Getting Business Back On Track – Tips for SMEs
The pandemic, slump in the market, changes in your personal life, or a reworked business outlook are among the multiplicity of reasons why your business may have experienced a downturn.
The good news is, there is hope for you. And while for some this may not be any consolation, the truth is you are not alone.
Thousands of small and medium-sized enterprises experience an economic downturn on a regular basis, but SMEs have several options for getting business back on track.
Make your market aware you’re still in business
A key factor is making your market aware that you are still in business and ready to serve.
Start pounding the pavement to boost your marketing and brand awareness. These days social media is an effective and ever-present means to get your message out there. Maintain contact on multiple platforms such as Twitter, YouTube, Instagram or Facebook, to help you reach your audience.
Having been in a slump, communication is key to providing your market with not just the news that you are open for business, but to keep them abreast of new offerings or products, as well as listen to their needs and see how you can best serve them.
Be ready to deliver
Make sure you are ready and able to deliver what you said you would.
Flashy promotion and marketing can never cover for unreliability or poor customer service experience. Ensure all your goods and services are available in sufficient quantity, just in case there is a surge in demand.
Provide after sales service
Once you have earned a new client or benefitted from return business, work hard to keep the same.
After-sales service and follow up are critical in this fast-paced, unforgiving marketplace. A rule of thumb is if you have worked hard to earn a customer, work even harder to keep that customer.
Look inside and take stock of the areas of the business that can be tightened.
Educate yourself on tried and proven best practices which relate to your line of business and the size and scope of your operations.
There is the African proverb: If you want to go fast go alone; if you want to go far go together.
Draw on the strength of those around you, especially those making the right moves.
With these five tips for small to medium sized enterprises forming the pillar of your business, overcoming economic slumps is possible. Remember to keep your potential and current customers aware that you’re still in business, deliver the product or service as promised, follow up with your clientele and reflect on the progress or inefficiencies of your business. And lastly, never forget to network and learn from those around you.