If your company has been moving along quite nicely since you started but you now want to implement strategies for growth, the prospect of doubling in size will no doubt be appealing.
While SME growth is top of many a business owner’s agendas, there are a number of factors to take into consideration however. These include the sector you are in, the state of the market, where you stand in at the moment and what your capabilities are for expanding.
Develop a Clear Plan and Stick to It
Developing a clear and, above all, realistic plan for SME growth is important. Future planning can get delayed for many small companies as the pressure to make sales or find clients takes over. It can mean you continue to move at the same pace without expanding. If you are serious about growing your company, then you need to take a step back, review where you are and where you want to be in 12 months’ time. With these basics in place, you can then plan strategically to grow.
Expand into New Markets
Moving into new markets can certainly help with SME growth. For instance, if you are currently supplying a local need you may have ambitions to go national. If you are operating solely in the UK, you might want to expand your operations and sell your products to international locations. You may have an opportunity to sell your product or service to new sectors and industries. New markets will have their own little nuances and you will have to come to terms with these and perhaps adapt your product or marketing but they can be an excellent way to increase sales revenue.
Develop the Right Marketing Campaign
Marketing is key to any business and while you may be great at some things, you probably aren’t so good at others. Reviewing your marketing and how you can reach more customers through areas such as social media, newsletters, blogging and pay per click advertising can make all the difference to your SME growth. Many business owners manage their own marketing, particularly in the initial stages of their company development. At some point, however, there comes a time when you need a more integrated and professional approach that really gets your company noticed.
One of the major issues that faces SMEs looking to grow fairly quickly is where and how to source the right staff. The good news is that this is a lot easier nowadays. In the past, business owners would have to make the decision to employ people with specific skills. Now you can access everything from Virtual Assistants to sales professionals online – greatly reducing the cost of expansion and delivering the experience and staffing levels you need at just the right time.
Create a Customer Loyalty Program
When expanding, many businesses make the mistake of rushing out and trying to find new customers. They forget that their existing customers can also help – creating a customer loyalty program can not only keep people coming back to use your services but also encourages them to spread the word about what you offer.
Is it Time to Diversify?
Finally, another option to double the size of your SME, is to diversify. Most products and services don’t operate in a vacuum so adding things onto your provision can make a big difference. For example, if you sell mobile phones then providing a shop for accessories such as covers and cases can add to your sales revenue.