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by Fundid on Jun 4, 2023 7:30:00 AM
Are you looking for ways to take your small business to the next level this year? If so, you are not alone! Many small businesses are taking advantage of today’s digital resources and shifting economic climate to make big leaps in their growth.
From leveraging online technology to offering innovative services, there is no shortage of possibilities when it comes to increasing revenue and expanding customer base. In this blog post, we'll explore 10 effective ways that you can grow your small business in 2023—all while keeping a positive outlook and staying focused on success.
Here are 10 ways to reach your goals and grow your business in 2023:
1. Define Your Target Market
One of the first steps you need to take in growing your business is to define your target market. Maybe this has evolved over the last year for your small business and it is time for a refresh. Who are your ideal customers? What needs do they have that you can fill? Once you have a good understanding of your target market, you can begin to develop marketing and sales strategies that will appeal to them.
2. Use Social Media
Social media can be a powerful tool that can be used for businesses of all sizes. It allows you to connect with potential and current customers, build relationships, and share valuable content. If used correctly, social media can be a great way to grow your business this year.
3. Focus on Customer Retention and Upselling
One effective way to do this is by focusing on both customer retention and upselling. Retaining existing customers can be simpler and cost less than acquiring new customers, so it’s important to ensure that your current ones are satisfied with your offerings and services. Try connecting with them through effective customer service, personalized offers and create surveys with Typeform to better understand their needs.
Additionally, upselling can help to increase the value of each purchase that a customer makes from your business without stretching out their budget any further. It also allows you to build your brand among customers who have already connected with you as an entity. Here are three ways you can 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
Establishing and maintaining strong relationships with those in your business network is a key factor for many small businesses to remain successful. When growing and expanding your business, having the support of other people you trust is essential for bouncing ideas off of or connecting with potential customers who may be interested in what you have to offer.
Networking is also a great way to learn more about trends within your industry as well as gain insight on how others are approaching similar challenges you may be facing. As a result, understanding that quality connections can further help you achieve your goals is an important part of increasing your business network. The more informed you are, the better chance you have at succeeding in today's competitive market!
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Fundid Recommendation: If you are a woman business owner looking to grow your network, join the Entreprenista League! The Entreprenista League is a community of women founders and leaders dedicated to providing you with the community and resources that you will need to grow your business.
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
Small businesses 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 might need more employees.
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. If you are ready to hire full-time employees and want a smooth HR and onboarding process, try Gusto, the all-in-one people platform including hiring, payroll, insurance, and support for your team.
Related Reading: How to Use a Business Loan to Hire Employees
7. Create New Product Offerings
Another way to grow your small business is to expand your product line. By offering new products or services, you can attract new customers and increase sales. When expanding your product line, it’s important to make sure that the new products or services are complementary to your existing offerings. In addition, be sure that the new product is aligned with your customer's needs. If you haven't checked in with your target audience in awhile, we recommend creating a survey to better understand how your next product can help them.
8. Extend into New Markets
When you’re researching how to grow your business, you may need to literally grow your business. If you’re looking for a more drastic way to grow your small business, you may want to consider opening a new location. This can be an effective way to reach new customers and tap into new markets. When opening a new location, it’s important to make sure that the location is convenient for customers and that it’s in a good area for foot traffic
9. Collaborate With Other Businesses
Collaborating with other businesses is a great way to reach a new audience while still staying true to your brand identity. For example, if you sell products for dogs, you could collaborate with a pet store or dog groomer. This will allow you both to reach each other's audiences and grow your businesses at the same time!
Related Reading: How Partnerships Can Help You Grow Your Business
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
Find your next capital lender through the Fundid Capital Marketplace. We are partnering with lenders who are ready to serve small businesses.
Working Capital Loan
A working capital loan is an invaluable tool for small businesses seeking to expand or grow their operations. By providing a source of additional financing, it empowers small business owners with the funds necessary to purchase inventory, hire extra help, develop marketing campaigns and other strategies that can lead to increase sales.
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 business line of credit. By having the ability to easily draw down funds as needed, it allows you to finance larger projects than would normally be possible, opening up new possibilities for growth and development.
Grants
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.
Editors Note: This blog was originally published on January 3, 2022, and has been updated for accuracy and comprehensiveness.