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14 Things Indian SME should learn from SMEs of Developed Countries

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 SMEs in developed countries is technology forward. This gives them a competitive advantage. They serve customers better and on time. They use technology to notify customers about new deals and discounts.

 Tracking inventory, generating bills, collecting payments happens digitally. They save time a lot of time just by simplifying and automating routine tasks. Cool, isn’t it?


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 Unlike us, SMEs in developed countries do not blindly run their business. They monitor business performance to see if they are on track.  They evaluate the profits of the day. They set new goals often.

 They identify problems at an early stage, find opportunities that’ll allow them to make more money. This is something we need to adopt immediately.

 

The world is changing every day: the population is changing, customer trends are changing, technology is changing and the economy is changing. Unlike us, SMEs in developed countries keep themselves competent under current trading conditions.

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SMEs in developed countries are fully automated – there is no question of time wastage, resource wastage, money wastage. They are completely digitalized – they track overstocked items, expiring items, fast-selling items and act quickly to avoid wastage or out-of-stock situations. Isn’t it the right time for you to go paperless?

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People care about the quality. That’s the only way to build trust with customers, that’s how they keep coming back. SMEs of developed countries know this very well. They maintain their reputation with good quality products/services no matter what.

 

With good customer service comes customer satisfaction. When customers are happy with you, they become your loyal customers and continue to buy from you. This is why we see SMEs of developed countries offering excellent customer services to all.

 

 90% of SMEs in developed countries have clear business records on accounting software. It helps them to track accounts, cash-in-hand, payments, taxes, and working costs easily which is critical for any business owner who wants to grow.

 


 The fact is 7 out of 10 retained customers spread the word about your business within their own circles of influence, which will get you 5 times more sales.

 Retaining customers isn’t difficult, but it’s powerful! That’s why SMEs in developed countries engage in retaining existing customers to continue buying products or services from their business.

 

Successful SMEs constantly promote their business. It helps them grow. It helps them sell more of their products/services by attracting new customers. So, if you want to sustain in the competition, one of the things is to promote your business consistently.

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Smart businesses use money wisely. They invest in growth, they buy the right tools to improve work efficiently, to rent/buy the right place, to buy items that are fast-moving. They also invest in hiring staff to handover unimportant tasks to free up their time. Spend your money wisely too.

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 Every day people use the internet more and more to find products they want to buy and the services they want to hire. Having a good online presence increases professionalism. This is how the SMEs of developed countries become visible to a larger audience. Start your online journey now.

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A good businessman always keeps an eye on the changing trends. This will go a long way in understanding customers.

SMEs of developed countries stay aware of business trends to know what’s Happening Now & What Will Happen Tomorrow. This will help them make improvements in their business and get better business ideas.

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SMEs that digitize processes in their business improves everyday efficiency and productivity. Digitizing improves working conditions and customer experience. This is why successful SMEs in developed regions focus on remaining completely digital.

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Every business has strengths and weaknesses. This is why SMEs of developed countries form partnerships with other businesses to cross-sell their products, working for common success.

 

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