Tips for Growing Your Business in 2024
Starting and running a business is one of the most challenging endeavors a person can undertake. However, successful business owners will tell you that the more significant challenge is growing the business to the next level because a lot more can go wrong. Each business has its own dynamics and must deal with its own variables, making applying a standard formula for success difficult. However, when applied to most small businesses, certain fundamental principles can significantly increase the chances of success.
Embrace New Technologies
With new technologies, small businesses can increase efficiency and productivity by automating repetitive tasks, streamlining processes, and reducing manual workloads. Technologies that leverage artificial intelligence, data analytics, and automation are becoming more commonplace among businesses seeking competitive advantages and cost savings.
Prioritize Customer Service
It used to be that small businesses considered providing customer service just a necessary cost of business. Today, providing good customer service is table stakes for any business that hopes to compete. Businesses with serious growth ambitions are finding their competitive advantage by focusing on delivering an exceptional customer experience.
That competitive advantage translates directly into profits. According to an American Express study, 70 percent of consumers say they've spent more money with businesses that provide excellent service. The same study found that 86 percent of consumers would be willing to pay higher prices. The bottom line is that prioritizing customer service can directly impact growth and ROI.
Invest in Digital Marketing
For small businesses, available tools and technology offer the opportunity to vie for attention at the same level as larger companies. Digital marketing has leveled the playing field, allowing small businesses to expand their reach with the added advantage of appealing directly to their target audience.
Large and small firms work from the same general blueprint with the same tools to create their digital marketing strategy.
- It starts with a high-performing, visually appealing website built for lead generation
- Email marketing continues to be a powerful and cost-effective tool for communicating with your target audience
- Turbocharge your email marketing with marketing automation for tracking and analyzing the behaviors of your target market
- Increase web traffic by becoming socially active on Facebook, LinkedIn, Instagram, and YouTube
Focus on Financial Management
Poor treasury management solutionsis the number one reason many businesses struggle to get to the next level. Businesses that improve their financial management are better positioned to exploit growth opportunities. Whether it's monitoring your expenses, optimizing your pricing strategy, or maximizing cash flow by accelerating receivables and timing your payables, it invariably comes down to having the right processes in place.
Working with your business bank can give you access to state-of-the-art treasury management solutionstools—such as electronic funds transfer, automated clearing house, and remote deposit—that will automate processes and give you more control over your cash flow.
Have Ready Sources of Capital
When a business enters its growth stage, the need for additional capital can often outpace profits, which is when it must turn to other sources of capital. This is a critical juncture when, for the business to expand and meet growing demand, it needs money it doesn't have. The biggest mistake business owners make is waiting until they need it before looking for it. Your business plan can help you line up sources of capital well before it's needed. Business banks are always interested in learning about businesses before they have a need. Network with your business community and keep your business plan out there to open more funding opportunities.