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How can SMEs ensure their future growth

How can SMEs ensure their future growth

Business Development

Saksham Agarwal

Saksham Agarwal

29 Aug 2017, 09:02 — 4 min read

SMEs are built in a way that makes them operate differently from large companies. They are usually smaller, in terms of personnel and scale, and this gives them some advantages over their larger counterparts. For one, they are more agile, adapting to change more readily.

However, it is also very common for an SME to get caught up in the maelstrom of completing everyday tasks. There is always so much to do, with little time and limited staff, getting caught up in the everyday work is inevitable. The drawback of this is that it takes from time that can be used to plan ahead and chart a course to ensure growth. The end goal is to increase market share, profitability and grow the company. These goals should be focused on.

 

Here are a few things SMEs can do to ensure their future growth:

 

Planning

Planning is a vital component for SMEs. It is a disciplined approach to ensure seamless operations and steady growth. Management of any SME (and in fact even of any Fortune 500 company) cannot effectively set priorities, focus on resources and strengthen operations without proper planning. Planning also ensures that employees and stakeholders are working towards the same common goal. I would say planning is the origin of actions that shape and guide what an organisation is, who it serves, what it does, and why it does it, with a focus on the future.

 

Remain agile and adaptable

In this fast-paced environment, it is important to be agile and adaptable to new techniques, technologies and processes. SMEs in the initial stage of their establishment are fragile when compared to large enterprises and cannot sustain for long if they do not continuously upgrade/revise their business operations.

 

Understand how reputation is built and not get boxed in

I believe reputation is a key contributor in SME growth but there are certain strings attached to it. Being an SME, not everyone knows you yet and there is scope for you to expand your target geographies, partners and customers. Your reputation is isolated among your current geographies and clients. You still have a lot of untapped business opportunities to explore and prove your organisation’s potential from scratch. 

 

Moreover, according to me reputation changes along with your organisation’s growth and the kind of work you are delivering. Hence, I would say - reputation is the byproduct of your execution and the quality of your work that you are delivering to your clients or customers. The point to focus here on is - your execution and your quality both can be improved which will proportionally improve your reputation.

 

Conclusion
Innovation, creativity, integrity, team synchronisation and focusing on the quality of your deliverables with dogged determination to deliver the best-in-class products and services are some of the factors that lead SMEs towards growth.

  

To explore business opportunities, link with me by clicking on the 'Invite' button on my eBiz Card.

  

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker. 

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Saksham Agarwal

Acropolis is a fast growing global IT solution and business consulting company that helps clients transforming their ideas into reality by providing agile methodology in the areas...

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