Super SMEs
A small ray of light in the current economic crisis is the news that 16% of SMEs are feeling no effect of the recession what so ever and one in twenty has said that business is in fact booming!
This does not, of course, detract from the humbling fact that three out of ten SMEs have serious concerns they may not be in business in 6 months but the research results, commissioned by Plantronics, does shed some light on how these 'super SMEs' are doing it.
The main finding was that rather than reduce spending the 'super SMEs' increased it, making wise investments in key critical areas such as:
Business Planning: As the saying goes "fail to plan is to plan to fail". SMEs that review their business plans monthly are 42 per cent more likely to be unaffected or booming during the slowdown.
Mobility Solutions: Flexible-working environments will attract and retain quality staff. Those providing mobile working are 60 per cent more likely to forecast.
Employee Engagement: Productive motivated employees are a business's most important asset. A highly effective tool in keeping the best people and reducing turn and churn is Involvement in CSR activity that falls outside day-to-day business and crosses over the normal departmental divides.
Marketing: History has shown that by investing in marketing during a recession puts companies in a stronger position once it has passed. Super SMEs increased their marketing spend by 43 per cent, compared to less than 20 per cent that reduced it.
IT infrastructure: Protect your business, boost productivity; and align sales and marketing.
Training: Maintain high levels of service ensuring you have a team of well-trained employees that can handle any changes in the market.
While most SMEs are feeling the effects of the credit crunch and lingering economy, Super SMEs are thriving because of their investment in IT, marketing and employee engagement.
