Do you know these 4 tactics to grow your revenue as an SME?
Small and Medium scale Enterprises (SMEs) make up 99% of all private sector businesses in the UK – SMEs employ nearly two-third of people in the UK and does contribute greatly to private sector revenue. Unfortunately, some SMEs are finding it difficult to improve their productivity levels and boost their revenues. We have put together some ideas to help you grow your revenue.
Start by building confidence in your business
Building confidence in your business is crucial to your ability to succeed. It is one of the most essential revenue and business growth requirements – your level of confidence in your services ensures you take risks, get innovative, spend to build and survive the terrains of the business.
Unfortunately, a recent survey scored the confidence level of SMEs in all sectors in the UK poorly – with the index score for the wider UK economy put at (-27). The score ranged from -100 to +100. All SMEs want stability, continuity and growth but the survey result shows they currently lack certainty and confidence in their enterprises.
Bid for public sector contracts
Expanding into the public sector is a great option for SMEs to access profitable opportunities and maintain positive growth levels. SMEs can achieve this by being more proactive in bidding for public sector contracts and overcoming both real and perceived problems. Businesses shouldn’t be scared of the procurement process but embrace the door to new businesses it opens up and the opportunities it offers. The bidding process may be confusing and complicated, but there are companies in the UK that render this service. Understanding how the system works and getting over the hurdles can prove beneficial in the long run.
Focus on what your customers want
Some SMEs desperation to increase their revenue and expand growth sometimes make them shift their focus on the interest of their customers to newer disconnected adventures. Giving the interest of your clients’ absolute attention, before embarking on new projects geared towards future clients, is the first practical step to improving revenue growth. Remember, acquiring new customers is costlier than retaining old customers.
Your knowledge of your current customers’ buying habits, demands and wants can help in your growth strategies and revenue hacking campaigns.
Get innovative – challenge the status quo
Customers who patronise you are not necessarily out of options – they do so for the sake of difference. That makes surviving and building your revenue greatly dependent on challenging the status quo.
It’s a critical mission for SMEs to regularly challenge the status quo with innovative, new ideas. It’s great if you have something which is working already, but can it work more quickly? Better? More cost efficiently? Even small things like file transfer and cloud storage add up, and ultimately make you more world-ready.
Getting innovative helps you improve on your products and meet up with the ever-changing demands from your customers.