At the end of last year, there was a staggering 5.5 million businesses in the UK, 99.3% of which were classed as small or medium sized businesses. The EU definition of SMEs is:
- Less than 10 employees and turnover under £2 million – Micro Business
- Less than 50 employees and turnover under £10 million – Small Business
- Less than 250 employees and turnover under £50 million – Medium Business
So, what does a successful micro or small business need to consider to make the jump to a medium sized business?
Consider Your Office Space
Your office space is vital for allowing you to make the jump between being a small business or a medium one.
Remember that your office is representative of your company – it can leave clients with a positive view of your business and inspire your employees to be more productive.
As well as the vibe of the space, you should also think about your office space logistically. Consider using a professional agency like Devono to help you find an office space that’s well-suited to your brand and is suitable for the future of your business. It should have room for your business to grow and take on new employees, as well as scope for changes, so that your business can evolve as it grows.
Sustain Your Sales
There are a number of ways that you can help your business sustain sales and continue to grow. You may want to invest money in new technology to develop your products, work to improve your existing products or spend time on marketing to reach new customers. Or all of the above.
Continuing to market your product, as well as releasing new ones can help you gain the attention of new markets and potential customers. That way, you can increase your profits, take on more employees and grow your company.
Train Your Staff
Reputation is incredibly important and your business’s customer service is vital to maintaining this. 54% of millennials said they stopped using a business after they received poor customer service and a similar percentage of Gen Xers and baby boomers share the same view.
Your staff should be fully trained to deal with customer enquiries and complaints, as well as using social media channels to respond to customers quickly. This is very important and the figures prove this, as customer service interactions on Twitter have increased by 250% in the last two years. Doing this well means you can retain a loyal customer-base and keep them returning to do business with you.
On paper, the gap between a small business and a medium one seems quite large and daunting. However, with hard work and forward-planning, it doesn’t have to be an impossible prospect. Three areas that you should consider are – your office space, your product sales and training your staff – then, you can make a jump from a small business to a medium one.