small business growth strategies

June 14, 2022

2021 was a remarkable year for most businesses across the world. It ushered in a period of healing and recovery from the impact of COVID-19, and economic instabilities that rocked the world in 2020.

After the pandemic, many small businesses were devastated.Someentrepreneurseven got confusedabout the next step to take as regards growing their business to the next level.

Moving into the year 2022, things are gradually taking a new shape.So, small business ownersshould understand that before they can stay above their competitors in this new era, they need a working business strategy.

In this article, we have compiled a comprehensive list of 10 suggested business strategies that can help small businesses grow in the year 2022. Let’s briefly look at them:

Revamping of Business Model to Suit the Current Market

Truly, the year 2020 changed many things in business today. It affected the way most businesses do things, including their product offerings.

For customers, life has never been the same. People’s views about life have changed, thereby affecting their attitude when shopping for products or services.

So, this is why every business should take time to survey the new prevalent demands in the market today. And, identify how to modify their product or services in these new directions.

Today, customers prefer businesses that provide effective virtual-based services to business that gives more attention to one-to-one services. Understanding the prevailing market conditionsand how to adapt to themremains an integral factorinboosting business performances in 2022.

Revamping of Business Model to Suit the Current Market

Of course, every business should reintroduce its servicesto customers at the beginning of each business year. This fosters good relationships between businesses and customers.

At the early stage, customers should be updated on new policy changes and modifications in product offerings. Hence, this can help boost the customer base.

Re-familiarizing with customers maintains a business’s relevancy within the customers’ minds. It also boosts customer engagement. Know this,when a business is not careful enough to engage its customers, it might lose them to other competitors.

Additionally, this process can also serve as a reminder to potential customers who have not patronized the business. Reconnecting with them can help them make up their minds.

So, getting to know customers again and understanding the new demand in the market today are crucial processes every small business cannot afford to miss in 2022. If you can solve their needs at this time, you have won their trust for the rest of the year.

More Flexible Marketing Approach

Conventional digital marketing methods are now gradually becoming ineffective due to congestion and evolving regulations in the area. Therefore, the need for small business ownersto get more creative in their marketing approach.

Marketing is very crucial to a business’s success because without it, there’s no way to convert prospective clients or engage recurring ones. However, in 2022, small businesses should learn to adopt a more flexible marketing approach. Give your customers something different from what they are already used to.

We also recommend that businesses should expand their target market. Only draft interesting marketing campaigns or promotions that are quite realistic.

And then, if you haven’t considered marketing automation, now is the best time to do so. If you already have one, endeavor to revisit them and make necessary changes.

Essentially, approaching marketing campaigns with an open mind should be the goal this 2022. Also, if necessary, brainstorm about what your competitors already have and see what you can come up with.

Grassroots and Micro-Influencing Approach

One of the most effective marketing approaches in business is grassroots marketing. This is where businesses get to interact with prospective customers one-to-one.

In grassroots marketing, business targets a smaller group of people with hopes of them spreading the message to a larger audience. This is most effective if you are providing services to the locals.

Moving over to micro-influencing. This is the type of influence marketing that does not involve a celebrity. Of course, getting a celebrity to promote your business is expensive.

Now, the idea is to hire individuals that have a larger social media presence than a normal person but lesser than a celebrity. They are called “Micro-influencers”. The number of followers might be about 1000 to 100,000 followers.

With this level of social media presence, they can attract a reasonable level of attention to a business model, once they promote it on their page.Another great benefit of micro-influencing is that they cost much less than involving celebrities.

Introducing a few of these micro-influencers can help extend your marketing coverage to a wider audience on social media. Thereby, boosting your online visibility in return.

Introduction of Technology

Most businesses are now modifying their product offerings to suit the continuous technological advancements prevalent in our society today.

The great thing about technologies isthat they can perfectly fit in with any business model, irrespective of the size, design, or objectives.This is why every small business needs to incorporate that into its model.

For instance, most companies now prefer virtual meetings to physical meetings whereas others have completely shifted their offices into the clouds.

Technologies are great for small businesses because they are good at saving time and costs. Imagine how much it will cost to rent a physical office space to set up a virtual space online.

Currently, cloud-based technologies arenow gradually taking over the business world today. Interestingly, theyhave also made business management easier. A business owner can now monitor the progress of their business from the comfort of their homes with just a few clicks.

All these are made possibleviaERP and CRM software tools. Technology has simplified business integration and customer management.

Businesses today can communicate with their customers via social media platforms or live chats. Technology has also made marketing automation easier.

So, if you haven’t introduced technology to your brand, 2022 is the best time to do so, as the world is gradually tending toward technology. It’s never too late!

High Priority on Risk Management

2022 is too long for small businesses to waste time and money. For any business to succeed this year, they need to prioritize risk management in their processes.

Risk management does not mean avoiding risks entirely. No! Of course, risk-taking is an essential part of a business process. In this context, risk management means taking calculated risks and not getting involved in big swings that can only waste time and effort.

Interestingly, it also prevents businesses from rushing into things unprepared. Learn to test and analyze strategies before they implement into your business model.

