As a small business owner, you have a lot going on. You have great ideas, big goals and the desire to reach great success as quickly as possible. You’re committed to the hard work it will take to grow your company, but you wish you had the special recipe for success. Sadly, it doesn’t exist. However, there are some best practices you can implement to accelerate growth and give your business a fighting chance.
Conduct Market Research and Analysis
Research is essential for businesses trying to become leaders in their respective markets. According to Peter Dodge Hanover Research, 68% of organizations that increased profits in the last year did so by applying thorough industry knowledge, research and analysis. As a result, you can make strategic decisions that will exceed your expectations and outdo your competition.
Invest in Your Business
When you’re first starting out in your venture, if you see any profits at all, it’s unlikely they’ll be large. Any money you make initially should be reinvested so your company can grow quickly. The following rules for reinvestment in your small business will guide you toward balance, growth and success:
- Reinvest in new ideas and special projects.
- Don’t set strict spending limitations.
- Diversify by splitting profits between growth and passive income.
A commonality among successful startups is their adaptability. You need to be flexible when the market shifts, so your company doesn’t fade into obsoletism. Develop your brand with agility in mind, and you’ll be able to integrate multiple approaches to running and growing your business. This allows you to discover what works while not succumbing to your failures along the way.
While it’s important to be nimble, your business practices mustn’t become erratic. Flying by the seat of your pants will land your company in deep trouble fast. Careful planning and anticipation of anything and everything that could go right or wrong is the only way to remain grounded as you grow. When your foundation is firm, it will be easier to exercise flexibility where it counts.
Be Social Media Savvy
Whoever your ideal customers are, they’re most likely on social media, and that’s where you should be too. Take advantage of all the major networking platforms (Facebook, Instagram, Twitter, TikTok, etc.) by creating business profiles and using them to interact with the public. You’ll have a direct line to current and potential shoppers. You can post updates about your company’s policies, market your latest products and let your followers share your good news to all their friends and family.
Pay Attention to Customer Perceptions
The way customers view your business will determine whether it survives. If you deliver quality products, services and experiences for buyers, then they’ll do your marketing legwork for you via word-of-mouth and social media praise. Screw it up though, and they’ll end you just as quickly through the same avenues. The most successful small businesses are dedicated to foreseeing and responding to the needs of consumers, gaining and sealing loyal, long-term customer relationships.
By attending networking events, you’re able to make connections with like-minded individuals and business professionals with broad levels of experience. Learn from them, and use their vast industry knowledge, unique perspectives and market insights to your advantage. Over time, these relationships can continue to benefit your business, especially if you keep in touch via LinkedIn and other professional networking avenues.
Be Socially Responsible
Chances are, the reason you started this venture in the first place was to fill a void and make the world a better place. Consumers want to support businesses that share their values, so it’s important that you make yours known. By publicly supporting causes from cancer research to environmental sustainability, you can make meaningful contributions to social issues while establishing your company as a caring community leader in the hearts and minds of customers.
There’s no perfect equation for immediate success. However, by implementing these tips, you can establish your place in the market and give your company the best chance of rapid progress.
Guest Article by Kevin Gardner
Kevin Gardner graduated with a BS in Computer Science and an MBA from UCLA. He works as a business consultant for InnovateBTS where he helps companies integrate technology to improve performance. He shares his knowledge and expertise not only with his clients but with his fellow bloggers and readers.
Subscribe to weekly marketing tips
Every week, you’ll get a useful email that gives you an action plan for how you can grow your brand. In it, you’ll find: