To be successful, SMEs told to monitor market development
SMALL and medium enterprises (SMEs) in Belait need to monitor developments in the marketplace in order to separate themselves from the pack by offering innovative products and services, said the Belait District Officer yesterday.
Addressing over 80 business owners participating in LiveWIRE's 7th SME promotion held over last weekend, Hj Haris Othman said that SMEs needed to always be on ball with trends in order to stay competitive in an increasingly global market.
“SMEs need to improve their 'core competence' and offer unique and new ways of doing business over what is already common.
This will give SMEs the competitive advantage to consistently profitable over the long-run,” he said at the Oil and Gas Discovery Centre (OGDC) yesterday.
He called on youth and business owners to take advantage of the professional expertise offered by organisations like LiveWIRE, to learn and adapt quickly to the best practices in marketing and operations.
“LiveWIRE should also continuing to better their strategy in identifying the measures necessary to take these SMEs – some new, others quite old – to the next level where they can operate successfully without assistance,” said Hj Haris.
LiveWIRE's SME promotion this year saw over 80 vendors retailing from Friday to Sunday, which LiveWIRE's programme director Pg Redzuan Pg Hj Abbas claims is the largest to date.
“The response is growing from year to year, a small sign that shows the broader growth of SMEs in the country,” he said on the sidelines of the fair last weekend.
He noted that SMEs in clothing and food and beverage are starting to proliferate in the Sultanate, aided by the mass reach of social media.
In these fields, entrepreneurs with the most novel marketing and packaging, backed by a quality product at a reasonable price, are the most successful, he said.
“Clearly social media has had a positive impact, especially for youth looking to do business as you can advertise at almost no cost, and reach you can have is almost limitless,” he said.
“But to really grow the customer base, customers need to keep coming back to purchase and generate positive word of mouth about the business, which only happens if the product or service is quality and satisfies the customer.”
The Brunei Times