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Top 5 Forward-Thinking Business Strategies for SMEs

Paul Martin • Sep 30, 2015

Strategy is important to keep your businesses afloat. As Joel Ross and Michael Kami, authors of " Corporate Management in Crisis: Why the Mighty Fall " said , "Without a strategy, the organisation is like a ship without a rudder, going around in circles. It's like a tramp; it has no place to go." However, it's not enough that you have a business strategy. It is also important that you keep your strategy aligned with current business technology.

Business GrowthAs a Small and Medium Enterprise (SME), you are constantly seeking progressive strategies for business growth. Here are some of the proven strategies that have helped businesses thrive in this new era:

1. Choose the right market . We'd all like to find a huge market big enough to make us a billion-dollar company. Being able to solve that market's problems with the right products or services would be a gold mine to success! There are tools that can help you choose the right market. One is the Product-Market Fit Model which Sean Ellis, Founder and CEO of Qualaroo , popularised. Research and learn from your market's feedback to know the perfect solution they are looking for. By doing this, you can increase the odds of your business succeeding.

2. Develop your value proposition . One of the most effective business strategies of all time is having a unique offering that will stand out from other businesses in your industry. Keep in mind that your product or service can be anything but ordinary. Differentiate your offering from your competitors by adding that value your target market can't help but patronise. Once you have defined your value proposition , continuously innovate a strong product or service that can withstand any competition.

3. Discover the latest untapped marketing channel . Look beyond your competitors' marketing strategies. Try new ideas – they may work for your business. Be the trendsetter. By the time your competitors follow your lead, you are already working your way through the next marketing innovation.

4. Be a growth hacker . Growth hacking is not only for startups. You can adapt growth hackers' way of thinking in terms of business growth for any business. Be creative and at the same time analytical towards growth. However, be careful not to disrupt your business operations while implementing or testing your new business strategy.

5. Digitise your business . Strategies often evolve through time. In today's modern world where everything is interconnected by technology, you may need to better align your business into this new age. If it means moving to the cloud to provide better service to your customers then you may want to give it a try. Though the old ways may still work or can be used as a base for your strategies, it's important that you try new things to get ahead of your competitors.

In the business world, there will always be a competition. Having the right business strategy is just as important as creating a strong product or service behind your business name. It needs time, research and continuous effort to know which works best for your business. Last year's strategies may not work in the present since change is constant in every industry. Your customers' preferences may also vary from time to time and to keep up on their demands, your business should be versatile enough to test new business strategies continuously. 

Is your business ready to take the next step? Let us help you figure out the best business strategy that works for you. You may  contact us  anytime for an appointment.

Reference:

David, F., & David, F. (n.d.). Notable Quotes. Retrieved September 16, 2015 from http://strategyclub.com/notable-quotes/

How the new Government and coalition agreements might affect owners of residential rental properties

By Paul Martin • 04 Dec, 2023
There were some key takeouts of interest to many of our clients from the recently signed coalition agreements between National, ACT and New Zealand First and the formation of the new Government. In particular there are a number of policies which will likely benefit landlord clients who own residential rentals. I have summarised some of these below. 1. Return of Interest deductibility for residential rental properties Interest deductibility for residential rental property owners will return. It will be phased back in over three tax years: • 2023/24 tax year: 60% of interest cost will be deductible. • 2024/25 tax year: 80% of interest cost will be deductible. • 2025/26 tax year: 100% of interest cost will be deductible. 2. Reduction in bright-line period National signalled in their pre-election campaign that the bright-line period for residential rental property sales would reduce from 10-years to 2-years. While the exact implementation of this policy is not yet known, it is good news on the horizon for residential property investors. 3. Reinstatement of 90-day no-cause termination notices The new government will reinstate 90-day no-cause tenancy termination notices. This will avoid many unnecessary disputes in the Tenancy Tribunal and gives landlords more confidence in letting to possibly “marginal tenants". Many landlords have avoided what they considered to be risky tenants because eviction for anti-social behaviour was so difficult. With this reinstatement, landlords might be more inclined to give a marginal tenant a chance because they know that if the tenant misbehaves, they won’t be stuck with them. If you would like more information on how these changes might affect your personal circumstances, please feel free to contact us to discuss further.

How does provisional tax work, especially in an economic downturn?

By Paul Martin • 18 Jul, 2023
If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. Provisional tax is like making progress payments on next year's income tax.

How to handle inflation as a sole trader

By Paul Martin • 18 Jul, 2023
Sole traders have had an especially difficult few years as inflation surges. We have got three tips to help lighten the load for your sole trader business. 
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