According to research, 85% of companies prioritize the growth of their turnover. Still, only half ensure systematic commercial monitoring of their customers and prospects. This finding emerges from the national survey on SME business development carried out by the SME Portal and published in September 2009.
Two-thirds of SME managers are involved in the commercial development of their business. Among the difficulties encountered, lack of time is the first cited, followed by the lack of method. Finally, barely a quarter of companies (23%) admit having a commercial organization and actions planned for the year, the vast majority working on a case-by-case basis or according to opportunities.
Back to the Priority of Growth in Turnover
The customer portfolio is the foundation of economic performance; it must still be exploited. Both in terms of loyalty and conquest, the analysis of this capital that customers constitute makes it possible to identify growth levers.
Each customer must be considered according to future commercial potential and purchasing behavior. A prospective approach allows the definition of objectives, for example, transforming twenty good customers into “very good” in the coming year.
Likewise, the conquest objectives are prioritized over the targets most receptive to the proposed offer. These targets are highlighted from the typology of customers; for example, for a horizontal request, the four most represented activity sectors.
The priority actions to be carried out are thus identified, planned for the year, and regularly evaluated objectives. In the end, the commercial organization brings visibility to the activity. It makes it possible to manage this essential resource better, which is time.
If you have not yet defined the values that should drive your business, consider what should motivate your employees daily and the character traits you want to see within your organization. If your values are no longer valid, the time has come for you and management to review the process and develop a more effective values communication plan.
Be Confident in Your Ability to Bring About Change
Revising your strategy to strengthen your corporate culture is not an easy task. Still, retaining the best employees and creating or recreating your desired positive work environment is necessary. The corporate culture is increasingly recognized as a factor in employee engagement and economic performance. Better communication, strong values, and managers invested in employee development will help set a new course for success.
Significant Impacts of SMEs
It is the best source for significant employment providers in developing states or economies. In 2022, the number of small businesses in the U.S. reached 33.2 million, making up nearly all U.S. businesses. Almost half of all U.S. employees are employed by a small business. That is incredible!
Innovative local activities and competition regulation in various economic sectors depend on SMEs. They support in-house or private businesses because it is an alternative for importation. In this way, it is the source that encourages exportation as well. If you want to keep economic survival efficient, especially in developing countries, you must promote SMEs in your country’s economic sectors.
Business Developments that SMEs Need a Lot
Although SMEs are struggling hard to expand their businesses in developing countries. But, still, they are encountering multiple challenges that do not let them grow and compete with progressive competitors. That is why it is vital to understand business developments that SMEs need to improve business growth. This way, it will significantly impact economic growth.
Infrastructure Facilities
SMEs need such facilities as power, water, transportation, etc. With all of them, SMEs can decrease production and service expenses and boost the entire profit margin. This way, you will have a great chance of maintaining all business proceedings and combating current ones.
Research and Development Facilities
Such facilities are vital for product development and research into new sections of SMEs. It also boosts the capacity of business development and actions that control quality. It also helps businesses understand products and services that are acceptable to the standards of local and international customers.
Effective Interaction and Strategies
It is a famous saying that the first impression stays timeless. You have only a few seconds to win and lose the interest of potential consumers. If you want to be a winner in this regard, you need an effective interaction with the audience to sustain the attraction and trust of a client. Businesses should integrate the training to produce practical communication skills in SMEs. This will give them insights on how best to engage possible and current customers.
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