The term ‘small business’ might vary from country to country. Here in Malaysia, SME Corp definite it as businesses that generating annual turnover between RM300,000 up to RM 3.0 million ringgit , employing between 5- 30 workers for the services sector.
The New SME Definition adapted since 2013 define manufacturing based small business as those generating annual turnover between RM300,000 up to RM 15 million ringgit, employing 5-75 workers.
However, it is a true fact that also 96% of all new business registered in the country falls either under micro or small business classification. As per data from Company Commission of Malaysia, a total of 1,203,319 companies was registered in Malaysia as of 31st December 2016 , with only 4,727 foreign companies.
The government aims to push the SMEs sector GDP contribution to 41% by 2020 from current 36% rate. This means that small businesses play a key role in generating and vitalizing economic activities in Malaysia. Small businesses are very important because of the role they play in helping to generate employment and inspire consumer spending.
Probably it’s time for people like us to realize that small businesses are really huge engines of growth for the economy. Time has come for us to realize chasing a dream of being own Boss would not be sustainable if we failed to increase our sales and grow the business.
We at MiBrand.my have list out some doable tricks to boast your business even with tight budget. Here are some of them:
Know your industry
This is very, very important. Surely, most of us will not start a business without any prior experience or know how about the business. Some starts a business with technical knowledge, while some get motivated with their sales and marketing skills.
Your business growth depends on how well you understand the industry. Share your industry knowledge with your team members so that they aware situations and improve their marketing works.
By knowing your Industry small business owners able to identify an unique niche not served or remain in vacuum. Should you have the expertise find a solution and tap the market.
Don’t forget to share the goals for your company and what you are aiming for with your employees as well as with your family members.
Promote your business
One of most challenging task for a new entrepreneur particularly small business owner is reaching out prospect customer and retaining them.
Furthermore, it is costly endeavor that most of time put small business owner down due to lack of result compare to their available resources.
Despite the rise of cheaper alternatively online promotions, the usage of promotional leaflets, wristbands largely used to boost your company profile and get your business noticed by potential customers.
Leverage e social media channel as one of channel to promote your business and get people talking about you.
Take a course
There are so many online courses that you can take these days that will really help you in running your company.
Check out Free courses available offered by qaasoo.com
Government agencies in Malaysia such as SEDIC and SEED to either sponsor free trainings or conduct short courses. Some universities in Malaysia do offer weekend classes or part time courses.
Taking up courses or attend industry related events will give you the confidence to manage your staff and company successfully, as well as help people take you seriously.
As a new entrant to your prime objective should be gaining customer loyalty than profit. A number of small businesses have found great success by making irresistible offer such as bundling their products or services as package.
Irresistible offer mostly offered after taking out manpower cost but your business still able progress as it keep winning new customers.
Work in a Team
Again the problem of escalating cost surely running around your mind. However, trust me you cannot go far by working alone or without any team members.
You need to become a team player, ask your team for help when you need it. Discuss with your team when an important issue or problem occurs so that you could identify solutions together rather than waiting for the issue to escalate.
Asking and listening is vital for a small company to progress.
Respect Your Team
Gone are the days, where boss act as he knows everything and only that person can make decision. Current, business trend needs friendly and honest leader whom people can work together not someone whom dictate or be in command.
Always remembers should you fail to respect people, they won’t respect you.
As more and more people venturing themselves in starting up small business, largely to chase after their passions and dreams. Chances of succeeding in your venture could diminish if the owner simply focus on higher profit making or his/her own development.
The simplest way to boast your business is to be known in your local market or industry, make irresistible offer and respect your team.