Starting a new business is always challenging. Many companies fail, and business owners usually have to put in a lot of sweat equity and extra hours in the first few years.
Along with the usual challenges of running a new business, the past few years haven’t felt very stable when it comes to the economy. With prices on everything from real estate to groceries fluctuating, markets look different from year to year. And while some businesses thrived during the height of the pandemic, others had to close their doors.
With all of these considerations, you may wonder how you can actually grow your business in 2023 and beyond. In this guide, you’ll learn practical tips to help grow a company, regardless of your industry.
Tip 1: Research Your Market
Whether you’re selling leather goods, car parts, or handmade crafts, you must research your market. If it’s over-saturated, you may have a more challenging time achieving growth. But, with more research, you’ll understand how to create a niche, even in a competitive market. You may find that you need to sell a slightly different product that no one else is selling.
Tip 2: Improve Client Retention
Another critical way to grow your small business in 2023 and beyond is to focus on client retention. Finding new clients does matter, but the advice about being more successful often revolves around gathering new customers.
However, keeping your existing clients can be just as important, if not more so. Your repeat clientele is more likely to return, and you want to grow that loyalty so don’t turn to a different business in the industry.
Find ways to engage with your customers. Consider loyalty programs or interacting more on social media.
Tip 3: Look To Automate
Whether you’re primarily a local business or already shipping to clients nationwide, you and your team may be spending extra time on processes that can be automated. Whether it’s basic customer service requests or payroll, you could save time and money by finding software and programs that improve automation and free up people to focus on more complex problems.
Tip 4: Don’t Count Out Local Marketing
Online marketing does matter for almost any business, but as a smaller company, local marketing shouldn’t be ignored. Whether it’s billboards, fliers, or mailers, physical marketing in your region can help spread the road.
While these things cost money, they may be worth it if you need to increase word of mouth. Of course, you’ll want to continue researching your market to see which advertising approaches make sense for your resources and business budget.
Tip 5: Expand To Video Marketing
Have you started using video marketing in your online strategy? If not, it’s time to do so. Video marketing can make your business and products seem more credible. With video marketing, you’ll also improve your rankings on search engines.
Building Your Small Businesses in 2023
While every business is different, you can put these tips into action. If making a big adjustment seems overwhelming or out of your budget, stick to one tip at a time and focus on one area of growth.
With these five tips, you can find more success for your local business, online store, and more.
