Thinking To Improve Your Sme Business ? Have Some Genuine Tips
First of all being past of SME ( Small and Medium Enterprise ) you should be proud of the fact that you are part of the segment which provide 70% of the jobs in the economy.
These figures give us the opportunity to investigate where to improve and reflect on current weaknesses; According to CNC data (National Competitiveness Center) among some factors influencing failure in SMEs, we have:
Always find ways to get rid of overheads:
Outsourcing back offices the is the latest and fastest trend in outsourcing industry. According to Forbes.com business save upto 55% admin cost while outsourcing while getting top-notch services.
Very important to know why I am losing sales, what are the prices of my competitors; Vendors can feed the company; And do analysis that tells you why you are not selling or what products and services I must invest to increase my sales.
Lack of focus
Not having the capacity to effectively attend to all my products and clients. Don’t ever be satisfied with your sales, there are always possibilities for improvement. Always welcome new technological advancements and methods.
The CMGA recommends that SMEs:
- Take a broad view of sustainability. SMEs should look beyond environmental issues.
- Define in detail what sustainability means to your company. This will help your company focus on the right goals.
- Engage all stakeholders. Include customers, suppliers, investors and employees in the discussion.
- Remember that you are not alone. National, international and industry-wide initiatives exist that help businesses become more sustainable.