5 key characteristics of SME in Singapore for survivability

I was required to submit a document on my views of small-business success for my scholarship application. I gave it some thought to what I think all small businesses should practice, especially IT solution providers.

Do let me know your thoughts, if you have any!

I have been working in an SME environment for the past 13 years, serving mainly the small and medium organizations and business in the area of IT support and systems integration. Looking back the past years, what helped me stay in my current job, even with it’s ‘below-market’ salary, is the fulfilment, family oriented working environment and support, both in and outside of work. 

Every business is made up of people, young and old, everyone in the workforce desire in one way or another a desire to be recognized, appreciated and feel that their effort is worth something in the society or at least, the community they are in. As such, any businesses small or big, should put its value first and foremost in the people instead of profits and systems. With the right people, equipped with relevant skills and filled with great attitudes, any organizations will grow and flourish.

As such, the five important attributes that all SMBs should have are:

1)      Focus on building the relationship aspect in the business

Every business opportunity or employment opportunity should first and foremost be focused on building a human relationship above profitability. Every business deal should involve a certain amount of profit that can be used to grow a company, yet the more important part of the business is the continuity of future business by building great client relationships.
Every employment opportunity should benefit the company in building a suitable team to grow the business, yet every staff should be treated with respect, care and a desire to build a healthy ‘family-like’ working environment.

2)      Pace the growth of the team and fill positions with capable managers

Every business is either growing or failing. A stagnant business is always leading to its downfall. Personally, I feel that leaders within the organization will be required to raise leaders that can lead others before any headcount expansion. Great companies require great leaders to run the people within the organization. While many small businesses desire quick growth, the more important criteria is the longevity and ability to sustain during difficult times in the economy. The only way to do that is to ensure growth in a pace that is manageable by key leaders in the organization.

3)      Be willing to take feedback and change in accordance to the market

Any organization big and small need to respond and evolve to survive in the current economy. As a small organization, since there is less ‘red-tapes’, changes should be adopted fast and responding to a crisis, a snap. Embracing changes and maintaining flexibility, as well as creating a decentralized leadership structure, are keys to surviving in a market that is constantly overrun by large multinational corporations.

4)      Never lose sight of the goal, while constantly motivate the team

As a small business with a pool of talents, it’s often easy to deviate from the goal of the business. Every staff in the organization only has 24-hours of life in a day and to make each day count, priorities need to be defined, goals need to be set and measured periodically. Leaders are required to remind the team of the goal they are trying to reach. Encouragement, support and care should be given to each team members to know that despite of running towards the goal, everyone is needed to reach the goal of the organization.

5)      Share the joy and fruits of growth with the team

Remuneration in small businesses may not be large or regular as compared to large companies, but when it comes, it should be made known and shared with the key employees who believed and worked for the success that the organization reached. In times when monetary gifts are not available, the support to the family, care and concern for the well-being and development of staff can also be given as a substitute. At the end of the day, each staff ought to feel that the company makes an effort to appreciate every individual and everybody is valuable and indispensable to the well-being of the organization.

I believe there are many other important aspects and characteristics required to make a business successful. I am quoting the 5 that are dearest to me, and based on the experiences I had, which has passed the test of time.

 
Any thoughts? 
Agree or Disagree? :)