4 Ways For An SME To Grow Their Business

August 10, 2021
Photo by Muhammad Faiz Zulkeflee on Unsplash

With coronavirus restrictions in the UK having eased, now could be the right time to focus on growing your SME.

With retail spaces open once again and households able to mix, a sense of normality has returned that is hoped will allow the economy to expand by 8.2% this year.

If you own an SME and want to take advantage of the current circumstances after 16 months of restrictions, here are a few ways you can go about growing your business.

Increase sales

It sounds obvious but selling more is a sure-fire way to grow your business.

Take a look at your business and see what avenues there are for you to encourage people to buy your product.

You could turn to a marketing firm for assistance in raising awareness of your SME and what you have to offer, or if you want to try it yourself you could become more active on social media and conduct giveaways to gain online engagement and impressions.

If you solely operate as an online business, investigate the feasibility of hosting a pop-up store. If you own a store, consider hosting an event that will attract people to your store.

Develop new products

This can be easier said than done, but if you already have access to a market through your product then consider other ways you can make use of that connection.

It could be adding a new product to your range or offering a complementary service that will gain the interest of your existing market.

You could also contact your customers for feedback and see if there are ways you can improve your offering based on the information they provide.

Get additional funding

If you feel your best bet to grow is by investing in your SME, there are plenty of options available to you.

Secured business loans can give you access to significant funding that can be used for things like working capital, new premises or growth activities.

If you have a specific idea for how to go about your growth you could try a crowdfunding platform, or if you’re willing to give up a stake in your company you could look for an investor.

Get online

If you aren’t already, having an online shop from which to sell your products is a great way to open yourself up to potential new customers.

According to the United Nations Conference on Trade and Development (UNCTAD), e-commerce accounted for 17% of global retail trade in 2020 – up from 14% the year prior.

It is believed the trend towards this method is expected to continue through the recovery from the coronavirus pandemic, so having your products available over the internet is becoming increasingly important.

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