In the wake of the pandemic, individuals and businesses will never be the same again, and that is not necessarily a bad thing. People are always afraid of change, but life is all about changing times and seasons.
The benefit of being an SME is now more obvious than ever as we see the need for the personal touch in the sale of everyday products and services. People are moving farther and farther away from the big corporations that cannot meet the new demands. Their focus is now on smaller local businesses which have existed for a while and are just becoming visible thanks to social distancing. Here are three advantage points that SMEs can leverage for success.
Three criteria for success for any size business are; relevance, resilience and relationships.
Relevance
Before a business is birthed, the founder must have defined the product or services it will offer and its relevance in today’s world. As changes occur, the business leader should establish how the business model should change to continue to address the needs of the customers. Being trendy is not the same thing as being relevant. The business must provide a solution to problems and add value. Any SME that has drilled down to the core of its relevance can stand firm against any competitors. Is your business relevant?
Resilience
It is not enough to be needed, the SME must also be able to last beyond today and be there for their customers year after year. SME owners and employees must work diligently and innovate quickly to adapt to a new reality without ceasing to provide for the customer. An advantage of being a small company is the flexibility it provides to make changes quickly in response to market changes. SMEs could be considered more agile than their larger counterparts.
Relationships
SMEs tend to be closer to the customer and can read the customers’ mood faster than large companies. Amid the pandemic, customers are gravitating toward companies that understand them and care for them. SMEs have a chance to step up and leverage the power of relationships with customers, suppliers, and employees. This will position them to take get a share of the customer spending during these austere times.
Thanks to social media, an SME does not need to have a large shop or any shop beyond the owner’s backyard, front yard, kitchen or living room to be able to engage with the market. This also helps SMEs to get customers and become profitable without incurring extra overhead costs.
Remember that one’s size does not determine one’s strength. So, focus on these areas of advantage and ensure your business stands the test of time. Contact me if you need help with strengthening your SME’s advantage points.
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