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Tips Now, you would like to lead your company into a secure future by growing and increasing profits? Perhaps you would like to hire external professionals for the realignment or strategic readjustment of your company? However, the big management consultancies are too expensive for you? I will support you with
seven tips for growth in small and medium-sized enterprises (SMEs).
To describe my tips even more clearly and vividly for you, I have used the IT industry as an example in this blog article. However, my recommendations apply equally to all small and medium-sized businesses looking to grow their businesses.
Bitkom predicts more growth and more employees for IT companies every year. As the holder of a small or medium-sized IT company, you involuntarily ask yourself when the change will finally reach you? From your current perspective, you can only dream of a solid increase in sales.
Involuntarily, the question arises again how you can generate more sales than before with your IT company. After all, it is not because of your motivation that the company’s development does not correspond to the model of the overall market. You can’t do more than work around the clock.
Seven Tips to Help SMEs Grow Their Businesses
Tip 1 – Generate Profit by Outsourcing:
As a small or medium-sized IT company or software developer, are you also wondering how to save money? Do you hardly see any potential for this? After all, do you buy new laptops for yourself and your employees at most every few years? Then please look at the working hours that you or one of your permanent employees use for relatively undemanding activities.
Ultimately, you will save by increasing your work efficiency. You concentrate on your core Monday.com for small business, the development of new software. You outsource simple programming work and graphic editing to subcontractors. Freelancers from all over the world do time-consuming work via internet portals at a fixed price.
Here’s an example from my practice: I recently needed a sophisticated graphic for a presentation, but I didn’t have the time to do it myself. My graphic designer was already over the weekend. So, without further ado, I had a freelancer create a brilliant graphic for about 8 euros. – Compared to several hours of work on the PC that are subject to social security contributions, this is a real “bargain.” In your company, too, there is sure to be such work. What could you take from your permanent employees and let freelancers do it?
Your IT company will work more efficiently thanks to the “saved” working time and will be able to accept additional jobs. You generate growth through your core competencies without increasing your business risk through other permanent employees. By providing custom web development, product design, quality assurance, and consultancy services, EcDev Studio helps your business rise to the top. For more information, click here.
Tip 2 – Optimize online Marketing:
Now, hand on your heart, how long has your homepage been online, almost unchanged? A year? Two years? – Or, maybe even longer? In this case, you will hardly see much of the general growth of your business through online customers. You can find the reason on Google, among other places.
Without targeted regionalization and current SEO, your homepage will disappear from the radar of the search engine. As a two-year-old site, you probably lack the optimization for mobile devices (responsive design). This means that you are already losing all customers looking for IT companies via smartphone (currently around 50 percent). – Because Google deleted you from the search results.
And what about videos? Do you already have some that show your offer in action? If not, then it is high time you took a look at your competition. Youtube is the second main search engine, so it comes directly after Google, and you are not represented there yet?
And for the ones who are still apprehensive about using videos for marketing or investing in them, online video editor offer you safe and easily functional platforms to kickstart the process of video marketing.
Tip 3 – Do Not Neglect New Customer Acquisition Despite Full Order Books:
Full order books do not give you any future security. Small and medium-sized IT companies feel overwhelmed with full-order books and at the same time have a future-proof position. You neglect the acquisition of new customers in these phases. By looking at your customer structure, you can tell whether this is advisable and will lead to future growth.
Unfortunately, small IT companies are fully utilizing the orders of a few large customers. Once a large order has been completed, you can send your employees on vacation
Tip 4 – Plan for Payment Delays:
Not every customer pays their bills on time and as agreed. It is annoying on a small scale, but it can be coped with. According to the principle, the risk is particularly low for small customers, as they buy money for goods or services. The situation is different with large customers. Your order is on the account.
Your profit planning will practically collapse if your big customer does not pay on time and in the agreed amount. The interest accruing for the account overdraft is guaranteed to lead you into the red – because you have to pay your upfront costs on time. Large orders rarely allow profit margins so high that overdraft interest could be paid off. On the other hand, the risk of withholding a payment, for example, removing “blemishes” that have been complained about, is extremely high.
Tip 5 – Plan And Act With a View To The Future
Your market advantage as a small or medium-sized IT company is the flexibility to react quickly to market trends. With a flexible willingness to act, you can conquer attractive niche markets even before industry giants have even gone through the planning phase.
But which innovations are promising, how you align your business for the future, how you draw up a financial plan, you seldom oversee on your own. Nevertheless, you can’t leave anything to chance. It brings you back to the expert advice, with which the market leaders of IT companies buy future growth dearly and thus accelerate company growth.
Tip 6 – Look For Alternative, Innovative Advisory Services for Company Growth
After all, it’s not just the IT industry that is changing. Although your market research may show a different result, new consulting concepts are revolutionizing the market for management consultants.
You no longer have to completely delegate your company management to a local management consultant to receive impetus for new growth. It is more efficient instead of bringing the management consultant into the house for weeks to recoup the consulting costs incurred over the years.
Tip 7 – Online Corporate Coaching is more Efficient Than Classic Corporate Consulting
The internet is reinventing the business consulting industry. Selective consulting efficiency characterizes the new coaching culture instead of a consultant who quickly overtaxes smaller IT companies with his fee.
For example, there are inexpensive online video editor seminars (you sit comfortably at your PC and listen to an online presentation), the so-called webinars. Here, renowned professionals provide you with crucial background information and the latest knowledge in corporate management, usually with an extensive question and answer session at the end. Divided by an appropriate number of participants, speaker fees lose their financial horror. You do not receive a pre-chewed innovation concept but help for self-help.