Five ways to make your SMB grow

By: Agustín Alamán, Global VP of Operations with Partners for SAP México

For an SMB or any company to born, is required an ambitious idea. There are studies that reveal that “believe” is the biggest aspiration of small and medium businesses, although contradictorily and at the same time, less than half of these companies plan to introduce new products or services, to enter new markets or to expand their business.

This make us reflex “how can SMBs achieve their ambitious making the most from what they already have in their businesses? Bellow we share some suggestions we believe useful:

  1. Ask the audience: Nobody knows what clients want better than themselves, for this reason is necessary to know their needs. A way to do it is through a new concept called “crowdsourcing” where by using social networks is possible to ask for support from the masses, in this case asking their opinion about a product or service. Big companies have used it and it brought important benefits.
  2. Take risks: A business can’t stay static, to keep moving is necessary to adapt, evolve and take risks. Opportunities must be taken, with a very objective and receptive vision regarding what is working for the business and what isn’t, as well as in the market so in this way innovate.
  3. Get closer with clients on a creative way: Nowadays everyone talks about reaching clients through social networks, but there are many ways to do it which are also very creative, for example, educational events are a good way to do it and to position yourself as an expert in the industry at the same time.
  4. Make strategic alliances with other businesses: analyze the business partners you are working with, it’s possible they are reaching the same target and could make an offer together for that market, complementing each other at the same time they become more competitive. These alliances are always a good idea and when it’s very clear what is wanted as well as what is willing to give or do, also what is needed to make it happen with the right partner where both parts win.
  5. Automate your process: If you analyze how much time is lost in your managing routine and tasks surely you will realize the huge investment in these matters, reason why you must consider to implement technological solutions that help automate the processes in order to increase efficiency.

Nobody said having a business is easy, there are many  obstacles, dead end was, detours from success. The most important is taking the time to asure that this way is the right way and that you have the resources needed to achieve your goals.

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