Given cash flow remains a top challenge for Australian small and medium enterprises (SMEs), it is unsurprising that generating and maintaining sustainable growth can be a big challenge for many SMEs. Similarly, devising an effective strategy for business growth can be tough for many small business managers. So, today’s blog post imparts 4 pearls of wisdom that may help you grow your SME.
1. Have an authentic purpose
With so much advice out there about effective strategies for growth, SMEs in particular risk losing their sense of purpose and may find themselves deviating from their core values. Yet an authentic purpose is a vital tool for growth in and of itself.
A strong purpose and business values will give you:
- a consistent goal to strive towards
- a way to build strong emotional connections with your target audience, which encourages brand loyalty
- a framework for continuous innovation
Every business decision should be carefully weighed against your business’s purpose and values to ensure it’s contributing to a step in the right direction.
2. Establish strong relationships
SMEs have more of an opportunity to establish strong relationships with their customers than large corporations do so take advantage of this. Building strong relationships with your customers will turn your business into a brand that customers can feel they know and therefore build trust in. Customers that trust your business will keep coming back time and again to make repeat purchases and they’ll tell all their friends about your wonderful services or products, giving you free advertising.
Your business will be stronger though if you don’t focus solely on building strong relationships with your customers. Building great relationships with other businesses can enable you to buoy each other up and achieve collaborative successes you would never have been able to achieve on your own. From an engineer who helps you develop a new prototype, to an accountant who nets you a great tax return to a freelance writer who writes awesome marketing copy for you to a sister business who collaborates with you in advertising related products, other businesses can be a fantastic asset if you bond with them in a meaningful way.
3. Develop good leadership
Hiring good managers is crucial to business success. Great leaders inspire hard work, cooperation and innovation and they can model strong internal relationships. They also spot challenges early and devise effective solutions.
4. Build a robust talent pool
A robust talent pool will provide your business with the diverse critical skills required to innovate and grow. Add training into the mix and your workforce will become an asset far more valuable than the cost of the resources you allocated to build it – you’ll get far more out of it than you put into it.