As we start another year, there are things that SMBs can be optimistic about. According to the Monetary Authority of Singapore (MAS), the Singapore economy is expected to improve gradually in the second half of 2024. And while inflation and economic uncertainties were a concern, 82 percent of SMB leaders in Singapore are optimistic about their growth prospects of their businesses in 2024, according to a new survey. This optimism can be carried into 2024, for SMBs to look for more growth opportunities.

If you are already working on your carefully mapped out goals and growth plans for the year, it is also worth exploring new strategies and ways of thinking to help you stay on track. For SMBs, the growth journey is a continuous process of tracking progress, navigating challenges, and making the most efficient strides toward growth. 

Explore new avenues in digital marketing

You may have already set aside the budget and manpower resources for boosting your marketing efforts in 2024. This might be a good opportunity to experiment with new tools and platforms as well. Then based on the results of how each of these tools perform, you will have a better idea of which ones are best in helping you hit your goals quicker.

For example, it may be worth experimenting with new and alternative social media channels in addition to the common ones like Facebook, LinkedIn and even Instagram. Channels like TikTok, Telegram and others are being adopted by innovative businesses to reach the rising user base on these platforms. For example, Katrina Lee, owner of a home-based nails business Nailsbynanako, started gaining users after her videos of nail trends and unboxing of nail polish went viral on her TikTok channel, attracting over 700,000 views. Sharetings, a mobile app that helps people recycle their household waste, was developed by founder Jonathan How, after gaining over 12,000 users through their Telegram channel. After seeing that more people were using the Telegram channel as a way to share and exchange household items, Jonathan decided to scale the solution into a mobile app.

Adopt Agile methodologies and tools for collaboration

Agile is a concept that is significant in software development, especially for large businesses. But there is no reason why SMBs cannot experiment with agile methodologies either. The Agile philosophy can be applied across the entire spectrum of business operations. The essence of Agile lies in breaking down overarching goals into manageable, bite-sized tasks that facilitate continual progress.

Think of it as a structured approach to developing products or services – one that involves an iterative development, allowing businesses to respond promptly to evolving circumstances, seize emerging opportunities, and address challenges proactively.

To implement Agile practices in your business, start by fostering open communication, and embracing flexibility in project management. The iterative nature of Agile allows you to assess strategies regularly, identify bottlenecks, and make informed adjustments. By encouraging collaboration, transparency and adaptability, SMBs are able to navigate uncertainties and maintain momentum toward their growth objectives. Tools like Clickup, Trello and JIRA are known to be specialised platforms that help businesses implement Agile processes, but similar functionalities can also be realised in common solutions like Microsoft 365 or Google Workspace.

Drive revenue through digitalisation

Accelerating digitalisation efforts can also be a good way to stay on track for your growth and revenue goals. Digitalisation has numerous benefits for SMBs, and has shown to be a profitable strategy for many. Singapore is already a leader in Southeast Asia when it comes to digitalisation, with 36 percent of SMBs having significantly digitalised their operations.

Digitalisation not only optimises internal processes but also enhances customer interactions. A seamless online presence for example, coupled with e-commerce capabilities, opens up new avenues for revenue growth, which can help you exceed your targets for the year.

You can also make digitalisation work for your business by exploring digital tools and solutions offered by technology providers like Singtel. Its Software-as-a-Service (SaaS) solutions such as Microsoft 365 and Google Workspace can help you move to digital ways of working, especially for tasks that involve a lot of communication and collaboration.  

Streamline growth-related tasks with automation

Efficiency and productivity are essential in the race to reach growth targets. This is where SMBs can benefit from embracing automation for various business tasks. Not only does it help your team be more productive and efficient, it also minimises manual workload and frees up time to innovate.

Some tools can be leveraged to automate various aspects of business growth. For instance, implementing data tools like Google Looker Studio and Tableau that automate the tracking of key performance indicators (KPIs) enables SMBs to monitor progress effortlessly. Both these tools have a free version available, and offer free tutorials that can help your team set up the right dashboards and automate generation of reports on a weekly or monthly basis for you to track how you are doing in your growth journey.

Another way you can use automation to your advantage is through the use of chatbots. For example, chatbots can be used for customer service, a critical aspect of growth, to interact with and provide information to customers. Intercom is a popular chatbot service that is used by startups and SMBs worldwide, and has been found to be helpful in reducing support volumes while also improving customer satisfaction. Integrating such chatbots into customer interactions also ensures 24/7 availability and at the same time, frees up your team to focus on other tasks.