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Westpac SME head's top 4 tips for better business
15 May 2018
Ganesh Chandrasekkar, Westpac general manager of SME business banking, tips for SMEs:
1. Invest in marketing
As consumers’ preferences continue to change, SMEs must be prepared to market their products and services via the channels used by their customers. Only a third of businesses have a meaningful web presence, and e-businesses are on the rise, so it’s vital to invest in online marketing as well as having a digital and social media presence.
2. Expand and enter new markets
SMEs can look to scale their businesses by innovating and exporting as Australia has a good reputation in places like China for high quality products. Only seven percent of SMEs take advantage of the Australia-China Free Trade Agreement (Free Trade Agreement explanation). Businesses succeeding in exporting to China are utilising tools such as WeChat, a multi-purpose social media app used by close to a billion consumers.
3. Grow professional networks for sustainability and growth
SMEs can further build and utilise their connections and professional networks to drive business outcomes. The Westpac Businesses of Tomorrow program is an opportunity for Australian SMEs to connect, and learn from their peers and renowned global business leaders.
4. Cost efficiencies
Businesses can look at ways to cut costs to reduce margin pressures, and set up lower cost structures for the business’s sustainability. There are many digital platforms and online tools that free up valuable time. Debt collection platform Indebted can help process outstanding invoices; Flare HR is an all-in-one on-boarding, payroll and employee wellbeing platform.