The modern world is filled with small- and medium-sized enterprises or SMEs. According to the International Labor Organization, over 90 percent of businesses in many countries fall into the category of SMEs. Together, these SMEs employ as much as 70 percent of the world’s workforce.
There are SMEs in every sector and every industry. This abundance means there is also fierce competition. If you own or manage an SME, you might want to make sure that all your bases are covered so you can focus on outperforming your competitors.
To help you out, here are the things every SME must have.
Aside from the materials and equipment you would need for your specific service or retail business, some essentials can help make your enterprise more successful.
Internal communication is an integral part of any organization, whether it has 10 or 10,000 people. Whatever the nature of your business, the need for a seamless way to communicate between individuals, teams, and departments is always there. For many SMEs, using messaging apps can be enough. For others, there may be a need for specialized phone systems like PBX. Learn and master this facet of your operations. It will be one of the foundations for your growth and success.
The efficiency of administration is a constant concern for many business owners and managers. Thankfully, the modern digital landscape has paved the way for an array of useful tools. Everything from timekeeping and accounting to project management can be simplified using these tools. Sendible has published a comprehensive list explaining these administrative tools and how they make it easier to run businesses, especially SMEs, where every minute of work counts.
Your Online Presence
Cyberspace is the new frontier. That is good news for SMEs since the internet can be a more level playing field.
Digital marketing has been buzzwords, especially in recent years. Here’s Hubspot, with a lot of statistics detailing the increasing importance of investing in digital marketing. Strengthening an organization’s online presence has become a necessity not just to thrive, but to survive in the modern business landscape.
For SMEs, having a couple of social media accounts can be considered the bare minimum. These platforms allow your business to engage and interact with your customers in a way that’s comfortable and intuitive for them. Here’s Sprout Social with a few examples of social media marketing done right and how they propelled the organizations responsible for them.
If you have or plan to have a website in the foreseeable future, search engine optimization or SEO can help its performance. By tweaking certain parts of your website in line with the metrics set by Google and other search engines, you can end up placing high in people’s searches, effectively increasing your chances of getting visits and turning those into sales.
Finally, managing a successful SME requires certain levels of tenacity and ambition. Your growth stops the moment you become stagnant. Always find ways to improve. Keep training and learning yourself and your people. Explore better ways of operating. And when those inevitable setbacks do arrive, it’s essential to keep your resolve and overcome the challenges.