Ways to Develop Micro, Small and Medium Enterprises

Ways to Develop Micro, Small and Medium Enterprises

Developing MSMEs requires the right steps and strategies. Because many MSMEs are established but their businesses do not develop, suffer losses, and even end with the closing of the business. For this reason, this article will provide 8 tips to help you develop your MSME so that you can develop your MSME.

Potential Survey and Observation Sites
One way to grow your business is to open a branch of business in places that have the potential for high sales. It starts by examining various places that have a target market.

Do a survey and observation of the places and locations that you want to open. Start by finding out if that place needs the product you are selling. Make questions such as how many people pass by that place, how many people are likely to buy your product, how easy is logistical access, and needs when you open a branch in that place. So that observation data can be collected and taken into consideration whether that place is the right place to open your business.

Participate in several exhibition and festival events
Support the existence of your product, join exhibitions or festivals. With this, your product will be introduced to the wider community. Exhibitions and festivals are one of the most affordable marketing actions that can get more benefits such as getting to know new vendors, knowing your business competitors and also getting your loyal potential customers.

Choose an exhibition or festival that matches your product. For example, if you have a fashion business, of course, take part in exhibitions that have themes about fashion products. If you have culinary products / special foods, you need to attend an exhibition about traditional food.

Building Relationships Among Fellow Entrepreneurs
Running a business is not just trading alone, but also adds more relations. The more relations, the easier it is to find trusted vendors. In addition, the more relations you have will open up opportunities to expand your business area.

Try to join several communities that have the same type of business as you. That way you will be able to more easily obtain information about the business you are living.

Improving Service Quality
This is an equally important part in developing your business. When you receive criticism and suggestions from customers, you can improve things that are less pleasant experiences from customers. This can make your service quality better.

But not all your requests can be fulfilled. You must be observant to see which criticisms and suggestions that build your business and which are not. Put the criticism that often arises in your customers, because that criticism makes most of your customers feel uncomfortable.

After that, choose the advice you receive from the many existing customers. Because it could be that that might distinguish you from competitors.

Following the Development of Technology in Business
In this digital age, it is very unfortunate if you are among those who are a little behind in terms of technology. Because it can help you to develop your business both in terms of administration, financial transactions, communication, and sales. Frequently you open articles about technology related to business so you do not miss.

Utilizing technology in business such as when communicating to customers by utilizing messenger applications, sending videos and photos of your products, video calls and others.

All of this can affect your business trip, because now the market also demands to be fast, precise and reliable. Speed ​​of information, responsiveness, structured management, SOP (Standard Operation Procedure) are aspects that can complement and strongly support your business. If you have a little knowledge about the use of technology in business this will be a plus for you compared to competitors.

Use Social Media to Market Your Product
Every entrepreneur would want to increase sales in his business. One effective way is to do marketing (marketing). In this digital age, with the internet one can find information just by opening a cellphone. Most of them use it to access social media.

Therefore digital marketing is needed to be able to introduce products to prospective customers. The more often they open social media, the more they can see your product. Take advantage of this opportunity to do digital marketing using social media such as Facebook, Instagram, Line, WhatsApp, and BBM.

Take Advantage of Some E-commerce to Sell Your Products
The digital age makes people prefer shopping by using the internet alias online shopping. Because online shopping can be done anywhere and anytime. In addition, customers do not need to go to the mall or to the shopping area to get the items they want. One way for people to shop online is to access e-commerce.

E-commerce is a site where people buy and sell all types of goods and everything is done using the internet or online. E-commerce with the marketplace concept offers services for entrepreneurs to sell online by opening a shop on their site.

Use several e-commerce sites to sell products and expand your target market area. Take advantage of the features offered by e-commerce to make it easy for you to manage all sales.

Use ERP Systems to Manage Accounting and Inventory
Running a business is not just buying and selling activities. But it is also important to always know the flow of administration and the financial situation of your company. Therefore, it is necessary to record and calculate every transaction that occurs.

When selling goods in quantity can only be counted on the fingers of course this is an easy thing. However, when you sell your goods and many sales transactions occur within one month, this will certainly be quite troublesome.

Therefore, you need an ERP system in which there are features that can help you to manage your inventory and accounting. From there you can see the development of your turnover from month to month and from year to year. In addition, you can see the income statement so that you can see whether your expenses are greater than your financial income.

In terms of inventory you can see the amount of stock you have. From here you can also see which items are less desirable and which items are selling well so that you can maintain the amount of stock.

Developing a business is not as easy as turning the palm of your hand. Because to do that you need to spend first. The success of your business really depends on the strategy that you do. If you run a strategy that is not right then you will likely experience a loss. But when doing it well and in accordance with measured steps, it could be that this will increase your income and turnover.