will help you figure out what to do and where to start.
- Start small. This cannot be over emphasized; unless you have millions to spend and in that case you wouldn’t be considering yourself an SME. As a small business your focus should be on reducing cost and increasing profit. In business, the easiest thing that can happen to any entrepreneur is to lose money, it’s so easy and fast and once it happens, it’s sometimes difficult to start over, so rather than fall into that trap, there’s the need to start small.
- Make use of online ads: This actually works, we all know how the internet and social media has changed the business nature especially in terms of numbers, some of these platforms have users in their hundreds of millions all over the world. That’s a huge number for any business person to miss out on. Understand your market, who are your target audience, where can they be, Instagram, Facebook, twitter, LinkedIn, anyone. Once you figure out this part, then start running your adverts. Stop believing no one needs your services because they do, they just don’t know you offer it.
- Make it easier: The truth is, sometimes no business is entirely unique, even if it is, it’s just a matter of time before the competition springs up, the only way to be a step further will be to make things easier for your clients, offer free or discounted delivery services, make procurement easy.
- Be affordable: In as much as you desire to make profit, sometimes being affordable can help secure new clients that will trust your brand and who would eventually be willing to pay any amount of future transaction.
- B e consistent: This is as simple as it sounds , never give up. !