According to the Small Business Administration’s Office of Advocacy, there are 30.2 million small businesses solely in the US. Moreover, 47.5% of Americans are employed by these companies. This proves that starting your own enterprise is possible and can be extremely rewarding.
But what should you do to stand the competition and grow? How to motivate your staff and expand to new markets? In this article, we will introduce you to 8 winning strategies for taking your small business to a brand-new level.
1. Competitor analysis
The first and one of the most important tips on how to take business to the next level concerns your competitors. You should conduct solid research, collect data, and understand what can help you to stand out from the rest. Here are some of the main criteria to consider: number of employees, investors, funding, strengths and weaknesses, target audience, and communication. For clarity, you can organize the data into charts and tables.
As a result, you will be able to define your advantages and drawbacks and get a competitor advantage over the companies in the niche. If you are planning to expand, we recommend comparing bigger businesses.
2. Gain expertise in your niche
There is no better way to declare yourself than to reach the customers through the Internet. You can show your expertise by opening accounts on Twitter, Facebook, and Instagram. Start a blog or website to share useful information, tips, and lifehacks. You can also join a webinar platform and go live! Become an expert that the customers are looking for and you won’t notice how your sales will start to grow.
3. Improve service level
99% of businesses interact with customers on a daily basis. This means that they need to know how to boost the quality of such interaction and make people feel comfortable and heard. Not depending on the industry, your employees should be patient and empathetic. They should be able to communicate clearly, be knowledgeable about the products, and have strong ethics.
You need to train your staff, set corporate culture, and ask customers to leave comments and suggestions that would boost the service level. Luckily, there are lots of tips to improve your customer service and you will surely find the most suitable option.
4. Expand to new markets
Every startup dreams about expansion. And even if you feel that it is too difficult or expensive, be sure that with the right mindset and instruments, you can conquer new markets and gain customers all over the world. Here are a few things to consider:
- Review your business model and characterize the target audience
- Set clear goals for the future
- Research competitors in the target market
- Evaluate their strengths and weaknesses
- Launch a minimum viable product and collect feedback
- Adjust your good or service to local traditions
- Always learn and evolve
5. Use marketing strategies
Marketing is one of the most effective instruments not depending on whether you are starting a business or want to take it to a brand-new level. A good marketing strategy involves audience analysis, value proposition, focus, promotional instruments, online self-presentation, ads, emails with the recent news, and word-of-mouth promotion.
Another trendy instrument is video marketing. With the help of brand and demo videos, expert interviews, and educational clips, you can bond with the audience much faster. And to make these videos good, use an mp4 editor that won’t cost you a cent.
6. Hire the right people
Many business owners confess that they are not able to delegate responsibility to others. There is even a common phrase saying that if you want to do well, do it yourself. However, this often leads to stress, burn-outs, and missing out on something really important. If you want to grow, find people who share the same principles and ideas. Keep them motivated and make sure that they love working for you. You can also use a task management tool to boost productivity, distribute the assignments, and control their completion.
7. Be open to experiments
Do you know what is the most important thing which distinguishes a successful business? Creativity and an open mind. If you use the same instruments and strategies, you shouldn’t expect new results. Start with reading success stories of similar companies and business owners. Read about the latest trends and technologies that can take you to a new level. For example, you can outsource a content writer instead of writing the blog on your own or purchase additional software to optimize the expenditures.
Risk and experiments are an integral part of any business and it is only up to you to decide whether you are ready to take a step into the unknown.
Being a small business owner requires lots of communication. That is why you should add networking events to the schedule and try not to miss them. You can also participate in online events like webinars and conferences. There, you can find required professionals, enterprises in a related niche, or simply people who might be interested in your goods and services.
One of the biggest mistakes you can make is to use networking solely for spreading the word about yourself. Instead, make new business contacts. With their help, you might find new employees and even business partners.
Starting your own enterprise, whether it is a marketing agency or a coffee shop, takes lots of time and resources. You are in charge of tens of processes: from the purchase of supplies to business promotion and logistics. Luckily, with the right people and strategies, you can succeed and prosper. The road surrenders to the one who walks it!