Another set of business strategies that SMEs can use is (1) Alliances and (2) Mergers and Acquisitions (M & A). We find these strategies as a predominant way by which Multinational Enterprises (MNEs) and large corporations expand their business operations. Interestingly, SMEs can also utilise these strategies in their own way when they fully understand how they work. They are complex issues but I will only gloss over their meaning and simple applications as regards this subject.

Read more: Business expansion strategies for SMEs (II)

Your understanding of what marketing is all about will prepare you well so you can rightly employ your resources and time to market your products/services well. What is marketing?

Read more: How to make your marketing work (II)

Read more: How to make your marketing work (III)

One of my mentors once shared with me the importance of marketing in business by telling me a story of what transpired between him and one of his clients. This client of his is a known face in the manufacturing industry in Nigeria and once led one of the very popular trade associations in the country. He also owns one of the medium-sized, indigenous manufacturing firms in the country. He came to my mentor one morning with a business problem. The bank that was to finance his expansion programme declined after looking at the business plan. The business plan had been prepared by a management consultant and had all the various components that should make up a business plan. Unfortunately, his bankers didn’t tell him why they rejected the business proposal. This was either an act of omission or commission. The man was deflated and crestfallen.

Read more: How to make your marketing work