The business landscape has undergone tremendous change. And small businesses that want to thrive need to adapt to it. Discover how to do just that.
Expanding a business. This is an important and exciting undertaking for small business owners, in particular.
But in recent years, planning for business growth has proven to be a challenging task for many of them. The COVID-19 pandemic and rising interest rates are just two reasons for this. And they have led to stagnancy or even the total closure of some businesses.
This does not mean scaling a business has become next to impossible. There are still plenty of ways for business owners to drive growth and meet their goals.
And in this article, we will explore 10 powerful growth tactics that small businesses can implement in 2023.
The 10 Tactics
Tactic #1. Referrals
One of the most effective ways to grow your small business is through word-of-mouth. Satisfied customers can become your most valuable advocates. After all, they are capable—and are motivated—to refer your business to other people.
To harness the power of referrals, make sure to provide exceptional customer experiences. Don’t forget to encourage customers to leave reviews or testimonials on various online platforms. You can also incentivise referrals through loyalty programs or rewards.
Remember that a steady stream of referrals will help you build a solid foundation for sustainable growth.
Tactic #2. Account Growth
Another effective growth tactic is to focus on expanding accounts with existing customers. By nurturing relationships with your current clients, you can unlock opportunities for upselling and cross-selling.
The key to doing this is to understand your customers’ needs.
So, offer personalised solutions that address their pain points. Provide exceptional customer service and stay engaged with them through regular communication. This is how you can encourage customer loyalty in the long term and ultimately increase your revenue.
Tactic #3. Expanding Your Network
Building and leveraging networks is crucial for scaling a business.
Some of the things you can do are to actively participate in industry associations, attend conferences, and join professional networking events. These platforms provide opportunities to connect with industry experts and potential customers. And it can lead to valuable collaborations, partnerships, and knowledge-sharing.
You can also engage in online communities relevant to your industry. Leveraging different social media platforms can help you expand your reach and connect with a broader audience.
By expanding your network, you open doors to new opportunities and fuel business growth.
Tactic #4. Marketing
As you know, an effective marketing strategy is fundamental to small business growth.
This is why it’s important to develop a comprehensive marketing plan that incorporates both online and offline channels. Only then can you maximise your reach.
For example, you can leverage digital marketing tools such as a website that’s optimised for conversions and social media marketing to enhance your online presence. Then, use offline marketing tactics to attract a wider audience.
Make sure to regularly analyse and optimise your marketing campaigns. This way, you’ll ensure maximum impact and great returns on your marketing investment.
Tactic #5. Increased Pricing
Economic changes have pushed many small businesses to adjust their pricing and offers. By doing the same, you can ensure continued growth despite external factors like inflation.
But how do you set your prices that’ll ensure profitability?
You can start by conducting market research to understand pricing trends and customer expectations. Then, evaluate your value proposition and the quality of your products or services. Once that’s done, consider increasing your prices accordingly.
Now, you might hesitate with this tactic due to fear of losing your clients. The key is to provide exceptional value. Make them understand that the value you provide to them is worth more than what they’ll pay for. That’s enough for you to justify your price adjustment.
Incremental price increases can enhance your business’s profitability. And that’ll then support business expansion. More importantly, it will position your brand as premium in the market.
Tactic #6. New Offers
Launching new products or services can generate buzz for your business, allowing you to expand your customer base.
The key is to research market trends and customer demands to identify gaps or opportunities. This is how you can identify innovative solutions that align with your customers’ needs.
Of course, your new offers should be well-promoted. So, you need to come up with effective marketing strategies to create a strong competitive advantage.
Tactic #7. Cost-efficiency
Evaluate your business operations and identify areas where you can streamline processes and optimise resource allocation. For instance, you can automate some tasks to increase productivity and reduce overhead costs.
Another option is to negotiate better deals with suppliers and explore opportunities to bulk purchase. You can also implement energy-saving measures by embracing environmentally-friendly alternatives.
By focusing on cost efficiency, you can free up resources for growth initiatives.
Tactic #8. Online Expansion
Expanding your online presence is crucial in today’s digital age. You can start by enhancing your website. Make it user-friendly, visually appealing, and optimised for search engines.
Additionally, establish a strong social media presence on platforms that are relevant to your target audience. And to further amplify your brand’s visibility online, consider utilising online advertising and pay-per-click (PPC) campaigns.
Tactic #9. Enter New Markets
Expanding to new markets may seem like a big feat for small businesses. But it’s not impossible.
The key is to conduct thorough market research to identify potential markets. They should align with your offerings and target audience. Then, analyse market trends, competition, and regulatory requirements to develop a solid market entry strategy.
Tailor your products, services, and marketing approaches to cater to the unique needs of the new market. Also, collaborate with local partners or distributors. Doing so will help you navigate cultural nuances and establish a strong presence.
Tactic #10. Business Partnerships
Forging strategic partnerships with complementary businesses can be a game-changer in scaling a business.
So, identify businesses that share a similar target audience with yours or operate in related industries. Explore opportunities for collaboration, like joint marketing initiatives or cross-promotions.
By leveraging each other’s strengths and resources, you can tap into new customer bases and access new market segments.
Just remember to choose partners that align with your values and long-term objectives. Fostering mutually beneficial relationships can drive growth for both parties.
Small Business Growth Requires Funding
Small business owners like you now have a wide array of growth tactics at their disposal.
But to achieve your goals, you need the right funding to support your growth initiatives. Having enough financial resources is how you can unlock your business’s full potential. Not to mention thrive in the years to come.
So, where can you get funding?
One option is to apply for unsecured loans. This option allows you to get your funding right away so you can start your journey to growth immediately.
If you need further assistance in this area, Unsecured Finance Australia is here to help. Apply online and you can receive your approval within 24 hours.