Take Your SME to the Next Level Fast!
There are many reasons to upgrade your SME (Small to Medium-sized Enterprise) or SMB (Small and Medium-Sized Business), if only to stay competitive. However, modern consumers also expect certain things and services to be offered in specific ways. From improving the overall customer experience to installing new tech, here are some ideas.
Top 5 Pro Tips to Take Your SME to the Next Level Fast!
Take Your SME to the Next Level Fast #1
Enhance Current Systems
There is something of an entrepreneurial journey from side hustle to fully fledged business, yet there are further challenges for small ventures. From weekend market vendors to small SaaS companies, there is always a need for streamlined systems. Efficient tech, such as POS credit card processing, is just one example. Of course, there are others that can enhance current systems, including investment in new systems, employee training and cost reduction methods.
Further Reading: 4 Ways Financial Order Fuels Long-Term Business Success
Take Your SME to the Next Level Fast #2
Assess Products and Services
Products and services are the bread and butter of most businesses, small or large. However, no matter how great your business is or is, continuous innovation is the best way to scale and grow. You can consider exploring new markets and bringing in new services and products. Or you could analyse the existing services you offer and improve with rebranding and a refresh. Of course, there are also always new markets that you can penetrate related to your current brand.
Take Your SME to the Next Level Fast #3
Upgrade Your SME with Rich CX
In Ireland and according to Amárach Research ‘The tenth annual Irish Customer Experience Report shows that 42% of companies and organisations have seen their overall customer experience (CX) scores fall over the last 12 months, declining by 1.9%.’
In the US, according to The White House Office of Consumer Affairs, 63% of customers don’t return to a company after just one bad customer service experience.
This means you need to prioritise exceptional customer service with a rich CX (customer experience) that beats the competition:
- Personalise the experience with offers and services tailored to the individual.
- Ensure any communication is easy, fast and efficient, and provides results.
- Keep teams trained with the skills and knowledge they need for customer service.
Marketing and branding help reach the target and new audiences. However, a revamped sales funnel can bring in traffic and conversions from online campaigns through loyalty schemes.
Take Your SME to the Next Level Fast #4
Embrace Modern Technology
Tech is always shaping how business is done. Today, even something as simple as a website can transform your venture. Social media is also a free marketing tool you can’t ignore. However, it’s not all about reaching customers. New tech can be used internally to enhance operations, such as collaboration apps that allow seamless project communication. There’s also cloud-based tech that integrates well with AI for better use of data, software and functions.
Take Your SME to the Next Level Fast #5
Map Out the Future
Thinking about where the business is headed is never a bad idea. Any solid business plan contains goals and objectives as well as possible hurdles. It should detail how to get around these hurdles and areas of possible expansion. Analysis of business models can identify growth areas for penetration, and even how you can collaborate with competitors. If the current plan isn’t working, revisit key areas and utilise consultants for advice on how it can be improved.
Enhancing current systems with products such as POS tech will help you upgrade your SME. However, tech alone isn’t the answer and a rich customer experience is critical. It also helps to map out where the business is headed and what you need to ensure success moving forward.
PIN: Top 5 Pro Tips to Take Your SME to the Next Level Fast
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