Skip to content Skip to sidebar Skip to footer

Best practice checklist for SMEs

Do you want to succeed at running your SME? Do you feel like you are losing but not sure where? Then it is time to review the best practices for SMEs to ensure you are successful. Best practices refer to finding and using the best ways of working for you to achieve your business goals. It is looking at successful businesses in your industry and seeing how they are achieving their goals. But here are eight best practices to get you on the right track.

1. Set SMART goals for your business

You may be dreaming about having a hugely successful business but if you don’t have a target, you won’t know if you have achieved success. By creating and writing them down you are one step closer to having the dream business you have been thinking about.

2. Do a financial review

Depending on the type of business you run, you should do a financial review every year, every six months, or every quarter. The review gives you an idea of how your finances are doing and how you can plan for the next period. You should also do a cash flow estimate for the period you are reviewing. 

3. Contact defaulting clients

This may be the worst part of the job to ask people to pay you but if they don’t pay you then you need to contact them. By calling the client you can understand where they stand and decide if you need to send the invoice to a collections agency or give your client some leniency. You will improve your customer care by asking clients how they are doing and if they are positioned to pay their invoices on time.

4. Check your brand

Your brand is what sets you apart from your competitors. It is the visual and written content which identifies your company. It is important that you look the same on all platforms where your brand is visible. Make sure that you use the same colours and imagery wherever your brand is mentioned.

5. Communicate in the right place

In this day and age, your business must have a website which is responsive and easy to navigate. This may be the first impression your business makes on your prospective customer. Then we need to choose appropriate channels to market and advertise your business. Ensure you use appropriate social media platforms. You can also see if your customers will benefit from a newsletter.

6. Get your legal documents in order

Ensure that you are paying the right amount of tax, PAYE and UIF to the government. If there are certain entities you need to be a member of to run your business, ensure you are subscribed to them. It is also important to speak to your lawyer and ensure that your personal assets are safeguarded should your business be liquidated. You should also ensure your will is in order. This can be reviewed on an annual basis or whenever there is a change in how you run your business.

7. Invest in security

With POPI, it is crucial if you have any private or sensitive information that it is protected correctly. Do online courses to understand cyber security and what risks you need to be aware of.

8. Keep track of industry news

If you want to be a thought leader in your industry, you need to ensure you are on top of all the latest technologies and methods of doing business.

By following these eight best practices you will be well on your way to creating a successful business.

Proudly brought to you by the NSBC

Get the best business tips delivered to your inbox!

© NSBC Africa 2023. All Rights Reserved.