5 foundations for creating a successful small enterprise

Micro, small, and medium-sized enterprises make up for even 99% of all enterprises in Europe, and they secure 2/3 of workplaces in the private sector. Small and medium sized enterprises made up 60.3% of the total income and about ¾ of employed people, in Croatia in 2019. In the challenging and pandemic year of 2020, the number of small enterprises has grown even more. All of this tells us that SME make up for a significant part in the whole market. That is exactly why it is important to know the foundations that a small successful enterprise is based on.

What is a small enterprise?

Definitions of criteria for companies are created based on the number of employees and yearly business. A small enterprise has „less than 50 employees and yearly business, i.e., balance under 10 million EUR “. In comparison, a micro enterprise has less than 10 employees and a yearly balance under 2 million euros. And a medium sized enterprise has less than 250 employees and a balance under 50 million or under 43 million euros.

Why are small enterprises being created?

The most common advantage of small enterprises is market adaptability to the demand and the conditions, i.e., the flexibility of the offer. Motivation is mostly found in security and independence. The person who is the enterprise’s founder is most commonly completely responsible for success. That means that there is a higher chance of earning more yourself in your independent enterprise than you would if you were an employee somewhere else. Everything is possible. That’s why entrepreneurs are more likely to take on risks and challenges. And are usually people that have leadership skills and are constantly motivated by the drive to succeed.

Foundations for a small successful enterprise

# Human resources

Big organizations have their own individual HR (human resource) departments that deal with choosing employees and their satisfaction. In small enterprises, that role is usually assigned to the entrepreneur him/herself. In the entrepreneurial sphere, choosing the right people for your business is of key importance. Although employees can’t usually be enticed by a big salary, a small enterprise has the advantage in the form of community and collectiveness. The business culture that is created through interpersonal relationships is a foundation for the success of a small enterprise and one of the most important links for further growth. Employees are your most crucial resource. So be sure to have that in mind when choosing your team.

# Project management

The coordination of activities in an enterprise is the foundation for progress and achieving goals, and it’s easier to realize that in a small, rather than a bigger enterprise. More control, easier flow of information and communication, but also fewer surprising situations are what make a solid organization possible. The results of project management depend on the person assigned to it, so it’s important to know what key characteristics of a successful project manager are.

# Marketing, services, sales

Regardless of the sector, your small enterprise is in, it always includes either selling or providing services. To get things rolling, it is necessary to start with quality marketing at the very beginning. Considering that your goal is to optimize cost and increase income, give yourself enough time to develop a good marketing strategy.

Developing a good customer experience, in the beginning, is also very important for the success of a small enterprise. Buyers’ experience is more important today than ever before and one positive reaction can launch you towards success, and a bad one can destroy you completely. Personalized marketing and 24/7 service are only small steps you need to take to amaze your users at every step.

# Accounting and book-keeping

Realization of income means that you are on the right path, but in small enterprises, more earnings come with more responsibilities. That is why it is important to set up a good foundation in the enterprise’s accounting and book-keeping, to give yourself a helping hand as much as possible.

If you are a beginner in the entrepreneurial waters, there are two ways to alleviate stress. By hiring an outside service or by hiring an experienced person. Unfortunately, both options are too expensive in the beginning, so you can make things easier with simple software and digital solutions. There are various business solutions that you can implement into your enterprise for an affordable budget and simplify your start in business. Electronic invoice approval, contracts management, supply approval, easier payroll calculation when your enterprise starts to grow, tracking stock or tracking the supply plan and the budget are just some of them.

# Developmental methods

Business development is based on business intelligence (BI). Business intelligence or BI comprises of methods, technologies, and strategies that different companies use to analyze, collect and distribute data and information “. Business intelligence enables a clear display of complex business metrics and data, decreasing cost and invested time. One of the most well-known tools is the Microsoft Power BI which is integrated with a well-known ERP system and enables an increase in success and efficiency. We advise you to ask around and consider using it.

A wind at your back

Small enterprises, together with micro and medium-sized enterprises make the pillar of Europe’s economy. The development of entrepreneurship, progress, innovations, competitiveness and hiring is important to the whole economy; thus, the success of MSP is extremely important. Believe in yourself and don’t waver in the face of initial challenges. It takes years, a good plan, and learning from experience to build a successful small enterprise. Good luck!

CHATBOT finally accessible to everyone!

In recent years, the chatbot culture has grown and many companies have recognized the advantages of this type of communication, with employees and with buyers. This progress is simply logical, because while Web + Facebook were once sufficient ways of conversion, buyers of today want fast and clear information through a more personal contact, mobile first.

What is chat bot?

Generally, chatbot is a software application programmed for specifically set tasks and it is a bot whose task is to simulate a conversation. In layman’s terms, we could say that chatbot acts as a person whom you are talking to, i.e. it is capable to answer a certain set of predefined questions and/or requests.

That way, the user is provided with information without having to wait for a response and without unnecessary communication errors, being available 24/7.

A bot can be more or less rich with information, but it is important to know how easily it adapts to the company, especially if you link it to business management programs.

That is not a classical bot you may have seen and that usually ends with ‘we’ll contact you’, but a bot that actually serves its purpose supporting a full circle, from information to conversion.

Chatbots

Why Viber?

Viber is one of the most popular and the safest mobile apps for messaging. In the last few years, it has also been developing services which we’re used to using on social networks, such as Communities that are a medley of a chat group and a feed, where communication is naturally more relaxed regardless of the number of members.

