Small and Medium-Sized Businesses: The road to success
Translated by Anastasia Tsitsani
Based on the original text by Σπύρος Κατρανίδης
Small businesses constitute the biggest percentage of businesses worldwide. However, many of them are incapable of adapting to the new conditions, mostly due to rapid social and economic changes. This article offers some worthwhile tips that need to be taken into consideration by all entrepreneurs, current or new.
The main goal
First of all, you need to truly be aware of the products or the services that you offer. Thus, you will be able to understand who are your buyers or who could possibly become one in the future. This will be your target audience. So, you will have to invest, via various methods, in SEO (Search Engine Optimization; the process of improving the quality and quantity of website traffic to a website), in ads, social media, promotions, newsletter etc. Moreover, certain goals should be set, long-term ones, as well as short-term. These goals should be applied using the acronym SMART. More specifically, your goals should be specific, measurable, attainable, relevant and time-based. Their progress must be evaluated periodically through possible improvements, changes or reconsideration.
Innovation
Being innovative is extremely important, since it’s the factor that can make a difference. Investing in it can improve the quality of the products and the services, while leading to a growth in demand. Entrepreneurs and staff should always try to become better, learning new skills, while participating in conferences and seminars. Lastly, reviews and comments from costumers regarding the products and services offered can really contribute to the improvement of the business.
The Internet
The Internet is a determining factor when it comes to small businesses. It might even constitute the most important part. Which entrepreneurs should be thinking more of, since it seems that 97% of buyers now come from the Internet (State of Marketing report, 2020). Inevitably, businesses must invest in it, in order to keep their old costumers and attract new ones.
Website
In order to achieve Internet presence, a quality website is necessary. It should include a description of the business and its goals, where it is operating, its products, contact information or social media. The website could also include an e-shop, blog or even comments from costumers. In any case, it should be easy to use and look good, otherwise potential or current costumers might choose another website.
Social Media
However, the use of just a website is not enough in order to promote a business via the web. More frequently, in order for it to be competitive it should be active on, at least, two social media platforms. Means such as Facebook, Instagram, Twitter offer communication with potential customers through chat, a place where buyers can ask questions. In addition, you can post news concerning your business (i.e., new products or services, posting blog articles or videos), attracting likes and shares from followers, meanwhile promoting ads to your target audience. On the other hand, social media, such as LinkedIn, offer opportunities to network with other small and middle-sized businesses or other entrepreneurs in general.
Creating an e-mail account is crucial for businesses, since a very big part of communication with the audience and collaborators is achieved through e-mail. Studies have shown that 73% of millennials prefer communication via e-mail with the business (State of e-mail marketing, 2020). Last but not least, e-mails are necessary for registration, updates, promotions, competitions, special offers and reviews.
Networking
Lastly, as it is mentioned above, LinkedIn contributes to getting in touch with professionals and other small businesses. But this could also be achieved via conferences and seminars.
Αν επιθυμείς να διεκδικήσεις υποτροφίες στην Ελλάδα ή το εξωτερικό, ο Οδηγός Υποτροφιών του citycampus που μόλις κυκλοφόρησε σου προσφέρει ό,τι χρειάζεσαι!
