Many companies face considerable challenges during their growth phases, and it leads them to assume a slow trajectory. By focus all your effort in the right places, you can increase your chances of success and beat the competition.
In 2015, SME corporations in Malaysia contributed 36.6 per cent of country’s GDP, representing a slight growth from the previous year. Unlike most economies, over 98 per cent of the business in the country fall in the SME categories. The unique landscapes offer you a great chance to grow your small or medium business. Here some crucial pointers to help you get a bigger slice of the vibrant market.
1. Don’t look for a silver bullet
As storytelling takes root as an incredible way to grow a brand, companies love to highlight that one great idea that gave them the edge. The one move that finally catapulted their brand to previously unscaled heights of success. It is easy to think they accidentally stumbled their idea and it made them an overnight success. In most case, these companies had constantly been testing and tweaking their business strategies and use the feedback to adjust accordingly.
Eventually, they were able to create a product or to present their product in a manner that resonated with the market. Instead of seeking out that magical bullet, keep testing and tweaking your product and processes to match the market needs. That way, you can create a product that solves a pressing problem of the market, which guarantees success.
2. Do hire the right people
Growth is key to achieving business success, and this phase poses the greatest challenge for many companies. For the best results, you need a to fill your ranks with driven partners or employees who share your vision and ambition. The key to success is focusing on the future state of the market instead of the current state. That way you, you avoid playing catchup to consumer preferences and disruptive trends.
You want a strong team to help you create a growth plan to help you achieve your set goals while tending to the current customer needs. Hiring smart and talented people give you an edge in the market while letting you come with creative ways to solve emerging problems. It also enables you to create a company of giants, which ensure that you soar to great heights.
Growing a business to great heights of success takes a considerable amount of time and effort. You get better results when you channel that effort where they can produce great results for your business.