6 Time-tested Ways to Build your SME to Success
4 minute read
Small and medium enterprises (SMEs) play a massive role in the majority of economies, and contribute to about 60% of total employment globally.
What exactly is defined as an SME in Hong Kong?
In Hong Kong, manufacturing enterprises with less than 100 employees and non-manufacturing enterprises with less than 50 employees are technically classified as SMEs.
As of March 2019, there were about 340,000 SMEs in Hong Kong that accounted for over 98% of the total business units and about 45% of total employment in the city.
However, it can be tricky in getting a SME off the ground, especially in a city like Hong Kong which is generally dominated by large corporations.
Here are 6 ways that can help with growing your SME:
- The first and most important step is beginning with the right talent. Recruiting the correct talent with suitable skills can be tricky, but a good rule of thumb is to use references from people you trust.
- Invest in your employees. Provide them with the right trainings and employee benefits will increase their loyalty and make them a valuable long-term asset to your SME. StartupCare Hong Kong is an example that provides tailored employee health benefits solution.
- Manage your company in a smarter and more efficient way. From online services such as company formation, accounting, and auditing in Hong Kong, Sleek has them covered.
- Find business partners that will work with you to grow your SME, rather than relying on door to door sales. Working with people who understand you and your vision will only benefit you.
- Stay on top of the competition by tracking them through online tools, like adding your competitors’ names to your Google alerts so you can see what techniques they’re utilizing and how it is serving them.
- To ensure your SME stands out and attracts clients, customer service is key. Investing in superior customer service training will ensure repeat clients and attract new ones.
- Utilize social media marketing by using social media sites like Twitter, Instagram, LinkedIn or Facebook, to build brand awareness, increase your customer base and boost sales, and allow you to interact with your customers and create a dialogue.
Want to know more?
If you’re interested in more tips to grow your SME, the Hong Kong government has a group specifically dedicated to SMEs – click here to learn more.