With growing rivalry among competitive businesses, what are the chances that owning a small business in the United Kingdom would guarantee success? In fact, according to the Oxford school of Economics, 41% of UK SMEs are able to recognize their edge in agility, innovation, and strong customer relationships that fueled their growth in 2018.
It is vital for every business to know their key strengths, weaknesses, areas for opportunity and target growth sectors. SME’s are an integral player of the economy, with the majority of businesses in the UK Falling into the SME sector.
As innovators in this modern motivated generation, SME’s promote continuous growth and change, to stay ahead of the competition and in touch with their customers.
Market Research and Plan
Like any other businesses, it is vital to conduct market research and customer engagement tests before going live with your product launch. You need to test the water to ensure that there will be demand. Market research also includes your overall business plan and innovation strategy. In an article by Talk Business, it is revealed that 1 in 4 SMEs don’t use business plans or only have informal or verbal business plans. As a tip, do not be one of those SME owners without a plan as there is a greater chance of losing control of your business.
Brand Identity and Personality
You should identify your business’ unique spot and use it to build a distinct image. Identity and personality is what makes your product different from others. Get your business a logo, brand style, and a consistent design. You should also focus on providing good services not just to your customers but employees too. The basics are being helpful, accommodating, and having a polite and positive attitude.
Always stay updated
There is nothing more effective than being updated on the rules and trends of the game. As an SME owner, you are probably keeping an eye on the growth of the big companies in your industry. Research and get to know your competitors so you can see their strengths and weaknesses and look for innovative technology to step up your services.
Always try to stay one step ahead of the game.