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Top Growth Strategies for Small Businesses

Small Businesses
Photo courtesy of Unsplash

If you are one of the more than 30 million small businesses in the United States, you likely want to know what strategies can help your company grow. The following ideas will help you plan the steps you need to take to enlarge your enterprise in 2022.

Focus Areas for Growth Management

It’s not unusual for business owners to feel overwhelmed when they try to figure out the best way to allocate such resources as time. It helps to break down areas of growth and assess how they are connected. Consider the following areas to streamline business operations and improve the scalability of the business.

  • Focus on customer satisfaction as a happy customer will remain loyal and refer the business to others. Aircall provides several specific techniques to monitor how happy your customers are with your products and services, such as in-app surveys, customer satisfaction scoring, and habit-gauging analytics.
  • Leverage technological tools that can help improve efficiency and streamline business processes. There are actually many ways technology can make your company more efficient, lower your costs, strengthen your networks and improve employee retention, so make sure you evaluate your options and take advantage of the best ones.
  • Invest in marketing to engage with customers and raise brand awareness. There are a number of good strategies that Wordstream recommends to get the most out of your marketing efforts.
  • Organize finances to improve profitability and create a systematic financial record. Many businesses are not as successful as they could be because they neglect common-sense financial practices such as setting up a bank account for your business, tracking income, and tracking and reviewing expenditures.
  • Utilize an Annual Report to keep investors and employees aware of the company’s successes and challenges. Focusing on an annual report is an important growth management strategy that is often overlooked. ZenBusiness can help you prepare your annual report for as little as $75, plus they offer automatic filing.

It is very important that if you make important changes to your company like address, name, new shares, or membership, then you will need to note it in your annual report. Failure to file an annual report could lead to your state imposing fees or penalties or maybe even revoking your company’s right to conduct business within the state.

Hone in on Metrics That Matter

Have you considered investing in a customer relationship management platform (CRM) such as Salesforce? CRMs can help a business grow by contributing to various growth management strategies. When integrated into a system, a CRM can improve customer satisfaction, enhance team collaboration, optimize marketing efforts, and more.

Be Alert to Wearing Blinders

It’s easy to get focused on customers and forget that there are behind-the-scenes players that impact your growth. You should also stay up-to-date on technology developments, be aware of ways to motivate your team members and consider the benefits of locating freelance workers to step in when business spikes or special circumstances require special kinds of assistance for limited amounts of time.

The vast majority of companies in the United States are classified as small, and almost every large corporation currently in existence started out as a small business. If you are one of the millions of entrepreneurs who have launched your own firm, congratulations! We hope these ideas and resources will help your business to prosper and your employees and investors to thrive in the coming year.

Information is power; stay informed to help your business grow and improve your bottom line. Connect with Fartiz for the latest news, advice, and events related to technology, small businesses.

Article by Julia Mitchell

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