Many small and medium-sized businesses are struggling due to supply chain problems, labor shortages, and an uncertain economy. Because of these challenges, business owners should stay focused on long-term business strategies and goals.
Businesses need to look closely at their current product and service offerings and marketing efforts to determine where they can make improvements. If you’re a business owner, the following small business growth strategies can help get you started.
Savvy Small Business Growth Strategies
Here are five ways to achieve business growth, even during these challenging times. You may be able to use some or all of these to generate more customers and sales this year.
Find Creative Ways to Increase Sales
While finding ways to increase sales should be an ongoing business goal, when business is sluggish, it is critical. Get creative with your sales tactics. For example, include free offers with purchases or discounts on additional services, and any incentives that can help increase sales until business picks up again. You could offer a free trial on new services or significant discounts on big orders.
Refresh Current Product Offerings
How do your products’ prices and features compare to those of your competitors? If you don’t know, you need to perform a product review. Take a hard look at every product to determine why it isn’t generating more sales. Use this information to make product updates. Should you retire or update any products? Could you create new products or services?
Attract New Customers With New Business Strategies
Don’t wait until sales of existing products stagnate to search for ways to expand into a new geographic location or attract a new target demographic. Having a market development strategy for reaching new customers is essential.
Having an online presence is essential for any business, but it can be critical when people spend more time at home, such as during a pandemic or in a down economy. If your business does not have a website with a blog, a few active social media accounts, and an email list of current and potential clients, you could be missing out on business.
Improve Marketing Efforts With Segmentation
Marketing a business is easiest when you can use the same marketing and advertising tactics for every customer or client. However, much of your efforts and marketing dollars can be wasted with mass marketing efforts.
Instead of marketing to a large group of customers, consider breaking them into smaller segments based on products purchased, location, or other characteristics. Then create personalized ad campaigns specifically for each segment.
Create Business Relationships That Can Build Sales
Sometimes partnering with another business that provides non-competing products or services to the same market can be an effective path for growing a business. The right partnership can enable both companies to expand into new markets and access extra equipment, workforce, or other resources.
Start Implementing Some of These Business Strategies Now
These growth-management strategies can help accelerate your business despite any current challenges. However, until you can implement some of these strategies, you may need an influx of cash to keep your business going. Contact us today to find out how we can help fund your business with the money you need to meet day-to-day operating expenses while exploring and implementing new business strategies.