When the word ‘grow’ stops describing an SME, then it is probably headed the wrong way. Actually, it doesn’t matter how big or small the business is, but upward mobility is of essence if an enterprise must pay rent and salaries. However, this doesn’t occur miraculously, but is guided and driven by a set of practices. Here are some steps you can use to grow your SME:
Training allows you to completely understand and maximise your staff’s talent and guides employers use their past experience to their advantages. It is important to attend short-term trainings and seminars to keep abreast with the current trends and new trends in your sector.
Samar Nabulsi, Co-founder and Managing Director, Big On Children, says, Education and experience are both important tools, but it is the application of both that sets you apart from your competition. How do you achieve both? Through training. This is the first step.
2. License your business
This will put your business in a better position to get big deals. You can never win a sizeable tender if your business is not registered. This is because people tend to mistrust unregistered companies. Even government institutions which offer tenders will not do business with your company in case it is not registered.”
3. Motivate staff
Despite their levels of education and their numbers, always encourage staff through word of mouth, gifts and bonuses when they perform well.
It is important to give them goals to work towards, and always give them hope by explaining how the future will be when they reach the goal. Your employees are more motivated when they know they’re working towards something. If they think there’s no opportunity for advancement, they don’t have much to work for. Nobody wants a dead-end job.
4. Have business partners
“Sometimes you might not have the ability to grow alone. This is the time you need business partners who share your dream. Note that the best business partners are not necessarily your friends, but people with financial knowledge, capabilities and the zeal to grow to greater heights.”
Partnerships could lead businesses to new products, new markets, or even increase customer loyalty. You can also use partnerships to strengthen weak aspects of your business.
5. Network and market
Having big dreams is not enough, the big deal is in actualising. Leslie Calvin Les Brown, an American motivational speaker, former television host and politician once said: “The graveyard is the richest place on earth, because it is here that you will find all the hopes and dreams that were never fulfilled, the books that were never written, the songs that were never sung, the inventions that were never shared, the cures that were never discovered, all because someone was too afraid to take that first step, keep with the problem, or determined to carry out their dream. “ Having the entity will not make it grow, but marketing it will. So take the first step and market your company for growth.