Entrepreneurs and business executives share their top small business development strategies for the coming year. As the country coped with altering political and economic climates and combated hot-button topics like climate change, 2021 was a year of fast upheaval across all industries. In a year full of change, several trends are emerging in the new year that you and your organization should be aware of.
10 Small Business Growth Methods
Ready to take your small business to the next level? These 11 growth strategies will help you lead your business in the right direction. From leveraging the power of online marketing to diversifying your customer base, these strategies are essential for ensuring your business’s success. Start now and watch your business reach new heights in the coming year.
Here is a list of 10 suggested business growth strategies that can help small businesses grow in the year 2023.
1. Make the most of your suppliers’ new product launches
Because the COVID-19 epidemic kept going on and caused economic problems, distributors and companies all over the country had trouble with their supply chains. In 2023, companies need to be aware of supply chain shortages and work with their suppliers to stay ahead of production and shipping problems.
2. Inform client partners on new paradigms
If you want to improve your business in a changing economy, you need to let your clients and partners know about changes. If the adjustments fail to take effect, it may be time to examine other choices.
3. Expand your email list of subscribers.
Grow your email subscriber base to build an engaged audience around your brand in an affordable way. With a more extensive email list, your business can run campaigns and send personalized communications such as anniversaries, birthdays, and promotional emails to keep your subscribers engaged and interested. Establishing an engaged audience through email marketing is an effective and cost-efficient way to grow your brand.
3. Prepare for prospective state and federal government contracting possibilities
The Census Bureau revealed in June that more than 4.4 million new companies were established in the United States in 2020, the greatest figure on record. Even though the number of new businesses has gone up, records show that many businesses have left the state and federal government sectors.
At a recent conference, the Department of Defense stated that between 43 and 60 percent of the small company’s industrial base is no longer in the federal space. Several state, local, and federal acquisition changes influence the small company community.
Today’s buzzwords are strategic sourcing and category management. We’re focusing on making a strong programmatic teaming approach that will let the organization take advantage of any opportunity as a prime or a sub.
4. Consider new sales and marketing opportunities
Because of congestion and changing laws, the digital marketing landscape has grown increasingly complex.
This forces many typically digital businesses to investigate other sales channels and marketing techniques.
5. Increase your company’s web presence
When it comes to sales, small companies must adapt and be “practical” as consumers continue to choose online and mobile purchasing.
Businesses must expand their online footprint to attract many of the existing market’s clients. A [seller account on] Shopify or Etsy is an easy method to sell things. List [your organization] on freelancing and contract websites to offer services.
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6. Learn video SEO tactics to improve your search engine rankings
With the development of live videos on platforms like TikTok and Instagram, video marketing has become an essential component of a successful marketing plan. Videos will account for 82 percent of all consumer traffic by 2023. As a result, organizations should prioritize video SEO in 2023.
Small companies that use short-form films in their website articles will experience an increase in organic search traffic. As the number of people using TikTok grows, search engine algorithms will favor articles and posts that include short videos. TikTok and YouTube short-form videos may become the primary sources of “how to” searches.
7. To reach a larger audience, use partnership marketing
Partnership marketing is a way for you and your partner business to reach more people.
Working with another firm can help generate stronger marketing ideas that benefit both sides. If your target clientele is comparable, you may be able to combine your resources to improve your marketing strategies, strengthen your brands, and reach a larger audience.
Beginning with positive things or services from one firm provided in exchange for purchase from the other.
For example, if a customer buys a product from you, you can provide them with a discount voucher that they can use to buy discounted items from your business partner.
Co-branding a product or project may also increase the marketing power of both organizations.
8. Consider recruiting additional contract employees
The number of gig workers, freelancers, and contractors has increased tremendously in recent years, and they now account for a sizable share of the labor force. Small company owners will now be able to hire more specialized freelance employees to do tasks without incurring the hiring and training expenditures that are sometimes associated with hiring a full-time employee.
With the significance of agility in today’s economic environment and the expansion of remote work,… talented outsourced contractors will be the key to successful corporate growth in the future.
9. Collaborate with micro-influencers
While small companies may compete with larger corporations for the attention of internet influencers, cooperating with micro-influencers is an option to consider.
As influencer marketing grows in popularity, micro-influencers will be the best option for small businesses because they are less expensive and more open to collaborating with them. With a couple of these small influencers helping [your business] reach specific audiences, growth will not be an impossible feat in 2023.
10. Make business culture a priority
During the epidemic, businesses have had to deal with “The Great Resignation,” in which workers quit at record-high rates. People’s ideas about a good work-life balance and what they want from business culture are changing, which could be one reason.
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