A new year has begun, and small businesses are ready to boost their sales after enduring a period of instability stemming from the pandemic. Now is the time to set smart goals that will help grow your small business.
If you started your business last year, or you’re starting one this year, growth is most likely on your mind. Here are seven ways to grow your small business in 2022.
1. Reduce Business Costs
The first of the seven ways to grow small businesses is to lower business costs. This may be one of the most common goal-setting trends for small businesses this year. There are several ways to decrease business costs, helping you save throughout the year.
Two key areas to consider for business cost reduction this year are advertising and office space.
If you’ve been running both print and digital advertising, compare results between the two. If digital advertising is netting you better results, consider decreasing your budget for print and allocating that to experiment with new online ads. Never underestimate the power of e-mail marketing, content marketing, and social media.
Second, you can decrease business costs by lowering your office space costs. If your small business can operate remotely, remaining remote can save you a tremendous amount of money if you decide to forgo a physical location this year. Or, you might save on office space costs by moving your small business to a smaller location f your company operates on a hybrid basis.
2. Expand and Enhance Product or Service Offerings
Another way to grow your small business this year is to enhance or expand your products or service offerings.
This can be a great option for new small businesses and small business owners seeking to expand into another industry. Both options can help you with increasing profitability.
Some tips to help you enhance and expand your offerings are:
- Conduct market research to understand product demand
- Determine if your new product or service will solve an existing problem
- Hold a trial launch of a new product
- Use social media to determine the need for certain products or services from your existing customer base
3. Take Measures to Avoid Burnout
You can also grow your small business by avoiding burnout. Even though the year has only started, you can decrease the chances of experiencing burnout as the year progresses.
There are several measures you can take to avoid burnout this year. Some of the best strategies include:
- Delegate your tasks so you have more time to achieve your goals
- Establish work hours to complete specific, measurable goals
- Make sure you allocate time for activities outside of work so you’ll reduce stress
4. Implement Improvements for Better Customer Service
The fourth of the seven ways to grow small businesses is to improve customer service. A better customer service experience encourages customers to return to your business. Furthermore, boosting great online reviews helps improve your standing in search engine results.
5. Outsource When Possible
Fifth, you can consider outsourcing. Any business entity can use outsourcing to help small business owners achieve short-term goals and long-term goals.
This can help you grow your small business by lowering operational costs, improving the efficiency of your business, and it also allows you to tend to other business needs.
Outsourcing also has several advantages, which can save you money and time during company changes. Some benefits of outsourcing are:
- Allowing your small business to remain in operation if employees leave the company
- Lowering costs to expand your business
- Provides flexibility and promotes business growth
- Reducing business expenses for new employees
6. Emphasize Your Online Presence
The sixth way to build your small business is by emphasizing your online presence. As a small business owner, an online presence will help customers find your business and attract a larger customer base.
Your small business can use tools such as company websites and social media to provide a platform and advertise to customers. You can also consider tracking your progress with the reviews you receive.
Finally, you can emphasize your presence online by marketing your business. By marketing your business in-house, you’ll ensure the feedback you receive is relevant and time-based for the results you need.
7. Revamp Your Business Plan
The last way to grow your small business this year is to revamp your business plan. You’re free to revamp or update your business plan whenever you want, but it’s still a good idea to focus on two times of the year.
There are two times in which you can update your business plan: monthly or annually. Either option will help you stay focused on small business growth and success.
Revamping your business plan monthly may work for your small business accounting and financial needs. This is a great way to see how your efforts and results compare throughout the year.
If you’re doing a monthly review of your business plan, consider reviewing:
- Accounting and financial information
- Differences between business goals and actual results
- If you’re on track to meet quarterly goals
Revamping your business plan annually may help your small business in other ways. You’ll have a more comprehensive review of your customers, their purchases, and other areas to pay attention to throughout the rest of the year.
If you’re doing an annual update to your business plan, consider:
- Market share information for future growth in the next year
- Potential market expansion for your business
- Potential market segmentation
1-800Accountant Is an Expert in Small Business Taxes
As the new year progresses, it’s a great time to determine how your business can grow during the year. There are different strategies available for you to implement to propel your small business forward.
One thing every small business must do is pay small business taxes. When it’s time to pay small business taxes, we’re here to help you. Outsource your taxes so you can have more time to focus on what matters — growing your business and supporting your team. Work with the pros at 1-800Accountant for your small business tax needs this year.