From Refinements to New Tech: How SMEs Could Move to the Next Level

Starting your very own business venture is a massive step to take, so it can feel like a major achievement when you are finally up and running.

However, while you might have got off to a good start, it is inevitable that your attention will slowly turn to the future and how you want to develop things further. There are many ways you could go about this, and we have come up with a handful of ideas for ambitious small businesses to consider.

Making improvements

First up, one option may be to simply review your existing offering and analyze how you could potentially make it better. Are there refinements you could make to ensure things run more efficiently? Or are there minor issues within your structure that might need ironing out?

Recruitment might help in relation to such issues, while technology may also have a role to play as well. For example, there may be scope to develop your online services and add new features to a website, while you could even consider creating a mobile app to support your business.

According to research published by ratings and reviews firm Clutch in 2018, around 42 percent of small businesses have an app. The study also found that 28 percent built one to attract new customers, while other key reasons included gaining a competitive advantage and increasing sales. Clutch added that mobile apps can also be useful for loyalty programs, as they help consumers track rewards points and ensure they are notified of deals.

Branching out

An alternative strategy to consider is expanding your offering and embracing new areas. Specializing in a certain field might help you build an initial client base or reputation, but providing more services could be useful when it comes to attracting further attention.

One option could be to offer products and services related to your existing interest. For example, the UK site Trussle focuses primarily on providing mortgage advice to homeowners and those looking to enter the property market. However, it also explains how it looks to ensure its customers can still pay mortgages if something unexpected happens. To do this, it also offers mortgage protection insurance, as well as building, contents, and life cover.

While you might have a specific focus on certain areas, are there other matters that have a close connection to your offering? If so, it might be worth considering whether you can do something similar to Trussle by extending and branching out into those domains.

Fresh innovations

SMEs

We have already mentioned how mobile apps could play a key role in your business’s evolution. However, is there also the potential for you to embrace other major innovations? The world of technology is moving forward all the time, so it may be worth keeping your ear to the ground to see how you could make use of the latest trends.

Recent research from Gridfox has suggested that this is something small businesses tend to have issues with. The survey released earlier this month said that 84 percent of SMEs felt they were struggling to match the budgets of bigger firms for issues like technology innovation and digital transformation. Some also stated that the issue was hampering growth, as well as other areas like recruitment.

However, fresh innovations like virtual and augmented reality could create new possibilities for your business. For instance, CIO.com recently reported on Estee Lauder’s new AR-infused platform. Known as Virtual Try-On, it allows customers to see what specific make-up products look like before they choose to buy them. The service can also be accessed anywhere, so users do not necessarily have to be in-store to sample it.

Food for thought

The business world is an area that very rarely sits still. There is always a lot going on and that means that organizations of all sizes cannot afford to rest on their laurels.

There are many avenues you could go down as you look to develop your offering, but, hopefully, the ideas above have provided some food for thought on potential options for progression. By carefully considering your next steps and making the right decision, you could set your small businesses on a fresh path to a brighter future.

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