Worldwide, SMEs are the basic businesses that help and contribute towards GDP and Employment. This could range from 40% to 80%. At India, SME contributes around 40% of GDP, which is great one.
Ironically, many SMEs start and close soon before it becomes large. The challenges could be funding, competition and not understanding the ecosystem. Many business owners start the business by looking at someone who did and thinking, “I can do better than him”.
Some of the reasons like no proper business planning, no cash flow projections, no marketing plan and budget makes sure that they are closed soon and loose invested money. In a hurry to survive then spend more money based on some “expert” advice.
We have seen this behaviour during our Cloud ERP sales and always wondered why they spend so much money on Accounting Software that even doesn’t take care of their basic needs. Seems they are impressed with word “ERP” attached to these accounting software and assume that it will do all the wonders.
There are 100s of free guidance provided by people who never started business.
Being in your shoe, I do understand the pain. Let me help you.
Starting any business, run and grow is very important and it is ambitious. There are 100 of challenges. Daily you have new ones. It is given that hard work, commitment, network and depending on friends and family are important and lets assume that it’s available to you.
What is missing is the “Smart Work” and how to make it simple and fast. Because everyday competition is increasing and customers are choosy.
So this is what we did at AcTouch.com. Some smart work plans are as below and might help.
- Planning on People and resources
- Hire people who are better than you. Who can work for you and grow the business. Don’t tie their hands.
- Don’t spend more money on office, its fixtures, environment, color etc. Keep it minimum and comfort. Make sure it’s clean as its important for the mind to work.
- Define the roles and responsibility. Give an opportunity young people. They will do wonders.
- Business Plan
- Have an ambitious plan – Target 20X. Atleast you will reach 10x. Don’t worry.
- Identify the “Low Hanging Fruits” and collect them first
- Always be Mobile and agile.
- Change the plan as you achieve the milestones
- Digital Marketing
- Digital marketing – Social presence. Important is, social media is to create the awareness of products and Website should help to sell your products.
- Open your accounts in LinkedIn, Twitter, Face book. Make sure you post a good image and message about your product at least once in a week.
- Important is stay away from controversies and unwanted issues. Don’t attach personal views to business views
- Invest in your networks
- Invest in the relationships with your business associates
- Help them to get more business
- Understand the problems faced by others and avoid them at your place.
- Move to Cloud and Save Money
- Move your business process to cloud solutions. This will save the money and time to manage the business.
- Stop using Accounting Software as an ERP Solutions.
- Don’t become an IT expert by managing all the Software, Hardware, backup etc. Focus to improve your business.