That opens countless possibilities for companies. Also, your company is more present with your users, on their mobile devices, wherever they may be and whatever they may be doing, and without algorithmic limitations. The number of new post or message notifications you receive will depends on how many subscribers to your Community brand or bot you have.

Considering the unrecognized problem of bot production, and now the advantages of the Viber platform „plug&play“ bot solutions for Viber have quickly started appearing on the market. These solutions combine various functionalities of chatbots in such a way where the client can choose those combinations that suit his/her needs, building their bot one functionality at a time.

Chatbot example

Let’s say you are selling a product and offering consulting services about using the product. When a user wants all this information over the phone, via email or by sending a message you have to answer, the whole process takes a long time and the user is not pleased. By using bots, you are shortening the amount of time a user has to wait, you are increasing his satisfaction, you don’t lose the feeling of close contact and you are saving your own time and effort. And all this by simply connecting a few functionalities you need into a single bot on Viber.

By using a bot, you can automatically answer users’ questions, such as: what does your product do, what is the price, where can I buy it, is it available now and where, etc.

Or you can offer users a consulting appointment and coming to a branch office in person, to the one nearest to them, give them an accurate office location on the map, send a reminder on the day of the appointment and send a thank you note with attached information from the meeting.

Of course, you can do all this from your mobile. Everything is automatic and there is no need for employee intervention.

The advantages are clear and “plug&play” solutions are the ones that affected the price, thus eliminating the main obstacle of production. In the afore mentioned example, you can literally choose if you want all the functionalities, a part of them or maybe just one.

That way, companies of all sizes, regardless of the area of business they are in, can use bots for improving their business and use Viber for promotion towards existing and future buyers.

We hope that now you have a better understanding of bots and that we have encouraged you to implement some of them into your business.

You have recognized the advantages of Viber chatbots? Contact us for more information and we will gladly help you in creating a personalized version of chatbot for your business.

Business success advice

What is a ‘days off’ checklist and how to make one?

Whether it’s going on summer vacation or skiing, a long weekend or using some of your „old“ vacation days, days out of the office are always a good opportunity to relax and „recharge batteries“.

Still, for many of us, stepping outside the office can’t happen without thorough preparations. The work continues regardless of being absent from work. Therefore, a little extra effort should be put in to keep projects and tasks running smoothly without hiccups when we are not at work.

Good business success advice will help you to organize your time while at work, but also outside of work. That is exactly why you need a good checklist for days off in these situations.

Such a list will help in running the business smoothly without delays even when you are away and make returning to work after several days off easier. Here is how to make it.

Preparation and prioritization

“Think ahead and don’t make any appointments for the first day of your return to work“

About a week before you take your days off, make a list of key things you should do at work before leaving. This doesn’t only imply tasks you do yourself, but also projects on which you are collaborating with others. Financial reports or quarterly reports are just some of the examples you should focus on.

Also, make an additional list of projects that still may not have a set deadline, but still require your attention. This other list will help you get back to your routine much easier after returning from your days off and prevent accidental oversights.

Think ahead and don’t make any appointments for the first day of your return to work. That way, you are leaving yourself enough time to go through all the emails that came while you were away, answer the urgent ones and arrange your priorities.

It may not seem that important, but you should also tidy up your desk before leaving. Throw away all unnecessary papers and reminders. The look of your clean and tidy desk on the first day of your return to work will help you get back into your routine much easier.

Alleviate problems by atomization

Although your co-workers are well aware you will be absent for a while, your clients are most often not. That’s why simple business success advice can rid you of problems and misunderstandings with clients while you are away from work.

Compose an automatic email reply

You need only a few minutes to compose an automatic reply to an email that informs clients and co-workers that you are absent. That way, you are helping them solve their inquiries, requests or possible problems even when you are not at their disposal. In that email, you should specify how long will you be absent, the names and contact information of colleagues standing in for you and maybe your contact number in case of emergencies.

Update your voicemail

Just like with emails, a simple voicemail will ensure that your clients’ calls will be forwarded and not disregarded. Even if you have set an automatic call forwarding to co-workers standing in for you, a short voicemail is an excellent way to inform clients that you are absent from work, the reason for your absence and a time period.

Schedule regular emails and messages

If the business team is accustomed to regularly getting your emails and reminders regarding current projects and tasks, be sure to schedule them in your timetable before leaving the office. Also be sure to remind them that you are absent so they know not to expect quick replies to their possible inquiries or uncertainties regarding projects.

Automate approval processes

“By automating these processes through specialized software solutions and applications, not only are you saving your time during your absence, but you are making work easier for the whole team“

Many business success advice are focused on the ways you perform business tasks. However, it is equally important to take into account programs and applications that help you while doing so. Business process automation can make more complex tasks easier while you are absent. Approving incoming bills, managing contracts or approving supply are just some of the examples.

By automating these processes through specialized software solutions and applications, not only are you saving your time during your absence, but you are making work easier for the whole team. Besides, with the help of such solutions, you are completely removing the possibility of human error from the whole process. That means that your days off or days outside the office can go smoothly without worrying about lost orders, incorrect data input, misplaced emails or any other issue that can cause delays in production or order processing.

Real-time managing of all data from one place makes communication and collaboration much simpler which then increases the productivity of the whole business team.

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