Scaling your SMEs in Uncertain Times
It is no secret that the business environment is going through “uncertain times” currently. One of the characteristics of a striving business is increasing revenue, while that of a great enterprise is to survive a harsh economy. If your business only thrives during profiting situations, it means your enterprise is not reliable.
The best economic situations are not forever, but the best businesses are forever.
To be among the leading businesses is to be determined to remain profitable, irrespective of economic situations. Sometimes, there are unplanned events in the economy that makes buying and selling difficult. Enterprises that are determined to survive difficult times must always embrace change.
There are ways to keep your business running, irrespective of the economic situation.
Presently, there is a global pandemic that has destroyed lives, properties, and businesses. Although, this same pandemic has become a platform for the rise of many enterprises.
What is the secret of such enterprises?
A business that wants to survive a difficult economic situation must be:
- Valuable;
- Committed;
- Irreplaceable.
Your customer must see your business as a value that they will be unwilling to compromise your business services for another. However, another trait of a great enterprise is the ability to build a brand and become irreplaceable.
According to the U.S chamber of commerce, cleaning service is a highly rated business of the pandemic. It is glaring that a cleaning service is valuable to every organisation and individual.
“When you are committed to something, you accept no excuses, only results.”- Ken Blanchard.
There are over thousands of reasons your business should fail, but accepting these reasons makes you irresponsible. In most countries in Africa, there is no plan for SMEs by the government; business owners have to plan their businesses by themselves and yet make returns to the government. Unpleasant right? But this is not enough reason to close your business. Businesses that fight through difficult times usually grow to become the leaders of their industry. As a business owner, you must learn perseverance, commitment, and doggedness.
Arthur Webster says saying words is the easiest while living by these words is the hardest.
Below are tips for scaling your business during uncertain times:
Reputation:
One of the assets of every business is a good reputation. No enterprise can perform better than its reputation. If your business desire growth and impact, reputation remain a crucial factor for achievement.
The reputation of your business is crucial to your survival during uncertain times. Every small and medium scale enterprise should be cautious of protecting its public image. If your business must scale through uncertain times, you should prepare to build an appropriate reputation.
Adaptation:
The ability to adapt to changes in environmental and economic situations is crucial. Presently, businesses that cannot use the online method of working and performing transactions will wind up in this pandemic.
Wise business owners have adapted to the present situation by training staff on how to work from home. The story of Nokia remains relevant for adaptation; the brand could not adapt to the development of the technology sector, which led to its reduction of the market share.
It means every business that desires to scale uncertain times must adapt to the systems and method that is useful to keep selling in such times.
Invest:
Surviving difficult times demand the willingness to invest in the different sectors of the business. Most times, negative economic situations deprive organisations of their targeted profit and make the business environment uncomfortable.
In our contemporary world, the arrival of Covid-19 has led businesses to spend hugely on technology to stay relevant in business. Undoubtedly, organisations that invest in improvement and expansion reap the benefit of sustaining their relevance.
Innovation:
The survival of businesses in uncertain times is achieved through creativity. The enterprises that are not creative and innovative close up because of their irrelevance. Every business must try and implement new strategies, systems, and methods.
Netflix is an exemplary business for innovation and creativity. During the lockdown, the company increased its revenue through its ability to make movies available to people without visiting the cinema.
Customer Relationship:
The future of every business is in customer relationships. If you do not know how to maintain a healthy customer base, you cannot survive uncertain times.
Only the customer that has been treated well and is satisfied will remain during uncertain times. If you do not understand how to maintain a healthy customer base, you should not expect to scale uncertain times.
Interestingly, the tremendous uncertainty for any business is a poor customer relationship.
Businesses that last forever are the survivors of uncertain times. It is quite an uneasy task, but achievable. Remember, profitable ventures are not privileged; they are the results of the commendable effort. Do your best and enjoy the rest!
