Thursday, 7 January 2016

Best Growth Strategy for SMEs

 

Every living things grow and eventually reaches maturity.

Small businesses like  other living things grow and much keep growing despite reaching maturity.

Small and Medium Enterprises faced
enormous challenges concerning The best growth strategy to adopt primarily because of financial constraints compared to big companies. Social media has made it possible to engage and connects with customers at zero cost. Building a good relationship with customers is another cost effective strategy. However, SMEs could leverage on the following for growth.


Improved Customer Service Experience
Customers ought to be treated as king. Yes! This leaves a memorable post service experience. There are three stages of customer service: Pre-Contact, contact and post-contact. This includes the first e-mail or phone call to sales and after sale support; growth conscious enterprise focus on unique service experience. The results is positive net promotion score(customer became the brand ambassador). Everyone from the security men at the entrance to the laundry to front desk to the back-end must be ready to offer unique service to customers


Demand forecast
Growth conscious companies are ahead of their customers. Companies like Apple can forecast precisely customer's preference. This is an asset due to the fact that such  companies creates unique and new products distinct from any other product in the market.

Recommended


Honesty
Customers are the real owners of brands. Gone are the days that brand's main focus is clients account. Futures brands should be able to deliver as promised. This creates trust and enhance customer relationship and net promotion score


Tech Ready
Technology is changing business processes and models. Enterprise that prefers manual system might soon be out of business. Cost effective automated accounting system, payroll, CRM or enterprise resource management are recommended. The goal of technology is simplification and automation of processes and cost reduction.

Establish Authority
Many small businesses in a hurry to close deals failed to establish their authority.

Some business views it as wasting of time or diversionary. How many small businesses deemed it important to start a blog for their business? How many of them are willing to help by producing do it yourself video for their customers or publish helpful contents?

Authority breads trust which translates to profitable business relationship.

Recommended 

Featured post

Inspiring Stories of Successful Nigeria Entrepreneurs

Arguably Nigeria Entrepreneurs faced some of the biggest challenges worldwide. I could remember when I went to my ...