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GROWTH PLAN FOR SMEs

  • By admin
  • February 5, 2016
  • 52 Views

Businesses grow by fits and starts. You cannot expect a business to mushroom overnight. It takes pains for a business to make it big. There are certain businesses that don’t need advertising or brand building anymore. In fact the product advertises itself. However, for companies that have a localized presence, promotion and advertising to a certain extent are absolutely necessary.

Definition of a small scale enterprise:

If textbook definition be taken into account, you would find that SMEs are usually those industries which employ a small number of workers, have a low sales capacity and are often owned and operated by private entities. In such companies, the profit margin is determined by the sales, and the volume of sales is determined by the kind of exposure that this company receives and the quality of service that goes along with it.

So how should a company increase exposure?

A company could increase exposure by employing proper marketing techniques.

  1. 1. It could take the help of advertisements by putting up Ads in newspapers or hoardings.
  2. 2. It could utilize the social media platforms for promoting its products.

The question of quality:

Promotion and branding can bring customers to you. But it is only the kind of product that you provide which would keep them coming back to you. In order to provide good service you should:

  1. 1. Take into consideration the demand of your targeted customer base by carrying out proper market research.
  2. 2. Try and address the grievances of your customer as and when it should arise.
  3. 3. Provide them with proper solutions for the same and compensate them if their demands have not been fully met.
  4. 4. It is of utmost importance that the customer care and support staff should be polite and courteous to the customers.
  5. 5. An off-season discount or a personal note of thanks would go a long way in keeping your customer base happy.

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