The development of small and medium businesses has recently increased quite rapidly. we must realize that having a small and medium business in this era is certainly very promising, especially if we know the strategy of developing small and medium businesses. In developing a business so that it becomes big it is not easy, many aspects must be fulfilled, therefore, for those of you who want to develop your small and medium business, we will share the development strategy.
In starting a business or developing an existing business, of course, you must have the intention and tips that can help you in its development, therefore to support the development of your business you can follow a few tips below:
Choose the Right Location
For small businesses that depend on physical stores, location is one of the most important capital in developing their business. By determining a strategic location (can be close to customers or close to sources of raw materials) will certainly be very influential with your business,
By choosing a location that is close to the customer, of course, the exposure or awareness of your business will be greater so that the possibility of a transaction is also greater. If indeed your type of business requires a constant supply of raw materials, then proximity to the location of raw materials can reduce costs, which in turn can lower selling prices and provide a competitive advantage to your business.
Take advantage of Social Media
Yes in the digital era like now, of course, the role of social media is very powerful in carrying out any activity let alone being used as a medium for marketing your small and medium businesses. With social media, you can do promotions with scalable costs, meaning that costs can be adjusted to your budget and the stage of development of your business.
Another advantage of promoting using social media is Reach or Reach. Social media can reach broader markets both those outside the island or abroad though. How to promote it also varies from making interesting pictures or providing product information with an article presentation to make customers better understand in detail the products you market.
Customers usually have a boredom and tend to want something new, so that customers do not ‘go’ to another place where we have to provide innovation for our efforts in order to attract them back. This is very important especially for businesses that have many competitors. Therefore innovation is very important to do if you want to develop the business.
Plan your Finances well
Why is this aspect needed in developing small and medium businesses? Due to the fact that many businesses go bankrupt due to errors in financial management, errors in management arise because there is no monitoring of profits and losses. One way for better financial management is a neat recording system and regular financial reporting. Currently, there are many software that can help with this recording. Another advantage of having records and financial statements organized is that it can be used as supporting documents in applying for business loans.