7 tips for growth in a tough competitive market

By SearchSMBAsia Editors | Feb 9, 2010

0 comments

Delicious

Digg

Email

Print

SMBs have strong prospects ahead if they take steps now to become smarter, greener and more successful, said Regus Global CEO Mark Dixon. Dixon offers seven tips on how SMBs can learn from previous years and pick themselves up to ride on the wave of recovery. The seven tips are what every SMB should think about when they go back to work after the Chinese New Year, he says.
 
Recovery has been scheduled among most corporate calendars for the 2nd or 3rd quarter of the year, coupled with widespread expectations of rising earnings, the prospects look good for many SMBs. However, while projections might look good, it still remains something that cannot be guaranteed.
 
“Businesses need to learn from the lows of 2008 and 2009 and make changes to their future strategies and operations. They also need to do it before the recovery happens, rather than waiting," Dixon said.

The tips Dixon offers are:

Tip 1: Think small. Businesses of all sizes could learn from the example of small businesses. The Regus Business Tracker Study showed that companies with fewer than 50 employees are more bullish about 2010 than their larger counterparts, suggesting the economic recovery will be led by them. There’s also evidence that smaller companies are more go-getting and externally-focused - putting their energy into marketing and customer retention, while large firms are struggling with internal concerns like cost management and staffing.
 
Tip 2: Take a trip. When it comes to focusing externally, businesses shouldn’t let international boundaries stand in their way; China, India and other emerging economies have huge potential for future growth. With communication technologies becoming ever more advanced and ever cheaper, doing business abroad can fuel future growth prospects. 

A word of warning, though: research into new markets is key, as is finding the right international partners otherwise costs can begin to spiral out of control

Tip 3: Work smarter. Businesses all over the world are looking at the cost of headcount, but many neglect to look at other fixed costs. For the majority of businesses, property is the second biggest fixed overhead. Even so, 95% of businesses fail to identify it as an area where they could make major savings. Instead of locking themselves into costly, fixed-term property arrangements, they should look at more flexible arrangements, such as short- or medium-term leases, or virtual working. Flexible working can reduce a company’s property costs by up to 60% whilst creating a more motivated workforce.