SMEs make up a significant proportion of the economy today, so let’s take a look at some of the key things they need to be successful.
1. Good tech
In 2019, technology is still king, so your business needs an IT infrastructure that meets your needs and the needs of your customers. This includes a website compatible with various devices that is complete with a secure payment platform and software that helps you to keep customer records and financials organised and up to date.
2. A high-quality communication system
Communication with customers is vital. You will need a dedicated phone line for customers to call that is open 24/7, if possible. Opting for a hosted VoIP system makes sense, as this offers flexibility and expansion capabilities and does not need significant initial investment in hardware. These systems are also very reliable.
3. A social media presence
A Facebook and Twitter presence and a presence on business platforms such as Yell and LinkedIn are key in today’s world.
According to research by Transparency Market Research, the value of the global VoIP market will grow to over $135bn (£106bn) by 2020 and the number of users will reach 350 million.
If you feel that your small business could benefit from VoIP, why not contact a leading international VoIP wholesale provider such as https://www.idtexpress.com/blog/2018/02/27/expect-international-voip-wholesale-provider/ to find out more?
4. A robust business plan and strong cash management
A realistic, detailed and workable business plan is vital. This should contain your business’s aims, goals and milestones alongside financial forecasts/targets; never underestimate the importance of trackable and measurable targets. Cash management is also incredibly important, as the biggest reason small businesses go bust is the lack of cash. It is essential that you have enough cash available to cover all expenses and to invest where needed. The more time and effort you invest in cashflow planning, the better your chances of staying afloat and going on to thrive.
5. A comprehensive marketing strategy
Good marketing can be the difference between success and failure. To be successful, you need to consider your competitors, which forms of marketing are best for you, and how to best reach your customer base. You need to get your product/service to the right people, at the right time, in the right place, and at the right price.