Owning a small company in 2023 can be daunting. After all, there is so much competition, making it difficult for smaller brands to get their name heard.
If your small company is currently experiencing a stunt in growth, there are some things that you can do to help. This guide will tell you everything you need to know and discuss factors such as social media and merchant cash advances. It’s time to take your business to the next level.
Table of Contents
Hire Top Talent
Behind every business is a strong team. Therefore, if you want to experience business growth in the coming months, you must start investing in your employees. Hiring top talent will put you one step ahead of your competitors. CEOs should not be afraid to hire people that are better than them. It is a team effort, and skilled individuals will help the brand grow.
Your HR department should be strong. Experienced HR professionals have a vast knowledge of the recruitment process and can use their skills to help you scout the best talent around. If your brand does not yet have an extensive HR department, it is useful to look at some recruitment tips online to help you to up your hiring game.
Address Your Customer Pain Points
Is your brand addressing your customer’s pain points? This is an important question that all small business owners should be asking themselves. Pain points are problems that your customers experience in the marketplace.
This can be anything from needing specific items within their budget to yearning for better customer service. If your brand can actively address your customer’s pain points, you will make your business more appealing to consumers.
Your sales team can also tailor their advertising pitches to present your products/services in a way that delivers a solution to prospective customers. It also helps give your brand a purpose. You are providing your customers with a reason why they should use your products/services.
Have A Voice On Social Media
Leading on from pain points, it is vital that you give your customers a voice. By doing so, you can identify what your customers need from your brand. An excellent way to achieve this is by having a voice on social media platforms. All small businesses should be utilising sites like Instagram and Facebook to help them grow their business.
Not only does it help you generate brand awareness, but it also allows you to reach out to your audience on a worldwide scale. For example, you can post a poll on Instagram to ask your customers how they feel about your recent product release.
It gives your customers a voice and allows your brand to home in on what your customers want. You can learn how to create an Instagram poll by referring to an online step-by-step guide.
Attend Networking Events
Networking is a vital resource for any small business, particularly those who want to experience an increase in growth. Networking allows small business owners to connect with like-minded people in the industry. Together, you can share ideas and thoughts, which may even lead to a collaboration that could be vital for your brand’s success.
It is an opportunity for you to learn from bigger brands in the industry. By creating good relationships with other business owners, you are opening up more opportunities for your brand in the future.
If you are new to networking, you must get yourself out there. Use the internet to find local networking events in your area and make an effort to attend at least once a month before you find your feet.
Consider A Merchant Cash Advance
Often, small businesses struggle to reach that next step because they run out of money. Funds can be difficult to come by, particularly when you are just starting. Luckily, some forms of funding can help – a merchant cash advance is one attractive option. A merchant cash advance allows your small business to borrow a sum of money from a lender.
Rather than having the stress of paying the money back straight away, your company repays the lender through future customer card transactions. If you are interested in a merchant cash advance, Capalona is a company that can help.
They can help your company get to grips with merchant cash advances and secure you a loan that you can use to grow your business.
Go The Extra Mile For Your Customers
No small company can grow without a loyal customer base. Therefore, your business must be doing everything it can to retain its customers. There is a lot you can be doing to achieve this.
Firstly, you must prioritise good customer service. If someone has a positive shopping experience with your brand, they will likely shop with you again and recommend you to their friends.
It is all about going the extra mile. Why not set up a mailing list and email customers a discount code on their birthday? It is small gestures like this that will make your brand more memorable in comparison to others.
You can learn how to build your mailing list online. A great place to start is by putting a call to action (CTA) on your website, asking your customers to sign up for the chance to access great discounts.
Prioritise Your Company Website
If a brand does not already have a company website or they do and fail to update it regularly, this could significantly affect its growth. Not only does a website increase your professionalism, but it also can help you attract new customers.
Your website is an opportunity to showcase your products/services to others to show people why they should shop with your brand. If you have no experience in web design, then it can be handy to hire a web developer.
This is something that a merchant cash advance could help fund, as previously discussed. Once your website is up and running, you should regularly update it as it shows your customers that you are present. It also keeps the content on your site fresh and interesting.
Invest In Advertising
If you want your brand to achieve long-term recognition with consumers, you must invest in advertising. A strong ad campaign can increase brand awareness and positively influence your credibility.
Advertisements are also an opportunity to get your brand in front of consumers who may never have heard of you before. It is no secret that advertising can cost money, which can put a strain on small businesses. You can address this need for funds by applying for a merchant cash advance or looking into more cost-effective forms of advertising.
Banner ads are a traditional form of advertising but remain hugely effective. They are praised for being a cost-effective form of advertising. Now, there are online programs that can help you make a professional banner ad within minutes – no graphic design degree is needed.
Work With Influencers
Influencers have increasingly grown in popularity over the years and can significantly impact your business growth. Influencers can create high-quality content using your products/services and post it for their ready-made audience to see. Working with the right influencers can see your customer base grow dramatically overnight. However, choosing the right people takes time. You want your brand to be represented in a positive light, not by working with someone who is seen as controversial, as this can get you in the press for the wrong reasons. Seek some top tips online to help you get started. Ideally, you should pick an influencer with a high social media following and engagement figures. Your target audience needs to be able to resonate with them.
Keep One Eye On The Competition
If you want to grow your small business, you need to look at your competitors’ actions. Did they have a recent ad campaign that gained a lot of engagement? Did their customers react well to their latest product release? Knowing the answers to these questions puts you at an advantage. It allows you to identify what content/products work well within your customer base. If your competition makes a mistake, your brand can home in on this. It can also help to keep one eye on the competition to help you actively set your brand aside from the rest. What does your brand offer that others don’t? Having a unique selling point (USP) can help you attract more customers further down the line.
It is important to set realistic expectations for your company. Understand that even by following the points outlined above, your business will not substantially grow overnight. It takes a lot of hard work and determination to get your brand out there. Consistency is key. Understandably, funds can be low for a small business compared to a larger company. However, utilising free resources like social media platforms and applying for a merchant cash advance can help. Invest in your team and always prioritise your customer base. Without a loyal customer base, your business will struggle to grow throughout the year.