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Key to SME Growth: Business realities & strategies for a new world order

Key to SME Growth: Business realities & strategies for a new world order

Business Development

Anirudh Gupta

Anirudh Gupta

27 Jun 2022, 09:46 — 3 min read

Today is International MSME Day. Since June 2017, this day has been observed to recognise the contribution of Miro, Small and Medium Enterprises in powering economies and being a force for growth and innovation.

 

The way things stand, preparation is the key to betterment. Given the current global scenario, here are a set of strategies which are based on universal principles, that can be the key to MSME growth.

1. Focus on your key goals

The key goals may be financial, personal, professional or entrepreneurial. One useful practice is to look at the time needed for the goals and plan accordingly. The flow is important, however one may need to design the flow of activities. Things may change as would priorities.

Sometimes one may feel survival is more critical for the enterprise and sometimes a broader view can be taken for the business policy as a whole. It depends on the weather and the nature of things and situations to unfold.

2. It’s you, it’s not the market

Sometimes many of us get caught up in our self-limiting beliefs or patterns. Some people may get to business faster while someone would look at the future cautiously albeit not in a hurry. This is important as many situations are credit decisions.

3. Go beyond personal branding

Personal branding is the art and science of how others relate to us and see us in the right context. In the long-term scheme of things we are measured by whether the job is done and basis what value system it is done. When this is done, we are looked upon as professionals or entrepreneurs who add value.

4. Look at the future

Many MSMEs or even entrepreneurs look at their activity as a business. The difference between success and failure is to see the system as a whole and define one’s role in it. This helps to delegate non-critical jobs or areas where one does not have strengths. Someone is good at Sales then they should focus on it or the functional area they are good at. One should also look at whether the company is future ready. The key is whether you enjoy the journey while adding value to the client. 

5. Create an experience

Most companies which are operational today offer an experience. For example, Virgin Airlines offers a mix of services even though it is essentially a commodity business. Apple is based on experience strategy. Their pricing is four times that of the nearest phone. Nowadays customers are looking at experience with value and even with an experience strategy discounting of 10 - 20 percent is quite common.

Do share your strategies for SMEs to stay ahead in the midst of disruption and a changing world order.

 

Also read: Building a business sustainably in the era of uncertainty?

 

Image source: Canva

 

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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