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Overcoming market access and competition challenges to grow your business

At a glance

Discover essential strategies for SMEs to overcome market access and competition challenges to enhance growth.
Learn how to strengthen brand awareness, optimise distribution, and navigate regulations effectively.
Understand the importance of networking and customer demand analysis in driving sustainable business growth.

Several key factors can affect or restrict the ability of a small or medium-sized enterprise (SME) to grow, including internal capabilities along with external factors. These include:

Product offering
Operational efficiency
Access to finance
Marketing and competition.

Successfully navigating these barriers requires strategic thinking, targeted investment, and a willingness to adapt.

Here’s Kevin’s four essential areas for SMEs to strengthen their market position and accelerate sustainable growth:

1. Improve market access

Gaining a foothold in any market is about more than just offering a quality product or service. Brand recognition, optimal distribution channels, and compliance with regulatory requirements are all essential to success.

Brand awareness: Visibility doesn’t need to be expensive. What matters is a smart and consistent approach to promotion. Clear messaging, a compelling value proposition and ongoing customer engagement via the channels that they are mostly to use will help you to grow your business.
Distribution: You need a fit-for-purpose network that is scalable. Poor logistics can lead to disappointed customers, undermining trust and hampering growth.
Regulation: Entering a new market without scrutiny and a full awareness of all legal considerations is not advisable. Carefully work through all areas to ensure that your business can operate safely, legally and comfortably. Expert advice is always worth seeking here if you have any doubts.

2. Competition

It’s rare for a business not to have competition, and particularly for SMEs, those competitors may well be larger firms with more significant economies of scale. This is where you need to leverage your unique value to help you to grow.

Know your competitors: Do your research. What do your rivals offer? At what price point? Where are there gaps in their offering? This knowledge will help you to position your business more effectively. Re-do this exercise as your business grows to ensure you always have an up-to-date picture of the landscape you are operating in.
Highlight your unique selling points (USPs): What makes your business different? Why should people buy from you? Make sure your differentiators are clearly communicated via your website, social media channels, and anywhere else you interact with customers and clients.
Communicate, communicate, communicate: Don’t assume customers or potential customers understand who you are, what you do, and why they should buy from you. Keep telling people the benefits your business offers.

3. Networking and Partnerships

All too often at elephants child we speak to business owners who say that they see little benefit in or don’t have the time to properly network. However, this can mean missing out on a wealth of insights and isolation can limit growth potential. Review your possible options and choose one or two to test.

Events: Attending targeted conferences, exhibitions, or geographically significant networking opportunities can help you to stay informed on emerging trends, regulatory, shifts, customer expectations, and local opportunities and sensitivities. It’s important to understand where your business operates at a macro as well as micro level.
Building relationships: The right partnerships can open doors to potential complimentary relationships, joint marketing opportunities, investments and market intelligence.

4. Customer Demand

Opportunity analysis: The best position for a business to enter a market and grow is having spent time analysing its potential, including size of the opportunity, competitor activity, pricing as well potential volatility including seasonal movement. Ideally you want to avoid the position that profit is only made during a 3-month period each year, therefore impacting how a business manages the other nine months of the year effectively.
Trend watching: It is also important that SMEs regularly watch and review their respective markets to identify trends and keep ahead of consumer demand, which can in many cases move rapidly. Timely adjustments to offerings or pricing can help to maintain momentum. Attending the right industry events is helpful here.

More than enthusiasm

It’s evident that growth success in business will be driven by innovation, enthusiasm and an unquestionable desire to succeed, but this needs to be accompanied by planning, researching, and good financial management. When going for growth, it is critical that a business considers all available options, understands the level of risk involved, and has clear measurement in place to track progress. This will enable you to quickly validate success or identify where changes will be required in a timely manner and set your business on a strong growth journey.