Any long-time business owner will surely tell owners of small business enterprises (SMEs) that growing a business is no easy feat. This is true, and it’s a fact that’s made even truer by the effects of the pandemic. Not even healthcare SMEs were spared from its unprecedented effects. Some had to close down, while others are barely keeping it afloat.
Luckily, the new year is a door to many opportunities. The outlook for 2022 seems to be a lot more promising than the previous years. Healthcare SMEs that closed are gearing for re-opening. Those trying to survive are now preparing to go back on track. Whatever the case may be, the goal stays the same: to thrive. Earn a profit, open shop, keep employees, and hopefully, from 2022 moving forward, never go backwards again.
Let’s delay this no further and jump right into four tips to help healthcare SMEs thrive and survive in 2022 – and beyond.
1. Adapt to the E-Commerce Platform
This first tip applies if your healthcare SME isn’t yet in the digital space. If there’s anything that soared in the previous years, it’s online shopping. The difficulties placed on physical shopping have made online shopping the chosen method of purchasing goods by consumers. So, if your SME isn’t in the e-commerce world, then you’re going to be left behind.
Consider it an advantage that your SME belongs to the healthcare niche, such as the medical device contract manufacturing market. This means the demand for your products and services is there.
Use that advantage to strengthen your market position by adapting to the e-commerce platform.
2. Design a Digital Marketing Strategy
Opening an e-commerce store won’t be a success without digital marketing. Those two have to go hand-in-hand. Hence, the second tip is to design a digital marketing strategy for your healthcare SME e-commerce store. Don’t limit yourself only to the short-term. Go as long-term as possible, so you’re certain of a robust digital marketing campaign.
Whatever limited budget you may have, spend a portion of it through digital marketing strategies. You need this now, more than ever, that the pandemic has brought in a wave of thousands of e-commerce businesses emerging.
If you’re looking to start, here are the top three digital marketing strategies which are failproof:
- Abide by the latest metrics set forth by Search Engine Optimization (SEO);
- Keep an active social media presence;
- Produce high-quality content, regularly.
3. Consider Having a Mentor
When was the last time you availed of a mentorship program? SME owners can’t go wrong with learning from those big and established businesses that have weathered through all storms. A mentor can be anyone in the healthcare industry who has more experience than you and has values and goals that align with yours.
Mentors are effective because you’re working with them on a one-on-one basis. They’re usually updated with the latest developments in the healthcare industry, particularly those that concern SMEs. You can’t pass up on this valuable information.
Set up casual meetings with your mentor, depending on your available schedule. At least go once a week, if you can. Build on these network connections as you go along, and you may find not just mentors, but lifelong industry friends too.
4. Utilize Partnership Contracts
If your healthcare SME has been severely affected and strapped for cash, perhaps entering into a partnership contract or agreement will work for you. There could be other entrepreneurs who are also in the same boat as you, looking to partner.
Partnerships can help you scale up your business. Look for partners whose goals and vision you agree with. A smooth and sailing partnership is a great asset for your SME. For as long as you have a valid and well-defined partnership contract governing your business relations, this new arrangement may be the key to helping your healthcare SME thrive.
This is the year of the foundation of strengthening business operations so that earning a profit is no longer a far-off reality. If you’re the owner of a healthcare SME, take note of the tips above. Remember to maximize the digital space by launching your own website and employing a digital strategy. Build on your connections by utilizing contracts and looking for mentors. The year 2022 is an opportunity-filled year for SMEs to grow and thrive. The days of survival mode are now in the past. With these tips, healthcare SMEs can build on strong foundations to sustain constant growth.