Successful businesses work on calculated risks. It takes considerable effort to start a business, especially where large businesses are scarce. Pakistan is one of those places where there is a lot of growth potential. There are many small yet thriving businesses in Pakistan but many are not able to transition to the next step. When flourishing, small scale businesses have the potential to make it big. However, in places like Pakistan where small businesses are still struggling to grow, it is hard to take the big step.
Tips and Tools to Help Your Small-Scale Businesses Grow
Luckily, even in today’s lackluster economy, there are ways small-scale businesses especially startups can grow in Pakistan. A few simple yet effective tools and strategies can kickstart your business’s expansion in the right direction.
Extend Market Reach
The expansion means reaching out beyond the starting point. In businesses, it means to extend your services and products to a new pool of customers. At this point even if you do not have the resources to open branches in other places, you can still reach new people. You can do this by targeting a specific audience in other places who are in need or want services and goods like yours. Start by investing in marketing especially online. Platforms like Facebook, Instagram, Snapchat, etc. are proving monumental in reaching the target audience like never before.
- Your business may be in Pakistan but you can reach customers all over Pakistan without physically opening new stores. The next step is to produce strategies to promote your services. Make your product appealing enough that it makes the customers come again. Not relying on just one type of target audience stabilizes your business model and market share.
Monitor Competition and Trends
There is no growth without competition because businesses cannot operate in a vacuum. When expanding, small scale businesses need to know what they are up against. So, start by searching for the competition. Ask yourself, how are other successful businesses offering similar services increasing their market reach? How they are advertising their product? How they are reaching the targeted audience? You can analyze big businesses’ best advertisement strategies.
Alongside monitoring competition, you should also monitor the current trends in the relevant market. Study the events and issues happening in your city, country, and the world. You should especially know about the trends in your local community because then you will know how such trends affect your business. When you can consider all possibilities, it gets easier to take risks and grow the business.
Franchising Opportunities and Strategic Partnerships
Taking onboard the right companies and forming strategic partners are crucial for your businesses to make a stark difference. Startups who have the right investment partners will expose their products and services to a large group of established customers quickly. For small scale businesses to grow in places like Pakistan, contacts with successful companies and investment partners are important.
After associating with strategic partners, the next step is to create a franchise. For successful franchising, it is important to have a brand that appeals across a variety of geographic areas. One way to create a successful franchise is to license your business’s branding, process, and model to different franchisees. The franchisees can then sell your branded services and products under the same name as your business in their location. The process increases your market reach and creates chances for expansion.
Use the Right Social Media Tools:
Social media these days has become more of a business tool than a social one. Influencers, online stores, promotional videos, etc. have increased market reach for any product you put out there for sale. One of the best ways to increase market reach and expand your small-scale business is to use social media. Places like Pakistan have a long way to go in terms of established brands and customer reach. However, this does not mean you cannot expand virtually.
You can start by setting up business pages on platforms like Facebook and Instagram. After that, make marketing strategies that maximize your product’s organic reach. Your business should have strong social media marketing strategies. Your target should be improved customer services, increase market reach, and your product and services easily available online. With the pandemic, more people have shifted to online shopping, it is an exciting time to build a strong business profile.
Merging with Another Business
Breaking the shell of being a small-scale business requires taking a big step. Acquiring or merging with another business can be the fastest route to expansion and growth. You can grow your business exponentially, double your market reach, and sells. However, acquiring new businesses require diligent thinking and critical analysis. You must analyze each prospect of this merger.
Things you need to look out for when merging is to find businesses that have the same outlook as yours. The combined entity should be stronger, more stable, and more coordinated. When merging with another business you should consider its client base’s breadth, the competence of the management team, the stability of the existing contracts, and the soundness of its financial condition.
Planning to expand in Pakistan?
You do not need geography and the economy dictating your business. In today’s world, the right strategies and tools are the way to expand. It might seem far-fetched for small scale businesses in Pakistan to grow exponentially in a short while. But nothing is impossible if you direct your efforts in the right direction.
1000jobs4Pakistan has taken on a mammoth task to create 1000 jobs in the city in five years. Even though many hurdles have postponed the existing projects but the expansion of small businesses can play a significant role in achieving this target. Click Here to find more about how to make Pakistan an IT hub.