Analyzing strategies in businesshelps to identify what works better and what doesn’t work at all. Hence, you won’t be engaged infutile ventures. Under risk management, policies or strategies that do not look promising are scrapped while the promising ones are optimized.

On the other hand, prioritizing risk management enables businesses to adopt an effective business approach. Hence, placing them ahead oftheir competitors.

So, as a small business owner, if you haven’t paid much attention to risk management when taking business decisions. Now, it’s the best time to do so.

Be Flexible and Creative in Your Hiring Process

In November 2021, the National Federation of Independent Business stated that about 48% of small business owners were unable to fill up their job openings, passing the historic 22% in the previous years.

Interestingly, many reasons could have led to this. For instance, qualified candidates whoare supposed to fill up these positions might be looking for better flexible options. Especially now that people are more concerned about the pandemic.

Generally, if an advertised job opening seems to have harsh working conditions, prospective workers might shy away from such openings.So, for every small business owner, if you want to attract experienced and qualified candidates to your business, you will need to be open-minded with the hiring process.

Never take negotiation off the table. Don’t be too afraid to adjust your hiring budget or reveal the incentives. Note, if adjusting the budget is not favorable, then devise another means to attract the right professionals.

Most importantly, invest in business reputation. Top talents only love to be associated with companies that have good reputations as this can enhance their CV.

Additionally, small business owners should consider the possibility of working with freelancers and contractors as this approach has proven to help businesses save money. And remember, cost-effectiveness should be part of your approach this year.

Make Your Current Employees Happier

Usually, workers are always at their best whenever they are happy with their current position. Now, how can a business keep its employees happy?

 Simply, byproffering conducive offers that accommodate their needs. It could be via incentives or ensuring flexible working processes.

For instance, after the pandemic, people now prefer to work from home rather than come to the office because of fear of contracting the virus. So, if your business is lucky enough to allow employees to work from home. Then, you might need to consider this option.

Alternatively, you can proffer dutyroosters that show when each member of your staff can work from the office or their respective homes. Of course, only do this, if it’s favorable to your business.

Interestingly, hybrid work styles are now becoming norms in business processes since 2021. A virtual workforce can save businesses the cost of renting a physical office space.

Another aspect to consider is, allowing your workers to enjoy holidays and their due vacations. Taking a break from work allows one to rejuvenate their strength and energy. 

Also, alwaysconsider the personal welfare of your workers. Show them that you care about them and not just about work. This will help build better working relationships at the office.Create tasks, set clear goals, and ensure your team always meets the deadline. This can help make them focused and also boost their productivity within a given time.

Also, create time for leisure to ease tension in the office. Encourage your team to socialize more amongst themselves via text messages, social media group chats, videos, etc. This can boost their team spirit.A healthy working environment remains one of the biggest secrets to boosting your team’s productivity in 2022.

Think Big Mentality

Yes, it can be very intimidating if you have ever competed with top companies. Of course, you might have even ruled out bidding for large governmental contracts due tofear of losing to them.Well, don’t fear them! It’s okay to start small but it’s not okay to stay small or think small.

According to the Department of Defense, about 43% to 60% of small businesses are not seen within the federal government space. Suffice to say, small businesses are not fully represented in government contracts.

Now, before you lose hope again about bidding for big contracts this year, remember – you are new! Hence, you are flexible and can easily tweak your processes to fit a new demand.

This is what most big companies lack. Many of them are unwilling to modify their business approach to accommodate the changing market conditions. The only advantage they have is that clients go to them because of their big names. But if any small business can capitalize on these faults, they can make millions from it.

Also, most big companies are not interested to shift their business online or adopt trending new technologies to suit the market. Hence, providing an advantageous loophole for small businesses to exploit. Bid for big contracts with flexible offerings that will be irresistible to prospective clients.

To boost chances, offer quality services that are better than most big companies offer at affordable pricing. Introduceecommerce technologies, this might be the right solution to combating low sales in 2022.

Adopting new technologies has a way ofmakinga business model look modern and more user-friendly.Therefore, we urge small business owners to not become hesitant to compete against big companies in large contracts. You never know what the client is looking for.Besides, participating in processes like this can boost a business’s popularity or recognition in their industry.

Adopt Video and Local SEO Strategies in Marketing Approach

At the level video content get responses on social media platforms, it has been estimated that videos will contribute to about 82% of customer traffic to businesses by 2022.This is why small businesses are advised to start prioritizing video SEO. Incorporating short videos into website posts can improve organic traffic from search engines.

Another factor to consider is local SEO optimizations. Local SEO strategies are designed to target customers who are living within your neighborhood.

For instance, if you provide business consultancy services in Tallahassee, a good local SEO strategy should boost your website’s tendency to appear as top search results whenever someone types“business consultant companies in Tallahassee”.

Also, update your Website and Google Business Page. Hence, prospective customers can easily get to know more about your services via your company’s listing and the website.

Adopting video and local SEO strategies remains one of the trending strategies in business today. Companies are now becoming more direct with their marketing approach.

Do You Need Help Getting Started?

If you are confused or have more questions on how to implement some of these strategies in your business. At HMS, we are always available to help. Get in touch with us today.

Categories: Latest News, Small Business

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