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How to Take your Business from SME to a Large Enterprise

Business and Enterprise

How to Take your Business from SME to a Large Enterprise

You must have heard of the numerical markers of the size classifications of businesses. Markers like a medium sized enterprise must have at least 250 employees. But it is not essentially about numbers. It is more about putting growth facilitators in place. 

What would you say if I asked you what the most important thing is if the growth process must be perfected?  I imagine most people mentioning money. That is not to be dismissed, but there are certain growth factors whose absence will render money useless. 

They are: 

  1. A FORMIDABLE TEAM: After defining the vision, mission and goals of your enterprise, you must determine the resources needed to actualize them all. Of all resources, human resource is the most important. A team of capable hands will help execute every course of action and channel resources in all the right places to see to the growth of your establishment. Therefore, it is must that you not get the most capable hands to work; you must keep them motivated and give them the freedom to exercise their initiative. 
  1. REVIEW ACCORDING TO YOUR VISION: To accommodate new elements essential to further growth, you will always need to examine the roles of your human resources. For this reason, key performance index must be revisited and modified, and provide all the facilities needed to equip your staff to meet with these new Key Performance Index. All of these must be done with your vision in mind.
  2. STRATEGIC PARTNERSHIPS: The industry you operate in has a chain of complementary establishments. Partnering with them is a sound strategy for growth. This may include promotional strategies that see your business taking advantage of the positioning of these complementary brands to give your business more visibility and exposure. The reach expansion that results from this goes a long way to grow your business 
  1. RISK REDUCTION: Every business no matter the size is prone to threats. This is why you must never ignore insurance. Everything that matter to your business must have a cover. 
  1. GIVE PROMINENCE TO CUSTOMER EXPERIENCE: The number one motive of every business is profit making. This means your enterprise is nothing without the customers who buy what you are selling. Their experience with your brand and business is the ultimate is determinant of whether or not your business will make any progress. For this reason, you must constantly seek feedbacks to know if your service to them is valuable enough to compel repeat patronage. 

Always remember you are the leader and the key decision maker, and as such, everything rises and falls upon your shoulder. These steps are in no way easy; they require an appreciable level of dedication and consistency. 

The process is tasking, but the rewards are satisfying

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