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As a small business owner, you know that you should be constantly growing to be successful in the long term.
To do so, you need to hire the right people, market your brand, and find new customers.
Despite knowing the right steps to take, however, small business growth can be challenging, requiring you to make strategic decisions about how you spend your time and money. While you likely already have a rough outline for achieving business growth, there are a few useful techniques you may not have heard of, that can help you achieve success for your small business.
5 techniques to improve small business growth
Small business owners know that growth takes time, but they may be surprised to learn just how many resources are available to help them take their business to the next level.
Of course, there are the tried-and-true growth methods, such as investing in digital marketing and improving your customer service, but many small business owners stop there, overlooking other innovative ways to improve their growth.
If you're looking for ways to improve your small business growth, consider these five out-of-the-box techniques:
1. Low-budget, high-impact marketing
In order to grow your business, you need to find new ways to reach customers and increase revenue. A low-budget, high-impact marketing strategy is one of the most effective ways to do this.
This strategy is effective because it focuses on using innovative and cost-effective tactics to reach new customers, which is especially beneficial if you are working with a tight marketing budget. You don't need a massive budget to make a big splash. Focus on tactics like leveraging social media platforms, creating shareable content, and engaging with your audience through live videos or interactive polls. Build an email list and use free or low-cost tools like Canva for design, Mailchimp for email marketing, and Google Analytics to track your efforts. Partnerships with complementary local businesses or cross-promotions can also drive new customers to your door without significant expense.
Some of the most common examples of low-budget, high-impact marketing strategies include content marketing and search engine optimization (SEO). However, these are not the only options available to small business owners.
Another viable strategy worth exploring is cost-per-action (CPA) marketing. This is an affiliate marketing technique wherein you earn a small commission every time a customer completes a small task, such as completing a form, downloading a PDF or clicking on a link to an affiliate partner.
CPA marketing is beneficial for small business owners because it allows them to send a one-time, high-impact message to a small group of customers without investing heavily in digital marketing campaigns. It also allows you to reach customers in a highly targeted and personalized manner, which is ideal for converting leads into paying customers, as 90% of U.S. consumers find personalization in marketing to be very appealing.
2. Diversify your offers
When you first start your small business, you likely only have a limited number of products/services available to consumers. While this is a smart move when you are first establishing yourself, you eventually need to diversify your offerings as you grow in order to reach a wider audience. Expanding your product or service range can help you reach untapped markets and reduce reliance on a single revenue stream. For example, if you run a coffee shop, consider offering retail items like branded mugs or coffee beans for home brewing. Service providers can create tiered packages to cater to different customer budgets. Diversification can also include expanding to online sales, bundling services, or targeting a new demographic.
A great way to start this process is by adding complimentary products/services to your lineup. By adding complementary offers, you will not only appeal to your current customers, but also attract new shoppers who are interested in giving your products a try for a reduced cost.
3. Be adaptable
As a small business owner, you need to anticipate trends in your niche and remain flexible to keep up with the ever-changing world of business. This is especially true as you begin to grow.
The ability to pivot in response to market trends, customer feedback, or unexpected challenges is key to long-term growth. Regularly analyze market conditions and be willing to adjust your offerings or operations accordingly. For example, if customer preferences shift toward convenience, consider implementing delivery or subscription services. Staying flexible allows you to seize opportunities and mitigate risks effectively.
Changes in the market, technology, and consumer interests can significantly affect your bottom line, and you need to be able to adapt to these changes. Therefore, it’s important to avoid becoming too rigid in your business practices. Remember to always be open-minded while staying true to your core values.
4. Practice social responsibility
Consumers are increasingly drawn to businesses that prioritize ethical practices and community impact. Engage in socially responsible activities such as hosting charity events, sourcing sustainable materials, or supporting local causes. Highlight these efforts in your marketing to build trust and loyalty among your customers. Additionally, social responsibility can boost employee morale and attract talent that shares your values.
Social responsibility can come in various forms, including:
- Promoting public awareness about a specific issue or event
- Creating awareness for a local non-profit organization
- Supporting a community group that helps others
- Raising awareness about environmental sustainability
- Helping build a stronger community
- Supporting charitable causes in your local area
- Being an advocate for local causes and issues
- Joining a non-profit organization and volunteering
- Donating money or time to an organization that helps people in need
- Supporting a local sports team that your customers enjoy
Whatever route you choose, you want to make sure it represents your brand's values and aligns with your business goals.
BBB4Good recognizes purpose-driven businesses. If your business has integrated social impact into its business model, consider applying to the BBB4Good program. This new initiative enables purpose-driven businesses to become “BBB4Good Verified.” Approved businesses can display the digital BBB4Good seal and are highlighted on BBB.org. BBB4Good empowers consumers to identify businesses that reflect their values. Learn more at the BBB4Good website.
5. Know your limits, and don’t be afraid to take breaks
Finally, when running a successful, scalable small business, you must be able to take breaks from working. The business world is incredibly competitive, requiring you to put in hard work every day, so don't underestimate the importance of stepping away from your business occasionally to reset. If you're not careful, you'll burn out, and that can be fatal to a small business. Always make sure you are taking enough time for yourself. Breaks are a rare opportunity to recharge your batteries and refocus on why you started your business in the first place.
More information on innovative business growth ideas from the BBB
Scaling your small business might seem like a daunting task, but with the right resources at your side, it can be much easier than you think!
Ready to take your small business growth up a notch? Check out the BBB business news feed and our Biz HQ for more helpful tips and tricks!
Learn more about BBB's business resources.
BBB of Southern Piedmont and Western N.C. contributed this article.