The Next Big Thing. How Can You Leverage the Future for Your Business?Editorial Team
As a small business owner, taking your startup to the next level involves many growth strategies. Whether it’s expansion or building your customer base, small business growth takes time, effort, and dedication.
But, let’s face it. Scaling your business is challenging.
Are you starting a business or at the stage where your business plans need a boost? Then this article is for you.
This article will discuss 10 strategies for small businesses that will help you grow your business. Additionally also help you grab new opportunities.
Be More Intelligent About Employees
Most leaders lack the circular vision to see what is happening around them. So they operate each day with blind spots. Therefore not being able to make the best decisions.
Being intelligent about people is all about becoming more engaged. It is about having a deeper relationship with those that determine a company’s success. Since employees and consumers are the ultimate sources of a company’s success.
However, Employee engagement software is one of the most practical ways to engage employees. Employee engagement software helps businesses to retain employees. It enables cost efficiency. These platforms can give employees a voice that is heard, valued, and appreciated.
Aligning Leadership with your Business Model
It is of utmost importance that your leadership is aligned with your business goals. It’s impossible to discover the next big thing for your small business with a disjointed leadership team.
As business models change, so do the requirements of success. The leaders’ current leadership skills, capabilities, and know-how might not align with the new demand. Therefore a misaligned leadership can put the organization at risk.
So how to fix this problem which is associated with such high risk?
The solution is to follow these simple four steps:
- Firstly, step back and revise your leadership team.
- Secondly, solidify its identity to assure that it is capable of achieving the mission and vision of the organization
- Thirdly, assure that all levels of leadership are in equal alignment
- Fourthly, assure that all levels of leadership are supporting one another.
Focus on People
Consumers like corporate leaders, are also searching for the next big thing in the market. So they want brands to focus on satisfying their hierarchy of needs and not just forced selling.
Business competition raises the cost of consumer acquisition. Hence, today’s businesses have become less about what consumers need and more about what matters.
Hence, small business owners should keep in mind the following:
- Stop selling too hard and start educating consumers on things.
- Be more authentic about how to engage with the consumers.
- Be more socially responsible. Consumers want brands to help them live a better life and increase their quality of living.
Boost Workplace Innovation
Order to discover the next big thing in the business requires your organization to embrace the entrepreneurial spirit. Therefore an effective digital filing system can be a great start.
An innovative workplace will help you boost the success of your organization. To achieve that, you must ensure the following-
- Focus on leveraging everyone’s strengths and desires to contribute.
- Activate the minds and attitudes of your employees to cultivate a workplace culture that fuels continuous innovation and initiative.
- Embrace reinvention by allowing your organization to discover previously unseen opportunities.
Utilize a Customer Management System and a Customer Loyalty Program
Manually tracking transactions is complex. To scale your small business quickly, customer management system (CMS) is essential.
There are plenty of CMS systems, most of which integrate with other cloud-based services. Find what works for you and utilize it.
On the other hand, customer loyalty programs are great ways to increase sales. It costs up to three times more money to acquire new customers than it does for existing customers.
Building a customer loyalty program will help you retain customers and improve customer service. It might also help you attract new ones as well.
Constant Tracking and Measurement
Employers spend an enormous amount on hiring. According to Society for Human Resource Management estimates, an average of $4,129 per job in the United States is spent.
Hence, a thorough review must be done on employees so that money spent makes sense. The following ways can be helpful-
- Keep track of employees’ performance. You can use cloud-based software to keep track of real-time analytics.
- Constantly seek résumés and interviews with new people. Consistent evaluation will help you to make changes to your employee list when needed to increase efficiency.
- Hire the right and effective people on board. Effective hiring makes better sense, specifically during a crisis.
Form Strategic Partnership
Strategic partnerships with the right companies can truly make a world of difference. It can help you reach a wide swath of customers quickly.
However, identifying the right partner is not an easy job. Follow the simple three steps to get it started-
- Form alliances with the complementing companies that can fill your gaps in products and services.
- Partner with bigger businesses. As a small business owner, partnering with a bigger establishment will give you much needed resources.
- Extend your collaborative reach outside your industry which will provide more value for customers. It will also help in market penetration, fill technological gaps and decrease new product development costs.
Expand Your Market Reach
Increasing your market share is of utmost importance. In addition, making your existing product or service available to potential customers will help you expand your share of the market.
In a small business, you must target more than one target audience. Creating multiple customer bases will increase your chances of survival during changes in the existing markets.
There are many ways to expand your market reach. A few of such market development ways are as follows-
- Opening new stores in new locations.
- Focus on competitive product development.
- Target new demographics.
- Encourage new users of your product lines.
Participate in Trade Shows
As a small business owner, it becomes difficult to establish yourself as a leader in the market. Participating in trade shows can be an alternative channel to grow your business.
Trade shows can help you to-
- It will allow you to directly market toward a large group of people.
- Trade shows will give you the benefit of in-person interaction.
- Trade shows increase word of mouth which opens doors to new opportunities.
Build a Sales Funnel
Building a sales funnel will help you quickly grow your business. Sales funnels can help to automate your business.
Every sales funnel needs to carefully form a concept before it’s created. Hence we should consider these two steps-
- First and foremost, consider the different funnels of your small business.
- Build your automated selling machine. Automated selling machines will scale and grow your business quickly.
This article is written by Tanya Ahmed, a Digital Marketer of Vantage Circle, a cloud-based employee engagement platform. She is a leadership enthusiast with a MBA in Leadership from the Queen Mary University of London. Her experiences range from various fields, including Customer relationships, Content Creating, Sales & Marketing.