Building your own business is fraught with risk. For every story of an SME making it into the big leagues, there are dozens of other companies that never make it beyond the first few years of operation.
Minimising risk involves making the right decision at the right time, but it doesn’t always have to be a guessing game. Here are a few pointers that can help your business make that transition from SME to corporate powerhouse.
That big idea of yours that will change the world one day isn’t going to materialise soon unless you make it happen. But let’s face it, you need funding. There are plenty of options for acquiring an SME grant in Malaysia, and a little research can go a long way.
Build Your Network
Whether you’re in the market for a new client or looking for a new supplier to help you fill that new product line, you’ll need to create a network to take your business to the next level. Talk about your business with anyone who could help you expand your reach. Have business cards ready for distribution at a moment’s notice. More importantly, keep in mind that it’s 2017. Your dream client could be waiting for you on social media!
Please Your Clients
While marketing to new clients is a worthwhile endeavour, keep in mind that retaining your current crop of regular clients is much more efficient when it comes to time and expense. Regular clients who come to your business are the key to sustaining a regular cash flow, and could spell the difference between a foundering or flourishing organisation.
Building a business entails a lot of hard work, perseverance, and patience. With the right tools and mindset, you can give your organisation the edge it needs to survive and flourish in today’s marketplace.