The Five Strategies to expand your SME business in 2018

The Five Strategies to expand your SME business in 2018

The story of Apple Inc. which evolved to be a multi-billion dollar company might be one of the most remarkable narratives of how a small business turned to be one of theworld’s most influential company. Besides the hard work, both Steve Job and Wozniack must’ve had well-developed strategies which brought Apple Inc. to its present success. To make sure you meet Apple’s level of success in 2018, here are our five strategies to expand your business.

 

  1. Analyze the External Marketing Environment

 

It is crucial to evaluate the external marketing environment where your business operates to analyze the impacts on your business. The PESTEL Analysis, which consists of Political, Economic, Social, Technical, Legal and Environment analysis, you can formulate the appropriate strategies to overcome the uncontrollable external factors such as new government policies or free trade agreements.

 

  1. Analyze all problems, but address the most crucial ones first.

 

Root cause analysis is important to resolve any problems found in your business, but solving all problems at one time is impossible. Identifying and addressing the most crucial problems first will prevent them to grow to be a gigantic snowball which might destruct your business.

 

  1. Calculate the Expenses

 

Calculating the required budget for production and marketing costs will help you to project how much capital you should divide for each post. Knowing your unit cost will help you to identify the right price point and the suitable target markets.

 

  1. Execute your analyzed-strategies

 

Evaluating business strategies can be tricky. Some strategy-analysis methods like SWOT, Porter`s Five Forces, Business Case and GE Business Screen might help to decide which strategies to execute. But, whatever the analysis methods are, the results must aid you to set feasible plans and execution timelines

 

  1. Set Out Creative Marketing Strategies

 

Brilliant and fresh marketing strategies are vital to introduce your business to broader markets. Striking digital marketing campaigns, attention-grabbing tagline or special offers and events are some ways to foster the growth of your business.