This week I wanted to share with you 5 Proven Business Growth Strategies for SMEs…
These are strategies that I’ve used in my own companies and with businesses I’ve worked with – and have seen first-hand the impact they can have on driving growth.
✔ Network, Network, Network
One of the best ways for SMEs to grow is through networking. Attend industry events, join local business groups, and connect with other business owners. The FSB found that nearly two-thirds of SMEs who networked reported an increase in their bottom line.
✔ Embrace Digital Transformation
We all know that an e-commerce website allows SMEs to reach a wider audience and sell their products 24/7. But flexible working, digital delivery of services and the evolution of machine learning will all help SMEs boost growth and grow UK GDP by £74B in the next couple of years, according to the CEBR.
✔ Offer Exceptional Customer Service
Providing excellent customer service will not only increase customer loyalty but also attract new customers through word of mouth. And there is no end of examples around you, where consumers are happy to pay more for a high-quality service.
✔ Leverage Social Media
The occasional post or infrequent mailout does not a social media strategy make. With umpteen platforms to choose from, from Instagram and TikTok to Mastodan and Twitter, you want to know where your focus should be – and why. Above all, be consistent and authentic… and if social media is not your thing, find someone competent and outsource.
✔ Invest in Marketing
Essential for any business looking to grow. From traditional methods like content marketing and flyers to digital methods like webinars and SEO, investing in marketing will help your business reach new customers. Yet it’s so often under-optimised in SMEs, who only pay lip service.
These 5 business growth strategies have been proven to be effective for SMEs. Now it’s time for you to take action and revisit how these strategies can help grow your business. Remember, if you’re not growing, you’re dying. So, start implementing these strategies today and watch your business soar to new heights…