If you’re the owner of a small and medium-sized enterprise (SME) and are wondering how to bolster your business’ growth, you have come to the right place! In this blog, we’ll cover everything that you need to know about accelerating growth for your SME with the following SME growth strategies.
SME growth strategies
Penetrating the market
Regardless of your business purpose and the products that it sells, it’s possible that the market that you are entering is already saturated, meaning that you need to find ways to make your business and its products stand out from the crowd.
Here are a few examples of some of the methods you can use to penetrate the market:
- Offer special discounts to new customers
- Set lower price points for your products compared to your competitors
- Offer bulk discounts
Organised workspace
Even if you only have less than 10 employees in total, it is important to consider the benefits of an organised workspace that allows your employees to get together physically. Although remote working has become the norm, you should still find ways to allow your employees to see each other face-to-face, establishing rapport and improving relationships.
For example, if you and your employees live near or around the London area, serviced offices in Marylebone are ideal for getting your team together to focus on collaboration, especially for projects. Sometimes forming a connection face-to-face can lead to more loyal relationships between you and your employees – trying to get to know each other via a digital screen loses the human touch.
Leveraging social media
For SMEs, social media is a powerful tool that you should certainly utilise when it comes to growing your business. Not to mention that the majority of the world is online, but social media platforms offer a wide range of features that business owners can take advantage of.
With social media, you are able to engage and connect with your audience in a way that your competitors may not have tried, especially if their online presence is weak. As a result, you should seize this opportunity to expand your online presence and boost the growth of your business.
From increasing brand exposure and brand awareness to creating a community, social media provides a plethora of opportunities for your business to grow exponentially, so don’t be afraid to take charge and use it to your advantage.
Listen to your audience
The term, ‘the customer is always right’ can be painstakingly annoying, especially if you are dealing with aggressive customers. However, this phrase is correct in the sense that in order to grow your business, you need to know how to solve your customers’ pain points. This is done by accepting criticisms from your customers and listening to what they have to say.
Create and distribute feedback surveys to your customers, and should there be any criticisms or suggestions for improvement, make sure that you know how to follow through with them! Your customers want to feel that they have a voice and that they are heard, so it’s crucial that you empower them with this.
You’ll find a boost in customer loyalty, retention, and even word-of-mouth recommendations as a result!