Entrepreneurs usually start businesses with a lot of enthusiasm and high hopes of an immediate breakthrough.

Because of this conviction of imminent success, some overlook the step-by-step procedure needed to ensure the growth and sustainability of their businesses.

This mishap later comes to haunt them, and it may explain why the majority of SMEs in Africa almost immediately after take-off, collapse at infancy.

Indeed, the collapse of any enterprise deprives the entrepreneur of any chances of impacting communities through employment generation, production of goods and services, payment of taxes as well as expected dividends on investments.

If you are a business operator, employee, or owner, this article aims at helping you to appreciate how to drive your business growth strategies in these uncertain times.

Here are the top five tips by your SMEs growth partner, Human Capital International.

Develop a market penetration strategy

Businesses are in erratic moments and need strategies to command the attention of customers on the market amidst the fierce competition.

To succeed, you need to devise creative and innovative ways to not only announce your presence on the market and but also seize a significant percentage of it for yourself.

You can achieve this through attractive packaging and a unique way of pricing goods and services that distinguishes you from your competitors.

For many SMEs, pricing strategy, for example, has been most effective. Lowering the prices of your goods and services may not be a sustainable thing to do as it reduces your profit margins. However, it could be a very effective tool as a short-term market penetration strategy.

And like what Cron 2020 blog, says, penetrative pricing, is to help your business rapidly capture customer and product adoption, but not a long-term measure to kill off competition.

Hence, while we recommend reducing prices, for instance, as a market penetrating strategy, you must know when and how to apply it.

Identify and concentrate only on your niche.

Businesses exist to solve problems. But your business cannot be everything to all customers.

The moment you claim to be an expert in many things, customers will doubt your authenticity.

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Copy what goes on in the medical fraternity. A hospital may have several doctors, but they treat patients according to their speciality.

For you to succeed in this broad yet saturated globalised markets, identify a specific product or service that you can leverage as your fundamental selling proposition, and concentrate on that as your competitive advantage.

The more you spread your services and products at infancy, the more likely you will be kicked out by the big boys in the market.

Consider this additional advice from Lyve, A. (2013), who cautions SMEs that they can only succeed if they focus on only a small segment of the market which has the potential of generating higher profit because they often have limited start-up capital.

Innovate your products and services to enhance customer experience

More than two decades ago, Apple and Google launched their services and products to the world.

Although there were already other computer manufacturers on the market, what Apple focused on was its computer design and user experience.

Google, on the other hand, surpassed the already existing search engines like Yahoo with its unique design layout and friendly interface.

Small as your business might be today if you are to grow and compete, focus on that one business aspect, product, or service that will make you an idol to your customers.

According to Jared, H. (2019) blog, you can only succeed and capture a larger share of the market if you have a unique product. It is that exceptional product/service that will win you clients and earn you higher business margins.

Be the first to reach your customers with your product/service.

As you move to conquer and sustain markets, our advice is that you increase your speed and be the first to reach the market.

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There is the need to provide quality products and services but don’t wait for perfection before you launch a product or service. Instead, launch out and continuously improve.

No product or service will be perfect. There will always be room for improvement.

With technology and innovation spurring the growth of SMEs in developed countries, as stated in the World Economic Forum 2018 report, utilise the massive potential of technology to drive innovation and conquer markets faster. That way, you will remain relevant to your customers.

Customer satisfaction strategy.

By now, it must be evident to you that a customer is the one that keeps your business open.

To keep them returning, satisfy customers always with the services and products you offer.

Let your interface with them through products and services, digitally or physically, leave them always amazed and with lasting impressions.

A study by Call Hippo in 2019, indicates that 83 per cent of customers will stop doing business with you because of inadequate customer care.

That means customer satisfaction is a golden key to any business success.

HCI looks forward to sharing the joy of your turnaround testimonies, as you employ these strategies to transform your business into a massive success.