8 Tips On How You Can Start And Grow A Successful SME

Starting and growing your business is an arduous but rewarding journey!

Cover image via Bench Accounting (Unsplash) & Brooke Cagle (Unsplash)

Subscribe to our Telegram channel for our latest stories and breaking news.

Even though the business landscape has transformed over the past few years, the basics of starting a business remain the same

As they identify new opportunities, many people are choosing to become entrepreneurs by starting their own small and medium-sized enterprises (SMEs). With many people embracing the entrepreneurial lifestyle and delving into side hustles, there is much room for SMEs to grow here in Malaysia.

There is an added emphasis on digital marketing in the new commerce ecosystem, and there is a higher reliance on delivery services as it is so much more convenient for consumers. Nevertheless, there are a few things that have not changed when it comes to starting a business.

If you're looking for a chance to ace the SME game, here are a few tips all you aspiring business owners should bear in mind:

1. Having the correct mindset is key when it comes to the building blocks of an enterprise

Mistakes are normal, but try not to dwell on or get discouraged by them. Have an open mind as you learn from your mistakes, and try to see every failure as an opportunity to grow and improve your faults. That way, you'll be able to feel empowered as you move forward.

The correct mindset can take you far when you start building your very own empire, as it can also open the door to many more opportunities that you can try venturing into. Having a positive attitude and believing you can succeed is also crucial to help you stay ahead in the game.

2. Identify your strengths and weaknesses, and use them to your advantage

Image via Nejc Slovnik

When it comes to starting and running a small business, every entrepreneur has a unique set of abilities, expertise, and experience that sets them apart from the competition. No small business owner is so skilled that they can be an expert in every step of starting a new firm.

In the beginning, you'll have to wear many hats, but don't put too much pressure on yourself or expect to jump right into a position that requires a lot of knowledge and experience. Consider your strengths and limitations in order to decide where to focus your efforts.

3. Turn your passion into profit

Image via APAC Insider

A passion for something does not always mean you have to turn your favourite hobby into a business. What it means is that you can leverage your current knowledge or abilities when you run your company.

This piece of advice is beneficial when determining what type of business to start. Focus on your passion early on and combine it with a solid business plan to build a long-lasting enterprise.

Finding an existing need and targeting it is key to creating a successful small business, whether you plan to start a home bakery or an online handmade jewellery store. It is necessary to combine that need with something that fascinates you so you can stay motivated.

4. Have a business plan in place for easier execution

Image via Upflip

A business plan is one of the first things a small business owner should accomplish. It's critical to create this record to guide future work and hold oneself accountable, but don't get too detailed in the early stages of concept development. In general, a business plan usually consists of an executive summary, business description and structure, market research, staff, and even financial documents.

You can expand your company strategy as work develops and your idea becomes a reality. Include more accurate estimates, actual expenses, longer-range projections, a mission statement, and more things as you pen out your business plan.

5. Stay organised and be consistent. You'll see results in the long run.

Image via Career Builder

As a business owner, you have to wear multiple hats, which means you have to manage a wide range of responsibilities. That's why a business owner's success or failure depends on his or her ability to keep things in order. Getting organised may boost your productivity, raise your business' profits, and reduce your risks.

Keeping a daily to-do list is a good way to remain on top of your tasks. This will ensure that you don't forget anything and that you finish all of your duties by checking them off your list as you complete them.

6. Provide great service to your customers, and you'll see them return

Image via Forbes

One thing to note when starting your own SME is to never overlook the need of offering excellent customer service. If you provide superior service to your clients, they will be more likely to come to you instead of going to your competitors the next time they need anything.

Being consistent at providing five-star service will ensure a returning customer base because they've developed a sense of confidence in your products and work. It's an extremely crucial aspect of a successful business, and is a good habit to work on for the long-term.

7. Know who your target customers are and what the current market looks like

Image via Akorbi

Sometimes, you might have great ideas, but what brings a business down is not applying the ideas correctly. That's why it's critical to know your target market and the industry in which you wish to operate. An idea that may work well for some enterprises may not function well in other settings.

Assessing the market for your goods or services, looking for prospective competitors, and imagining how your firm will operate can all help your idea. You can get ideas and guidance from competitors and similar businesses. Visiting their stores, as well as looking at their websites and marketing materials will help you fill in the blanks.

8. Find good business partners who provide premium services

Image via Medium

As the saying goes, Rome wasn't built in a day— and neither are businesses. Sometimes, you might need to outsource manpower, which is why it's super important to choose your business partners carefully. It's always a wise choice to select those with a good track record of being reliable.

For example, if your business requires a delivery service, then ensure that you team up with a dependable courier company so that you can maintain customer satisfaction. 

With many SMEs operating online nowadays, there's no doubt that a good delivery service is a must-have for any business

An excellent courier service can help cultivate a loyal customer base. Maintaining good standards is critical for customer retention, which will boost your company's brand and attract new consumers.

In addition, a solid delivery management method will improve your company's efficiency and reduce the time and effort spent dealing with deliveries. That way, you'll be able to work faster, smarter, and better.

If you're looking for a reliable courier service that'll help streamline your business deliveries, check out Pos Laju SendParcel

Pos Laju SendParcel is a new and enhanced online shipping platform for e-commerce merchants. Whether you're sending parcels domestically or internationally, SendParcel makes shipping a lot easier.

All you gotta do is choose the most appropriate bundle for your courier needs. After that, you can schedule pick-ups, create bulk shipments, and generate e-consignment notes, all on the website.

Along with fast deliveries that are on time, you'll also be able to enjoy a number of awesome benefits with Pos Laju SendParcel

Image via Pos Laju

Their 'Bulk Shipment' feature is a major time-saver. This feature allows you to create up to 100 shipping orders, and when combined with their e-consignment notes, you'll be able to enjoy easy shipping, which saves so much time!

That's not all. You can drop off your parcels at over 1,000 drop-off locations across Malaysia, including 780 Pos Malaysia branches, 170 Ezibox Parcel Lockers, and 169 7-Eleven outlets. Wah, talk about convenient. :D

Pos Laju SendParcel also offers a variety of options to fit any business' size and needs. You might begin with a lower bundle and gradually increase as your company expands. The greater the top-up plan, the better the rates. And, you'll receive extra benefits, such as limitless free pick-ups, bonus credits, and flyers too!

Additionally, as a merchant, you'll be able to enjoy competitive shipping rates, so hurry up and register with Pos Laju SendParcel now.

Here's what you gotta do:

STEP 1: Head over to the Pos Laju SendParcel landing page and sign up.
STEP 2: 
Upon completing your profile, you'll receive a confirmation email.
STEP 3: Sending your first parcel is completely free! To get you started, your confirmation email will offer a RM10 free credit!
STEP 4: Begin by adjusting your pick-up location (you can have up to three different locations at one time).
STEP 5: 
Choose whether to create a single or bulk shipment, as well as whether to send it domestically or internationally. You're all set!

Psst! If you wanna enjoy better deals, sign up now to enjoy RM5 for deliveries up to 5kg from now till 31 March. This value rate is applicable for customers who purchase package P1K or above only.

Every business venture is a journey on its own, so enjoy the process while you're at it.

If you're ready to start yours with Pos Laju SendParcel, head over to their website and sign up today!

For more #lifestyle stories: