There are a reported 33.2 million small businesses currently operating in America. As such, if you’re considering putting your entrepreneurial skills to the test, you’re in good company. However, it also means that you’re surrounded by competition regardless of your niche. Of course, healthy competition should not discourage you from starting your own business – it just means that you need to be as prepared as possible before launching your brand. For example, while it’s to focus on all of the work that goes into opening a business – such as choosing a name, designing your logo and more – you should also have an idea of the steps you’ll follow to grow your business once it opens. After all, if your business does not grow, your brand will quickly become stagnant, and customers will begin to look to your competition instead. With that in mind, here are five simple ways to grow your business in 2023 and beyond.
Get to know your customers.
According to a recent report, “68.6% of businesses don’t understand how their customers think” and struggle to establish a connection with them as a result of this.
As such, if you’re looking to grow your business (and, by extension, your customer base), it’s important that you make an effort to get to know your customers. For example, you could host focus groups or ask for feedback each time they buy something. This will make your brand more appealing to customers as you can then directly target your marketing campaigns, products and services to those who are most likely to be interested in what you have to offer.
Furthermore, by asking for your customer’s thoughts and opinions, you’re showing them just how valuable they are to your brand – which strengthens your relationship and fosters loyalty.
Perfect the hiring process.
According to a recent study, over 8 out of 10 small businesses have no employees. This is understandable, given that so many brands start out as solo ventures, and hiring can be expensive. However, as your business grows, it only makes sense that your team grows, too. After all, it’s unlikely that a single person will be able to keep up with a growing audience alone – unless you want to spend your every waking moment chained to your desk.
Furthermore, hiring new staff also facilitates business growth as you’re bringing in fresh ideas, perspectives and skills with each new team member that joins. This means you’re more equipped to handle the challenges that come with running a business in the current market.
However, it’s also important that your hiring process is as efficient as possible. After all, it’s crucial that you welcome the right people into your team, as opposed to hiring the first person to respond to your ad. Remember, in addition to assessing their skills and qualifications, you should also keep an eye out for other unique qualities or ideas that they can bring to the table.
Have a plan.
One of the easiest ways to grow your business is to turn your goals into a multi-step plan. This way, you have a framework to follow as you move forward, whether you’re focusing on growing your customer base or launching a new product. Without a plan, you’ll find that you’re moving forward somewhat aimlessly and that it takes you longer to reach these goals.
If planning isn’t your forte, there are plenty of tools you can use to ensure you reach your goals within your ideal time frame. For example, you can use
HubSpot automation software to put together a clearly defined plan that talks you through every step of the project until it reaches completion. These tools can also help you to identify any roadblocks you may encounter on the way, so you can begin to put a plan in place to avoid them.
Take care of your team.
Whether you’re a team of 5 or 50, your employees are integral to the long-term success of your business. As a result, it’s crucial that you take good care of them.
There are many reasons for this. Firstly, prioritizing employee well-being will prevent burnout, which could otherwise cause productivity and efficiency rates within your business to spiral. Moreover, when your team is burned out, they’re more likely to make mistakes that could cost you.
Furthermore, failing to take care of your employee’s well-being could also lead to poor employee retention and attrition rates. After all, nobody wants to work at a company where they do not feel appreciated or valued – which could mean that turnover within your business is at an all-time high. Not only does this delay your regular operations, but it can also become quite costly.
Conversely, by creating an employee wellness program, you can ensure your business grows, and your team stays happy and productive.
Keep an eye on your competition.
When it comes to growing your business, you have to ensure that you stay ahead of the competition in your industry. One of the easiest ways to do this is to simply be aware of who your biggest competitors are and what they are doing. This can help you to refine your competitive edge, as you’ll be able to identify potential gaps in the market that your competitors aren’t catering to.
Furthermore, studying your competitors can help you to better understand the market you’re operating in. For example, if one of their products is selling better than others, that’s because your shared target audience has identified a clear need for it. Or, if one of their marketing campaigns is getting excellent engagement across all social media platforms, it’s because it speaks to your audience.
While you should never directly copy what your competitors are doing, this knowledge can empower you moving forward when it comes to running your own business. After all, it means that you have a better understanding of your customers and the business world at large – and this insight can propel you toward success in your industry.