Growth Strategies for SMEs 2023

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With rising operating costs following the coronavirus pandemic and fears of a global recession, small and medium-sized businesses are finding it difficult to operate profitably. Did you know that 50 percent of all SMEs close within the first five years? But with the right strategies and tools, it is more than possible to survive and even grow even in difficult economic times.

In this article, we will introduce you to some growth strategies japan business mailing list for SMEs that will help you stay one step ahead of your competitors despite any crises.

You need a growth strategy – but which one?
According to Yvonne Randle and Eric Flamholtz of the UCLA Anderson School of Management in Los Angeles, startups and small businesses should aim for a growth rate of 15 percent per year. In five years, they would be twice as big. Companies that aim for 20 to 25 percent per year grow faster, but are more likely to encounter capacity problems.

An aggressive but sustainable growth strategy requires you to invest in things like sales, marketing and product innovation. However, most SMEs have limited cash flow and cannot follow the growth of established brands or large corporations that regularly spend millions of euros on entrepreneurial experiments.

Instead of experimenting with your SMB's limited resources, consider following these proven strategies that have helped many other companies in your industry succeed. Optimize your spending and focus on the most profitable channels for your business growth.