The TMF Group recently published its “Global Business Complexity Index 2020,” which used a map of 77 countries to determine the most difficult areas to conduct business. Before Brazil, Greece, and China, Indonesia ranked as the world’s most complicated market in 2020. On its “Ease Of Doing Business Index,” the World Bank has put Indonesia as number 73. According to the World Bank’s research, which evaluated 190 markets worldwide, the more complicated the jurisdiction, the higher the grade. Indonesia, therefore, receives a rather average score.
Although each research used a different methodology and resulted in another rating, they all agree that Indonesia is a difficult market to expand business strategy. Despite this, Indonesia recently reached the top 10 largest economies in the world and is predicted to go up to position five by 2024. It means that it is difficult, to put it mildly, to conduct a company in Indonesia.
Even so, there remains room for progress. This dynamic archipelago, which has the sixteenth-largest economy now, might have been the fifth-largest economy by 2024. Regardless of the research results, Hash Core by HashMicro provides different advantages to company owners. Our ERP Software offers company owners a range of benefits, including enhanced productivity and improved business process operations.
Also read: Here is Why You Should Do Business Expansion to Indonesia
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Techniques for Growing Your Business
There is a chance for you if you’re having trouble expanding your company. You may quickly find strategies to increase your income if you work hard, get your thoughts in order, and simply put everything into perspective. These techniques will swiftly and effectively advance your company to the next level. Here are five ways to expand business strategy that you should try;
Build a sales funnel
Building a sales funnel is the first step to expand business strategy swiftly. Sales may help corporating automation and enable rapid and straightforward scaling and growth. There is undoubtedly some front-end work. However, everything goes without a hitch once those procedures are in place.
Every sales funnel, according to Frasier, must first be meticulously planned. First and foremost, think about the various funnels. Building your automatic selling machine can help you rapidly expand and develop your company using a free-plus shipping offer or a high-ticket coaching funnel.
Utilize a customer management system
It’s challenging to monitor transactions manually as nobody wants to carry them out. As the firm expands, it becomes too demanding. Utilize a customer management system for easy scaling. There are several options available. However, a lot depends on the kind of employment you do. Of course, using cloud-based applications like HashMicro is always a possibility.
You may use accounting software to assist with your accounting. Additionally, it may help with marketing and sales. There are several CMS platforms, most of which work with other cloud-based applications. Use what you find that works for you.
Research the competition
You must analyze the competition before entering the market to reach your product’s largest possible audience. Frasier does his study using two platforms, SimilarWeb, and AdBeat. Both provide business insight. You get the opportunity to see through all of the ads, landing pages, and other funnel phases with x-ray vision.
You may discover advertisers expanding their business strategy by finding advertisements that have been running for a long time. The most straightforward approach to growing any firm is in this manner. It’s likely to work for your rivals if it’s effective and successful.
Create a customer loyalty program
Loyalty programs are excellent tools for boosting sales. Gaining new consumers may be three times harder than selling to loyal clients. Other sources place this amount between four and ten times more difficult. However, getting new clients is pricey, no matter how you look.
According to Frasier, building a customer loyalty program will help keep clients. It could also assist you in attracting new customers. Your business may expect long-term gains if customers are encouraged to spend more money with you. Create an effective loyalty program, make it available to your current clients, and watch your sales skyrocket over time.
Identify new opportunities
Improve the expertise of your audience to analyze new business prospects. Know everything, including your competitor’s strategies, distribution routes, examination of global markets, and potential new markets. You could likely quickly explore hundreds of new prospects with the proper research.
Reasons to Expand Your Business to Indonesia
Indonesia is well-known around the globe for its stunning tourist locations. But Indonesia is much more than that. Indonesia has an advantage for companies to expand business strategy over other large economies because of its location near Singapore and China. Indonesia’s market is expected to recover in 2022 after the pandemic, providing a new stepping stone for its economy. Here are four reasons to grow your company in Indonesia.
The popularity of social media combined with Indonesia’s enormous population of young, tech-savvy customers make the country’s internet industry one of the most attractive investment opportunities.
The sky seems to be the limit, at least for the time being, regarding the potential wealth generation by Indonesian internet users. Even more conventional investors who are not directly active in the IT sector have given Indonesia’s digital environment some thought.
100% profit business ownership
Creating a foreign company is your best alternative if you’re a foreign investor that wants complete control over your company. The only legal organization in Indonesia that permits 100 percent foreign ownership is a foreign company.
As the Positive Investment List decided, the maximum number of shares that foreigners may possess is regulated for each sector’s approved business activity.
Permission to work or stay
Foreigners will be granted work or stay permits if they operate enterprises in Indonesia. Due to their ability to remain in Indonesia, this policy would make it easier for foreigners to set up their business there.
Able to run a company with a virtual office
Besides conventional offices, you can use a virtual office to run your business. Virtual offices allow for an increase in productivity, a reduction in commuting costs, and more flexibility. Virtual offices also significantly lower overheads and technology costs – making for a more cost-efficient solution to modern working.
Also read: Discover 10 Effective Business Expansion Strategies
To grow your business quickly, you must first create a sales funnel. Easily scale your business by using a customer management system. HashMicro can assist with sales and accounting tasks by using cloud-based software. Make use of the solutions you come across. According to Frasier, making a program to reward repeat customers will make your customers loyal.
If customers are encouraged to spend more money with you, your business might anticipate long-term gains. Selling to an existing customer base may be cheaper than acquiring new customers, costing up to three times as much. Hashcore by HashMicro can assist you in expanding your business strategy to Indonesia. Get the price plan for Hash Core ERP from HashMicro right now. Get a free demo by clicking here!