Every year there are new methods and inventions in the business world, and 2021 is no different. It takes the best strategies, aggressiveness and perseverance to survive the storm. What makes this year more difficult is the Covid-19 pandemic, which has pushed businesses into tight corners where only the fittest survive. Below are 12 rapid growth tips for your small business this year.
Minimize your operating costs
One of the best ways to reduce your operational costs is through the sharing economy. As a small business owner, it's wise to pay to access certain software rather than the expensive option of paying to own it. It gives you access to the best business tools, equipment and even human resources for a fraction of what you would have paid to own them.
Invest in easy online business accounting software
Rather than buying a complete accounting software, you can pay for subscription fees in some of the readily available online business accounting software. You can also choose to hire freelancers who use cloud-based accounting for a fee.
Launch campaigns to attract and keep your customers
Any business that needs to grow must first expand its customer base. A surefire way to do this is to introduce incentives like loyalty programs and customer rewards programs. If you get this right, you will develop a steady stream of new customers while retaining the existing ones.
Eliminate payment fraud
There are many loopholes that could make your business lose money. One of them is leaked customer information such as passwords and addresses. Another is payment fraud through credit cards and bank checks. Such scams could cost your business a lot of unwanted expenses in the form of legal fees and compensation.
Conduct regular audits
In 2022, you should strive to identify and eliminate leaks and loopholes in your business, especially with the avoidable costs that come with them. The best way to minimize them is to invest in proper internal controls and security audits.
go paperless
With the innovations brought about by modern technology, going paperless is the way to go for any investment. Buying, managing, storing and disposing of papers is not only bad for the environment, but also comes with several hidden costs.
You can switch to online accounting services instead of the old-fashioned paper receipts and ledger records. It would also be helpful if you refrained from accepting checks as payment due to the high cost and work involved.
Challenge yourself for higher levels
2022 is the year when you need to reach greater heights with your business. It can mean trying new markets and inventing new business models to position your company way ahead of the rest. An example you can adopt is moving your products to the online platforms to compete with the big boys like Amazon and Alibaba.
Compete for awards
After making sure you're among the best companies in your field, you can start competing for local and regional business awards. Such recognition reassures your customers of your quality and skill.
Redesign your websites and ads
If your website design is still aimed at PC users only, you need to change that in 2020. One important thing that you need to realize is that in the modern world, people spend more time on their cell phones than on any gadgets. Targeting smartphone users with your website and campaigns will expose your business to billions of users. You can also target social media ads instead of opting for the traditional billboards.
Prioritize search engine optimization
Search Engine Optimization or SEO involves the strategic positioning of your content on search engines like Google and Bing. If you get it right, anyone searching for keywords related to your activity will see your website first.
It is one of the most proven campaign strategies for people who want to market their products and services. Mastering and practicing SEO best practices will make your business stand out in the always dynamic and congested digital platform.
Join the top video platforms
In addition to targeting search engines and other social media platforms, you should join and establish yourself in the video revolution. Using video to convey your message is an ideal and more direct way to reach all groups of people. In addition, YouTube offers the second largest media platform after Google.
You can start slowly by investing in a basic camera (some smartphones have the best cameras) and posting videos you've shot yourself to your channels. Later, you can expand your practice and hire a permanent or freelance social media marketing team.
Focus on your niche
The last and most important tip is to focus on your business. As a new business owner, fear and excitement could tempt you to venture into other sectors and markets. While ambition is acceptable, overdoing it can lead to missed opportunities and divert your attention. Focus your dream on expanding your market base and building your brand before you can do other things.
bottom line
Every small business owner must do their best to survive competition from their peers and constant bullying from established companies. Our tips above will give you the right knowledge to see your business grow to tremendous heights if implemented correctly.
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