10 Ways to Grow Your Business in 2022
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As we start the new year, many people begin by setting personal goals for what they want to accomplish throughout the year. As a business owner, you should also set goals for the growth you hope to accomplish, whether that’s increasing overall revenue, hiring new talent to help scale and grow your business, or launching a new product or service.
While it would be wonderful if there were a simple roadmap to guaranteed business success, the path for how to grow your business isn’t necessarily linear or easy to follow. That said, if you want long-lasting success and you aren’t afraid of change or of putting in the work now, then you are more likely to succeed and grow. These qualities are what separate you from someone who wonders, “what are the best methods for how to grow my business?” but then never does anything about it.
Here are 10 ways to reach your goals and grow your business in 2022:
1. Market Research
Looking for the holes where current products and services aren’t filling consumer needs can offer you great insight into ways to grow your own business. In order to conduct well-founded market research, you need to:
What are your competitors doing to try to serve customers? What are their marketing strategies, their demographic approaches? Remember, they’re researching “how to grow my business,” too. The goal isn’t to copy their actions but to see what works and what doesn’t.
Research and Interview Customers
Before starting your business it’s a good idea to understand your ideal buyer and their likes, dislikes, and challenges. When first starting out, you may not have a lot of customers to ask, but you can look at customer feedback on your products and those of your competitors. People tend to focus on negative experiences and want to talk about them, so you can use this to your advantage. By reviewing feedback you can learn what issues, features, and functionalities are most important when consumers are considering products and services. You can use that information to guide your business offerings.
It’s also a good idea to interview customers to find out their challenges and how they are currently trying to solve them. Even if you don’t have a lot of customers, don’t be afraid to ask them questions about their experiences before working with you. You can also learn a lot from potential customers and even (or especially) customers who don’t end up buying from you. Use open-ended questions to learn the most about your customers rather than asking specific questions about your product or service.
By understanding your customers’ needs, you can determine the best path forward for helping them solve their problems using your product or service. You may even discover new offerings that can extend the value you bring to your customers.
Focusing on your ideal customer and what matters most to them will help you differentiate your business from your competitors and can lead to incredible growth.
2. Build a Sales Funnel
Help customers take their journey from ignorance to satisfying purchases. Remember that customers need to be satisfied with how they got their products as well as with the product itself. HubSpot is CRM platform that has tools to help with marketing, sales, content management, and customer service. Workflows and email marketing while building a sales funnel is a must with Hubspot.
Refining the customer experience requires identifying key factors that lose sales. Small inconveniences pile up over time, and the more you remove them, the more you can funnel customers from “never heard of your product” to a regular source of money for your company's bank account.
3. Focus on Customer Retention and Upselling
It’s cheaper to keep customers than constantly trying to find new ones. Here are three ways to increase customer retention:
Give Them Value
Customers want to feel like their purchases were wise. If they buy your product, they should have excellent support to ensure their product continues to work over a lengthy lifespan.
Give Them a Relationship
Look at Tesla or Apple. They foster an idea that you’re not just buying a product, but buying into a culture and becoming a sort of family. Other brands, such as Wendy’s, have crafted an attention-getting social media presence where consumers feel like they’re interacting with people, not with a faceless corporate entity.
Give Them a Voice
Consumers want to feel like they’re heard. When a company ignores customer feedback, deletes comments on social media and YouTube, and makes it difficult to reach customer service, consumers feel like that company is betraying its obligation to them.
4. Increase Your Business Network
Marketing involves more than buying ad space in newspapers and on radio, TV, and social media. Here are four ways to grow your network and awareness of your brand:
Go to Industry Events
Trade shows and other such events are a fantastic way to connect with other people in your industry. You’ll find a wealth of knowledge from people with plenty of experience as well as develop connections with people who may be able to partner with you.
Go to Your Chamber of Commerce
Your local chamber has excellent connections in the community, and joining will get you perks that will give you unexpected ways to grow your business. These connections can get you into community events you may not have known about or fill you in on events you can sponsor.
