SMEs (Small and Medium Sized Enterprises) form the backbone of any country’s economic output. Their contribution to a nation’s GDP cannot be ignored.
Below are some of the important areas that SME should focus on, to effectively run the business.
Customer Service – A flawless customer service is as important to an SME as it is to a large corporate.
Branding – Most SMEs fail in this aspect, but is probably the most important thing they should be focussing on. Special attention is required to brand the product / service that a small business is engaged in.
Consistent Quality & Volume – Small business needs to adhere to stringent quality norms. Along with maintaining consistent quality, a small business should also produce in volumes which is required for the growth of the overall industry in which it operates.
Marketing - To bring new customers on board SMEs need to have a clear marketing strategy. Digital marketing has become the “go to” market strategy in today’s dynamic business environment where every business is chasing potential customers.
Going Online – In today’s rapidly changing customer preference it has become imperative for an SME to make their online presence felt. The first step in that direction would be to have a well designed website.
Recruitment & Skill Development– Attracting talent should also be one of the priority for small business owners.
Financing – Raising external capital and partnering with investors can make a big difference to SMEs. Having adequate funds will ensure no supply disruption.
Owner Dependency – A small business has to ensure that its not overly dependent on the business owner for successful running of the business. A team of executives needs to be build and empowered so they can run the business fairly independently with equal success.