5 strategies for SME as recipes for the way to success

A concise cookbook for the success of small and medium-sized entities (SME) is the „Innovative future – strategies for SME winners in 2006″ survey, which was carried out by Ernst & Young in co-operation with the F.A.Z. institute for management, market and media information.

The authors of the study do certainly dispose of the practical background knowledge needed, given that for almost ten years the international consultancy Ernst & Young have been awarding the “Entrepreneur of the year” prize to the most successful SME on a global scale. The study analizes the success recipes of these companies and five winner´s strategies are then deduced.

According to the study the most important factor for success is the innovative potential of employees. Whoever counts on this potential and fosters self-responsibility will have a good hand. The second strategy is the imagination of clients. Using this imagination by carefully listening to them one will be successful. Also who identifies lucrative niches and occupies them will be amongst the winners. Via such niches one is often led to the fourth strategy for success which is considered to be the engagement abroad. The fifth winning strategy according to the study is represented by new, but sound types of financing.

Even though these recipes do not necessarily represent new ideas, the concise presentation of the stydy is a good starting point for companies in order to think about their own strategies. The study costs 48 Euro and can be ordered directly from the F.A.Z. institute or . GERMAN