How Can Your SME Be Equipped to Compete – Reinvent Global Business
In our past two blogs on how your small to medium sized enterprise can be equipped to compete, we discussed how having a global mindset and innovation & differentiation can be two factors that will allow you to stay competitive in your marketplace. But what happens as you keep progressing towards positive growth and competition increases? As a successful, high-growth SME, you need to think and act on an international scale. This means that you should be competing even more with larger rivals and be focused on investing aggressively in technology that will ultimately improve your operations and enable you to become more nimble.
As globalization increases, so does competition. Since so many SMEs today face many of the same challenges as multi-national corporations, it’s important to stay as competitive as possible. To do so, as well as keep up with customers’ needs and adapt to fast-changing technologies, it’s important that SMEs like yours focus on the following:
- Generate revenue internationally – By branching out internationally, you will be able to generate more revenue. In a study of SMEs, over 20 percent generate their revenue internationally. That figure is expected to increase by almost 50 percent in just three years.
- Embrace the fact that change is crucial for success – How do you stay ahead of competition? Often, change is a conduit for success. Some ways in which you can stay ahead of the competition are by expanding markets, entering new geographic markets, creating a culture of innovation, and investing in new technologies. Remember, the most profitable companies tend to be further along in the transformation process than the less-profitable ones.
- Prioritize technologies – What is your biggest focus in terms of what technologies you prioritize? By having insight into what internal technologies promote the most revenue, you can have a better understanding of where to go next. Which technologies should your SME be most focused on? In most cases, business management software is the main focus, followed by business analytics, mobile, social media, and cloud computing.
- Challenge the stereotypes – No longer content to operate solely in your own backyard, you are looking to internationalize. This is big! By going global through networks fueled by technologies and fostering in-country relationships, you are able to differentiate yourself in a different way than the command-and-control approach of giant corporations.
- Focus on Business Management – Business management is no doubt another top focus for SMEs in your position. It offers numerous benefits, led by cost efficiencies and improved product and service development.
- Social media – Utilizing social media as a means to provide better customer service, improved product and service development, cost efficiencies, and supply chain optimization is just another factor in how you can reinvent yourself globally. Don’t miss out on the chance to use social media for collaboration and communication opportunities. By encouraging your employees to embrace social media as a challenge, you will be able to commit to a viable social media strategy while calculating a ROI.
Despite having fewer resources than your larger counterparts, you should be confident that you have the technological resources and understanding to compete with bigger companies. If transformation is imperative and you are focusing on reinventing your global business strategy, technology and its benefits are a strategic tool to make it happen. Contact Third Wave today to discuss more!