Expanding business opportunities by creating value for customers

In a commentary, SMU Associate Professor of Strategic Management Geng Xuesong shared how SMEs can expand business opportunities for themselves by creating value for their customers. He said that most SMEs occupy a small part of a value chain, the senior management of these SMEs must not be satisfied with just having a good knowledge of his company’s part in the value chain, they should also understand where in the value chain their customers occupy and their mode of operations. When one is able to extend his company’s value chain by creating value for his customers, new business opportunities would have been unearthed.