Go to Networking Groups
In your town, there are most likely entire organizations centered around helping businesses get to know each other. These groups create opportunities to find referral partners, direct sales, and new relationships. You may find your next accountant or financial planner to help you handle the IRS, or perhaps someone who you want to hire.
Go to The Classroom
You can take this advice in two ways.
If you’re just starting out, you could find a mentor who can teach you about ways to achieve success in your business, like how to properly market your products or how to build credit.
Alternately, you become the teacher. You can take the information and expertise you’ve gained and turn that into training for others, which leads to you becoming an acknowledged expert in your field.
5. Start Strategic Business Partnerships
Symbiotic relationships create sustaining business models. For example, mortgage bankers and real estate agents work together well.
Businesses that might otherwise be viewed as competing can even form such relationships. Say you own a web design firm specializing in large, expensive sites for global customers. You could partner with a firm that handles smaller, cheaper sites so that you could share leads and referrals.
The vendor/supplier relationship is also one that you can foster to be more than just transactional. The more you find ways of boosting communication and anticipating the vendor/supplier’s needs, the more often you’ll be the first one that gets the call for supplying/purchasing a new part.
Building partnerships is a great way to answer the question “how to grow my business?”
6. Hire New Employees
Startups usually have small teams of people who have many titles. The programmer may also be the IT professional, as well as the receptionist and the sales manager. However, if you want to scale and grow your business, then you need more employees. Gusto is an amazing platform for businesses looking to scale with help around payroll and employee benefits.
Don’t just hire anyone, though! You want quality, not quantity. As you’re working to network, create business relationships, and optimize your cash flow, you want to have people you can trust to carry on the company vision when you’re not around. It may be a slower way to boost your numbers, but it’s a better way to boost your numbers.
Upwork can be a great resource for companies who need additional help but aren't able to hire a full-time employee yet. Upwork connects you with hundreds of people looking to step in where needed.
7. Create New Product Offerings
Developing new products is expensive, sure, but it’s vital for future success. New products will help you to:
Stay on Peoples’ Minds
When a new product gets released, there’s usually much fanfare to grab the public's attention. This publicity is an essential part of your marketing.
Stay on Top of New Tech
You want to know “how to grow my business,” not “how to make my business seem out of date.” As changes come in the marketplace, your company needs to seem like it’s at the forefront. Automotive manufacturers are adding more screens and electric motors to cars, for example.
8. Extend into New Markets
When you’re researching how to grow your business, you may need to literally grow your business. Expanding into new markets can bring your brand to completely new customer bases. Think about fast food chains that go from regional to national, for example.
9. Franchise Your Business
Yes, you lose some control when you create franchise opportunities, but you gain revenue. There’s not just one McDonald’s in the world; there are thousands, each making money for the corporation.
10. Finance Your Business Growth
There are plenty of options for how to grow your business with an influx of cash. Four Options to finance your growth include:
Small Business Loans
You can go through the government and get a Small Business Administration (SBA) loan for up to $5 Million. There are also private lenders, such as PayPal Business Loans and Quickbooks Capital. You have to pay them back, but loans offer an excellent way to get working capital.
Business Credit Cards
If you want more business-specific perks than with a personal credit card, getting a business card may be for you. Business credit cards also typically make it easier to track and manage expenses. If you don’t want to have a spending limit, then charge cards may be more interesting to you.
Lines of Credit
If you want to get a loan that’s more flexible than a specific business loan, you may want to look into a line of credit loan. They’re especially helpful when project costs can’t easily be predicted.
The excellent part about grants is that they don’t have to be paid back. Generally, they have strict limitations on eligibility and have specific stipulations on how the money can be used, e.g., for the development of certain products or in particular fields, such as cancer research.
BONUS: 11. How to Grow Your Business with Fundid
Fundid is changing the methods for how to grow your business by making it easier than ever to get grants.
We invite you to join our Grant Match Program so you can get matched up with grants that fit with your business. You can also head to our Grant Marketplace and search through the grants available. Do you want to know how to grow your business? Get Fundid!