Business Development Strategy – Small and medium enterprises in Indonesia have recently experienced a fairly rapid increase.
There are 3.79 million MSME actors who use digital technology in their business processes. Using digital technology in business can indeed develop a business in this technological era. Therefore, the role of micro, small and medium enterprises (MSMEs) in Indonesia is quite large in helping national economic growth.
This proves that the Indonesian people have realized that running a small and medium business in this era can be a very promising opportunity, especially if it is carried out with the right business strategy. Developing a business to be bigger is not easy, there are many aspects that must be met carefully so that business development runs smoothly. Therefore, you need to know the business strategies that can be done to develop small and medium businesses.
Here are some business development strategies that you can do to grow your business.
1. Choosing the Right Location
Although many SMEs use digital technology, this is also true for SMEs that still have physical stores. For SMEs that have physical stores, location is one of the most important aspects of business development. Determining a strategic location will certainly have a big impact on the running of the business.
Choose a location that is affordable to customers, but also close to the location of raw materials. If you choose a location that is easily accessible, customers can find out about your business more easily, and your chances of getting new customers are also greater.
2. Utilizing Social Media
One easy way that you can do in developing your business is to use social media as a strategy to develop your business. In the era of digital technology like now, the role of social media is very important, because almost everyone has social media, so your chances of getting customers are also of course greater.
In addition, anyone can use social media for free, so you can promote by creating an attractive profile so that it can attract customers to buy your products. If you want to reach a wider market, you can use the advertising features on social media to promote your business. Of course, this feature is a paid feature, so you have to be willing to set aside a certain budget for promotions.
3. Innovate Periodically
Customers tend to be bored and always want to try something new. One strategy to develop a business that you can do to retain customers is to innovate for your business. This is important to do, especially if your business has many competitors.
Usually, the industry has its own trends. As a business owner, you have to follow the trends of what consumers like, and try to innovate your products. Grow your business with new innovations, but still, maintain product quality so that customers stay loyal to your business.
4. Get to know Business Competitors
Having competitors in business is a natural thing. There could be tens to thousands of businesses that have the same product as your business. You need to know who your business competitors are, as well as the advantages and disadvantages of competitors when compared to your business – especially if you are starting a new business.
5. Using Loan Funds for Business
In doing business using loan funds complicate business strategy. If you are not careful in using borrowed funds, the possibility of bankruptcy can occur. In today’s era, there are many ways that you can use to get loan funds from banks and peer-to-peer lenders.
6. Plan Your Finances Well
There are lots of accounting software that can make it easier for you to manage finances. With a cloud-based system, you can access the Journal anywhere and anytime. It has various features such as making financial reports, invoices, asset management, to asset management.