Everything you pour into your company, all the marketing strategies for small business that you attempt, is ultimately about growing. Without growth, your business will become stagnant and eventually fall by the wayside as competitors move in and customers move on. Therefore, when starting your small business and getting it off the ground, it is essential to think about the long-term and pursue a business plan that is sustainable and promotes growth. Here are some tips on how to keep growing your small business.
According to the recent Bank of America Small Business Owner Survey, 64 percent of respondents said they wish they took better advantage of technological innovations to help manage and grow their business. While companies of all sizes should have a healthy understanding and use of cutting-edge technology, small businesses are in a position where they can’t afford not to be as innovative as possible. The truth is that technology is relatively more important for smaller companies, given their lack of access to the economies of scale that large companies and multinational corporations benefit from. Furthermore, there are significantly fewer barriers to entry for using technology, even with the limited resources that small businesses might have. Many Software-as-a-Service (SaaS) companies provide scalable and customizable solutions targeted specifically at small businesses. These products are designed to level the playing field and help proactive companies gain an edge on their competitors. It is paramount that you create the right operating blueprint that makes the most sense for your company in terms of adopting the appropriate software and hardware.
Operate on an 80/20 portfolio
One common rule of thumb among businesses of all sizes is to focus 80 percent of their resources on the core business and 20 percent on new adjacency opportunities, according to Inc. Magazine. This means that while most of the company’s and your efforts and resources should concern the maintenance of day-to-day operations, there should be some time and effort devoted to growing the business. You don’t want to be so forward-thinking that you lose sight of the forest for the trees. However, without looking ahead and investing in adjacent markets, customers and products that leverage your core strength, your business will grow stale and stagnant. Spend that 20 percent of time and resources studying potential areas and opportunities for growth, improvement and investment.
Witness the power of branding
Branding is often referred to as a timeless, reverential quality. While products and services might come and go, good brands remain forever. Customers today are looking for positive experiences, memories and interactions with their favorite brands and companies. According to the news source, it is extremely crucial to build up strong brand equity with your customers. Even in tough times, or when your product might not be needed, you will still be associated positively and strongly with these customers. There are many different paths to take in pursuit of long-lasting brand equity, but constantly be speaking to your target audience and engaging with them in a value-added manner.
Lead by example
The final tip for growing your small business comes down to you growing as a small business leader. There’s no one right way when it comes to managing your small business, so plan out what it is you want from your company. If you want creative employees, be innovative yourself and reward innovation. If you want a happy workforce, promote a healthy work-life balance. Be the change you want in your company.
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