All small business owners can agree that growing a business can be challenging, no matter what your industry and niche. Despite these challenges, having your own small business is exciting. To keep that excitement, you need to ensure growth each year.
The future is pretty bright for small business owners. If you are in the eCommerce space, you can expect a growth of over 11 percent in the upcoming year. That is if you do it right.
According to a Quickbooks article, “Small businesses must make marketing a priority to stand out and grow their customer base.” But how do you do prioritize this for the coming years?
The following four growth hacks to maximize small business success can serve as your roadmap. Let’s dive in!
1. Maximize Your Team for Maximum Success
One of the most important growth hacks you can employ for success is team development. You definitely can not do it alone, making your team a powerful asset to grow your business. This means you will need to get proactive in the team building department.
First, ask yourself how engaged your team is currently. Are they happy? Do they take ownership of the business? Do they want to grow professionally with your small business? These are all excellent questions when beginning your team development.
Every team member you have probably wanted to grow professionally, whether it is with your business or not. So why not let them grow with you. This is where transparency plays a vital business growth role. Hold state of the union meeting and explain where the business is going and how each team member fits in. This will go a long way.
You also want to give them a voice. Many small business owners fail in this department. However, by listening to your team, you will learn about your business in-depth, because they are on the frontlines. This can help you build a better business and grow exponentially.
2. Get Out and Spread the Word
Running a small business is definitely challenging. You are trying to be innovative in product or service ideation and development, dealing with potential investors for future funding, and other owner tasks. This is part of the process, but you also need to find time to get out and spread your brand’s message.
This makes conferences and going to special events vital to the growth of your small business. For example, attend an industry event and talk it up with new clients, vendors, and even competitors. This will allow you to grow your industry and niche network while also growing your small business.
3. Invest in Growth-Minded Technology Assets
Budget is always a concern for small business owners. However, it is important to not fall behind in the technology sector of your business, because your competitors are definitely not. This is another important growth hack.
For example, having the right technology in place is imperative. Click here to find out what PAAY is currently doing to support their merchants. As a small business, you definitely want to protect yourself from fraud.
In addition, key technology assets, like website servers and other IT tools will ensure that user experience is a priority. Like many small businesses, you created your website on a shared hosting plan or shared server. But if site speed, page load time, and uptime issues are a concern, it may be time for a hosting plan upgrade.
4. Get to Know Your Customers Again
While on the topic of delivering a better user experience, it is important to know the users you are trying to reach. These users are your customers and future customers, and spending some time before 2019 to get to know them better can be a powerful growth hack for your small business success.
Do you know who your customers are? You definitely know your target audience, since you have an industry or niche, but do you know what makes them tick their interests and daily routines? These are vital aspects for developing more detailed customer profiles, or buyer personas.
For example, let’s say your small business target audience is women who like running between the ages of 20 to 40. This is great but does not exactly define the audience. Think more about what they do during the day, like work and family, as well as the pain points they may have.
Are You Ready to Maximize Small Business Growth?
The above four growth hacks for small business success are a few among many. However, these hacks can serve as a powerful catalyst for more sales and greater customer lifetime value in the long-term. What are your small business goals for next year?