- Posted16 June 2020
Most of the time that the scale of a firm depends on the capital and having a different amount of capital startup with different scale of the company. Regardless of the scale of your company is, it does not determine the factor of success of your business. Instead, it depends on how the decision-maker planing on the direction of the company such as understanding industry, marketing strategy, technology involvement and others.
Strategy 1: Budgeting
Every business is struggling to maximise the efficiency of financial resources. If you holding sufficient amount when entering the market, congratulation, you are a step ahead of your competitors. Ensure that you have enough capital to sustain the cashflow at least 3 months to prevent any unwanted situations such as the Covid-19 pandemic happened in March 2020.
The most consuming part of your financial resources is human resources, salary and allowances that you have paid to your employees regardless that your business is earning profit or not. Hence, allocate financial resources well is the most important decision for the top management. Costs in the company such as fixed cost, variable costs and other cost need to be allocated according to budgeting.
Strategy 2: Branding
A customer could always recall and remember companies that have good branding. Having a good brand awareness is important for your business as it presents your brand image to your customers and reflects your profitability. Branding could be divided into 4 categories which are:
1. Products - Packaging, features, specification and logo
2. Employee - Service quality, ethics, courtesy and your employees
3. Public relationship - Presentation of your offline events held and media
4. Online media - Presentation of your website, social media, reviews
Getting awards of business excellence greatly improve your branding toward to public. Such as Sin Chew Business Excellence Awards, SME100Awards etc.
Strategy 3: Online Marketing
2020 is a tough year for every business for most of the industries while some business is able to sustain and making profit during MCO period, how do they make it!? The secret is digital marketing. Digital marketing is a long run war for the business that requires a large amount of time and resources in order to be successful online.
Here we are, Goodsane is a digital service agency that had more than 10 years experience. We will guide you to explore the Internet, generate profit for your business through building corporate identity, website and mobile APP development, social media management and more! Those are the tools you wish to get!
Google Business Account
Complete your google business account so that your customers could find you easily on the Internet.
Specialised in manage social media
Social media is the platform that your business could interact with your target audiences. Inform them about your new products, upcoming promotion and collecting feedback. Utilize the analytic system that helps you gain insight into the preferences of your audience.
Once you got the social media, you may start to create contents that might be favoured by your audiences such as beautiful graphics, amazing videos. It builds up your images and followers on social media that could benefit you in your business.
Email marketing creates personalized marketing to your customers to convert them into loyal customers. Customers who subscribed to your email newsletter are your potential customers that create values for your business.
1st Rank in Search Engine with the right keywords in blog
Utilize targeted keywords when writing content in the blog on your website. For instance, use keywords that related to covid-19 during this pandemic period to increase your website traffic.
Advertising on social media or Google
Promote your contents to certain group of people on the Internet through advertising on social media or Google. Analyze the results after the advertisement are finished to further improve your marketing strategies.
Strategy 4: Utilize Government Policies
Understand the government policies as a business owner always benefit you and your company. For example, Geran Khas Prihatin (GKP) and Pakej Ransangan Ekonomi Prihatin Rakyat implemented by government helps out SME during this MCO period.
Don't rush to invest yet if you holding a large amount of capital, utilize the advantages of the industry and the Internet, your business will grow at fast pace.