Five things SMEs can do to boost their businesses
The entrepreneurial landscape has been transformed by global inter-connectivity, new supply chains, dynamic emerging markets and technological innovation. For European small businesses, taking full advantage of these opportunities and continuing to reach new customers in today’s global economy is vital for growth and ongoing success.
To remain competitive and ensure you stay on the upward track, it is important to make consistent improvements to your business. To help give small businesses a boost, FedEx has launched a Small Business Grant Competition offering the chance to win up to £20,000 in grants. In addition, below are five tips to help you focus on areas of your business that could offer the biggest gain.
Revisit your business plan
Update your plan thoroughly at least once a year as your business evolves. Bringing it up to date will allow you to step back from day-to-day activities and re-align your strategy, ensuring the big picture still makes sense. Make sure you have a monthly review of the difference between planned results and actual results for your sales, profits, balance and cash. A periodic refresh of the plan will allow you to review important factors such actual business results, changing business environment and new competitors.
Build a strong team
It’s no secret that high-performing companies have high-performing teams. Having the right infrastructure for growth is important and this starts with having talented and engaged team members throughout your organisation. To achieve your vision quicker, build a strong team that is as passionate about your goals as you are. Don’t forget that taking even a few moments every so often to appreciate and thank your team will go a long way – as well as improving retention rates and earning the continued support of your staff.
Don’t be afraid to pitch to investors
Fundraising can be hard work and the opportunity to raise investment can come in many ways and from many places. Consider pitching to investors or securing alternative funding through other channels. Preparing an ‘elevator pitch’ will allow you think about your strategic direction, while additional investment will allow you to improve different aspects from your business, from production to marketing, in turn enhancing revenues.
With the rise of ecommerce, there are a number of exciting opportunities for international trade and overseas business success. If you’re planning to go global, consider which markets would be the most beneficial to your business and prepare a clear exporting strategy. Government bodies and organisations such as the UK Trade and Investment (UKTI) and the Institute of Export are there to support you on your exporting journey.
Build up your business image
Your online presence is crucial to creating a good first impression. Ensure your website and social media channels reflect your brand values and the image you’d like to project. To raise your profile even further, consider editorial and awards opportunities in your industry.
In today’s global economy, there are countless opportunities to quickly boost key areas of your business, ranging from raising your profile to expanding overseas. With the potential to win up to £20,000, it is worth entering the FedEx Small Business Grant Competition enabling the above ideas to be considered.