In 2022, the world of small businesses is becoming increasingly competitive. Today’s consumers are fully prepared and able to shop online and have little hesitation in buying products that are shipped internationally. This results in a situation where small businesses are required to compete on an international level whether they want to or not. Add in the fact the failure rate for small businesses is 50% after five years of trading and you have a business world that can be a daunting prospect to simply survive in. If your small business has successfully navigated the challenges and trials of the first few years of trading, it is likely that you will be wanting to grow your organization to foster increased revenue and secure its long-term success. This article explains three ways in which any small business can take meaningful steps to cultivate growth.
Adopt lean methodologies
Lean methodologies were first introduced to minimize wasteful production processes in the manufacturing industry. Today, lean process improvement can be adopted across any industry or business and can be a valuable tool in growing the organization. The core concepts of lean philosophy focus on minimizing waste at every step of a process. By minimizing waste, less money is lost, and a business can become both more efficient and more profitable. This in turn can free up funds that can be used to drive growth. Lean methodologies can also be an important part of trading in terms of public relations. Customers in 2022 are increasingly environmentally aware, they will seek to trade with companies that can demonstrate their sustainable credentials, and by minimizing waste a company is doing just that.
Use social media channels
The power of social media channels such as TikTok and Instagram simply cannot be underestimated as a platform for growing your customer base. It is estimated that around 1.1 billion people use TikTok on a regular basis. In the global marketplace these social media users can be transformed into paying customers. Small businesses need to harness the power of such social media channels and create short but memorable adverts and promotions for their products and services. The adverts must align with the company’s brand by using similar themes and logos that can also serve to build brand awareness of the organization. Ensure that all promotions link back to the company website, ideally to the product page of what is being promoted, so consumers can be quickly taken to the relevant webpage.
Offer world class customer service
As a final point, a small business can secure repeat custom and grow a loyal customer base that fuels growth by offering world class customer service. Inevitably, there will be occasions when a customer needs to contact the business to have a question or query answered or even to raise a complaint. In all circumstances, customers should receive rapid and effective feedback to their communications. Put simply, a business that does not respond quickly to its customers is one that will lose them. Chat bots can be used to direct customers to the answers they require and can be a low cost solution to customer service. However, it is also important to recognize that human interaction will sometimes be required, and this should be effective and courteous, seeking to resolve issues in a way that meets or exceeds the customers’ expectations.