For a variety of reasons, 2021 was a difficult year for small company owners. 2022 gives a fresh opportunity to build your business, whether it was a successful or unsuccessful year for you, or if you’re just getting started. Eight small company growth methods and recommendations are included below to assist you in achieving your objectives.
Create a Successful Business Plan
You should prepare a business strategy if you do not already have one. Writing a business plan pushes you to consider different areas of your company, including your products and services, target clients (more on that later), competitors, and marketing strategy.
A business plan also aids in the formulation of revenue predictions and the setting of firm objectives. Take the time to consider all of these factors and set objectives for the year. It’s time to dust off your old company plan and refresh it with new objectives and predictions.
Boost your Online Visibility
Having an online presence is critical for future success, regardless of whether your firm is thriving offline. The eCommerce business is increasing at a rate of roughly 23% per year, and some experts predict that by 2040, online sales will account for 95% of all purchases.
2022 is the year to have a website for your company if you don’t already have one. A website may assist your firm gain reputation, expand sales capacity (particularly in the future), develop brand recognition, allow you to engage in email marketing, and much more.
Another channel you can’t overlook is social media. 45 percent of social media users said they used the platform to study companies and items, and 67 percent said they bought something they saw advertised on social media. Even concentrating on one or two social media channels where your clients are engaged might help your company grow significantly.
Quality Employees to Attract and Hire
A solid team is one of the most important components of a successful business. Quality and devoted staff may make a huge difference in the success of your small business.
According to the most recent labor data, the United States still has 10.6 million job opportunities and insufficient applicants to fill them. In reality, for every job opportunity, there are just 0.7 jobless people.
Write precise and informative job descriptions to attract great employees by letting applicants know exactly what will be required of them. Then, to make your firm as appealing as – or more appealing than – your rivals, match incentives from other businesses in your field.
This might include a welcome bonus, a hybrid work model, or other perks.
Develop a Positive Company Culture
Businesses have faced large waves of resignations in what has been dubbed “the Great Resignation,” in addition to facing financial difficulties and implementing Covid-19 safety standards.
Developing a strong business culture is one of the greatest methods to retain outstanding personnel. In 2022, make an effort to bring the whole business together for events – as securely as possible – to establish trusting connections via transparency, to have an open-door policy so workers can voice their concerns, and to be as flexible with scheduling as feasible.
Reduce Your Business’s Risks
While running a company does come with risks, having proper business insurance will protect you from serious liability risks. 75 percent of firms, according to one research, are underinsured.
There are many various forms of company insurance to consider, but general liability, workers’ compensation, and commercial property insurance are the three most important.
– Liability in general. General liability insurance protects you and your company in the event that a client, customer, vendor, or other third party is injured on your premises or while using your products and services.
– Workers’ Compensation Insurance. Workers’ compensation insurance is almost mandatory for all employers. It pays for medical expenses and missed earnings when employees are injured on the job or get ill as a result of their work.
– Commercial real estate. Accidental damage, vandalism, or loss of the physical structure and assets are all covered by commercial property insurance.
Make sure you have the correct sort of business insurance and enough coverage so that you and your company are protected in the event of a disaster.
Make a Marketing Investment
Invest in marketing and spread the word about your company to get ahead in these unpredictable times. In 2022, marketing must be a component of your business growth plan, but it doesn’t have to be expensive.
Utilizing social media ads, google ads, regular print advertisements, and other marketing strategies can all be effective ways to make your business known and attract potential customers.
Directing visitors to your website and establishing an email list may also be quite successful if you have one. Make marketing a priority in your budget, regardless of the path(s) you take.
Concentrate on the Correct Customers
Do you know who you’re trying to reach? Do you understand their wants, needs, and passions? If not, you should make this a high priority because you won’t be as successful if you can’t satisfy your clients’ demands.
Making customer/buyer personas is a fantastic method to get started thinking about your consumers’ problems and how to address them.
Are your products and services satisfying the requirements, wants, and interests of your target customers? Make contact with your current consumers and solicit feedback. They’re the ideal individuals to inform you how you’re doing and even provide you advice on how to better.
Make Customer Service a Top Priority
This may come as no surprise, but customer service must be prioritized in order to expand your business in 2022. If you don’t provide better service than your competition, your clients will move elsewhere.
When customers’ concerns are promptly addressed and their problems are rapidly resolved, they feel appreciated. Always go above and above to assist your clients, and make sure your employees are well-trained to deliver the finest possible service. Also, it is a good idea to get a business phone number.
Don’t forget to request reviews and testimonials, as 88 percent of purchasers trust internet reviews as much as personal recommendations.
Keetria is an entrepreneur, wellness advocate, and brand strategy coach for creatives & entrepreneurs with 16 years of public relations expertise working with some of the world’s leading brands, startups, media personalities, and entertainers. If you would like to work together, don’t hesitate to reach out!