According to DP Information Centre’s SME Development Survey 2014, as SMEs restructure for growth, there are five business strategies that can help.
Re-examine Your Business Model
The current labour constraints mean that SMEs need to reduce their reliance on manpower to boost growth. Look at ways to revamp your current business model and innovate. For example, automation and technology will help you strengthen your capabilities, make better use of your staff and deliver cost savings. What’s more, it could give you the competitive advantage you need to attract new customers.
Expand Your Production Capacity
Even if you have manpower issues, you can still streamline your process to expand your production capacity. The SME Centres provide complimentary business advisory services in areas like productivity, while grants from SPRING Singapore can help you engage a consultant to review operations and processes to increase your efficiency and raise your revenue.
Right-size Your Product Range
In this tough economic climate, SMEs must find the right balance between spreading their resources too thin and managing a wide range of offerings. Why not look at expanding and enhancing your existing range of products and services first, before pursuing new offerings? By improving and differentiating your products from others in the market, you can expand your customer base.
Expand Into Overseas Markets
SMEs that want to grow their business increasingly look beyond Singapore for new opportunities. One way to access overseas markets is through the adoption of international standards, which create a common language for trading partners and help facilitate trade. Standards can also boost the credibility of your brand which will help you compete overseas.
Invest In Talent
Investing in human capital raises productivity. Adopt education and training programmes to improve the knowledge, skills and technical know-how of your workforce. Introduce incentive schemes and career pathways that will lift attitudes and change the cultural mindset of your business, which is critical to increasing performance and boosting efficiencies.