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10 ways to elevate your small business' growth

Written by

Tyler Scionti

Last updated

March 25, 2019

What's that thing that keeps you up at night?If you're like most people, it's how do you keep growing your business. Especially if you're running a small business or team you’re working long hours, constantly worrying about finances, all the while trying to get up the next rung of the ladder.It’s all about growth, and while growth can feel elusive it doesn’t have to be. Here are 10 strategies you can implement to jumpstart your business' growth and start getting better sleep at night.

Tip 1: Set SMART goals

Goal setting is going to be fundamental in measuring and setting growth targets. SMART goals are one of the best formats to use if you’re newer to this. SMART goals are:

  • Specific
  • Measurable
  • Actionable
  • Achievable
  • Relevant
  • Timebound

The key: have a specific goal in mind for a time period that you can realistically achieve. An example of a bad goal: increase revenue. An example of a good goal: grow our customer base by 20% this quarter.Goals are the stepping stones for your business. Each goal is a step towards business success.Don’t become overwhelmed by the growth you aspire to achieve. Goal setting is designed to organize your strategy. If you remain loyal to your goals and gradually reach milestones, you will enhance your business.

Tip 2: Stay updated on trends

We’re in a new age of business and things change constantly.In order to remain relevant to customers and society, businesses are expected to keep up on the latest trends. For example when online shopping became the industry standard for customer convenience, companies who did not shift their strategy to online were left behind. Blockbuster is a great example of a company left behind.Here are a few tips for remaining updated on the latest trends:

  • Subscribe to trade journals
  • Follow key influencers and experts on social media
  • Examine competitors
  • Subscribe to business blogs
  • Use your network

Tip 3: Get out of the office and in front of people

Networking events provide opportunities for entrepreneurs to build lucrative relationships. At these events, you will meet likeminded individuals who can help you expand your business. You can find employees, customers, and investors at these events depending on the form and function. We love browsing Meetup to browse local events in various industries. Whether it’s an event for startups, small businesses, techies or CEOs there are tons of great ones out there.Don’t forget to keep connections going, LinkedIn is going to be vital for remaining in contact with these stakeholders.

Tip 4: Leverage social media

Social media is going to be vital in your ability to communicate with customers. We’ve written a ton on the value of social media for marketing and brand growth.There are a myriad of marketing mix strategies you can implement such as PR, direct-response, and email marketing. Utilize your current networks to engage with current customers and excite them with your amazing promotions. Finally, referral programs can be useful in reaching a larger audience.

Tip 5: Maintain social responsibility

In contemporary society, businesses are expected to remain socially conscious. Whether it be environmental sustainability, charitable donations, or workers rights. Furthermore, businesses are able to leverage their charitable deeds as PR. If your business has a virtuous foundation that helps society, this will increase your appeal to customers.

Tip 6: Have a #customerfirst mentality

Creating a loyal customer base is crucial if you are a small business. The industry is changing as word of mouth is becoming a major factor in how people make decisions. If your brand has a good reputation as one that treats customers well, you can count on you being in good standing with your current customer base.These customers are going to be the backbone when business is slow. Therefore, catering to their needs and providing value is going to important for maintaining the relationship. Many companies implement loyalty programs to engage their customer base and entice repeat business. Providing these programs allows customers to recognize the value of your small business.

Tip 7: Treat your employees well

Employees are going to be the workforce that thrusts your business to prominence. It is important to ensure that they are satisfied and working conditions are acceptable. The better you treat your employees the more loyal and motivated they will be.

Tip 8: Track finances

To order to reach your goals you must have a firm grasp on your company’s cash flow and expenses. Eliminating superfluous expenses and focusing on optimizing business activities is going to be vital for growth. Money is a very valuable asset and is ultimately the fuel that allows your business to operate.We’ve written on accounting software recommendations if you’re new to expense tracking, do yourself a favor and track how your business is doing. the quicker you get out of excel the better.

Tip 9: Expand

If you are a local business, it is going to be difficult to expand with a limited customer pool. Therefore, do research on viable markets that you may be able to tap into. There are endless opportunities in the market and customers who are in need of your service. Don’t limit yourself to geography, look at the bigger picture and see how large your business can grow.

Tip 10: Freemium works

An effective sales tool that converts free customers to premium is through sampling. If you allow prospects to enjoy your service and understand the value it will bring to their life, this will elevate your business. Your main goal should be adding value to the customer and illustrating this value effectively.