10 Ways to Grow Your Small Business Growth Strategies

10 Ways to Grow Your Small Business Growth Strategies Learn 10 practical ways to help grow your small business with growth strategies. Find out more with tips again

10 Ways to Grow Your Small Business Growth Strategies
10 Ways to Grow Your Small Business Growth Strategies

10 Ways to Grow Your Small Business

10 Ways to Grow Your Small Business Growth Strategies Learn 10 practical ways to help grow your small business with growth strategies. Find out more with tips again

  • Understand your audience

In today's business landscape, understanding your audience has never been more important. If you don't know what your customers want, it's very difficult to please them. And at the end of the day, that's what it's all about - delighting customers and building brand loyalty. So, how do you learn what your customers want?

Any good growth strategy in 2024 is going to rely on data to truly succeed. The great thing is, there are many ways to access quality data. You can use website tools like Google Analytics to learn more about where your customers come from and how they interact with your website. You can hire a marketing firm to conduct extensive research on customer behavior. You can even ask your existing customers using email surveys or social media polls.

Put together a profile of who your customers are, what they want and how to reach them. Armed with this knowledge, you will have a better idea of how to expand your business.
2. Invest in technology

Business technology is a very broad and far-reaching term, covering everything from how you run your daily tasks to how you keep track of your accounts. Perhaps a good starting point is to look at your payment system. Are you making it easy for your customers to shop? If not, a system like Square Payments is a smart investment, as it allows you to accept payments in person, remotely, and over the phone.

You can go a step further by considering a comprehensive point-of-sale system like Square POS. It allows you to not only accept payments, but manage your entire inventory, sync with an online store, and access powerful analytics to inform your business decisions.

Other types of technology to consider are a CRM for improved customer relationship management and sales processes, a website upgrade, and other types of automation technology to improve efficiency and accuracy.

3. Improve user experience on your website

When building a website, it's all about the customer experience. This applies to all websites, but is even more important if you offer an ecommerce service. For example, suppose you invest in marketing to drive more leads to your website. Those leads won't turn into sales if your website is difficult to navigate or your products are difficult to find. Other aspects of ecommerce and website design to consider are how easy the checkout process is and whether customers can easily access the information they need.

One way to improve your website is to use a service like Square Online. The advantage is, you get all the tools you need to quickly and easily create an online store that customers love You don't need an expensive web developer and you'll be selling in no time. Plus, it's built with the customer experience in mind, so you'll have more opportunities to convert leads into sales.
4. Create a customer loyalty program

We talked earlier about knowing your customers and what they want. Well, almost all customers prefer a loyalty program that benefits them. Loyalty programs come in all shapes and sizes. It could be a points-based system where customers can earn points on every purchase and trade those points for benefits. This could be a system where registered customers get a percentage discount on every purchase. Even as easy as you find it at your local cafe, where every 8th coffee is free.

If you want to increase repeat business and build brand loyalty, consider a tool like Square Loyalty, which makes it easy for you to implement a loyalty program that keeps your customers coming back for more.
5. Provide great customer service

Want to know how to grow a small business? If all else fails, and you don't have the money to invest in technology or marketing, a growth strategy is always free. Focus on providing great customer service! It costs nothing to greet customers with a smile, be empathetic when answering questions, or respond quickly to online inquiries.

The fact is, when you provide great customer service, people notice. They may come back, tell their friends, or even become an ambassador for you on social media without you asking.
6. Use social media

In the modern world, social media is a very powerful tool and it gives you a great insight on how to grow your business. Have you ever searched for a business online and found that they don't even have a traditional website, just a Facebook page? We're not suggesting you walk away from your website, but it just illustrates the fact that many business owners consider social media to be more important than building a proper website.

Social media can be used to connect with customers, build brand loyalty and of course market your business. Creating great social media content and being as interactive as possible is a great way to gather a healthy following on social media. For more detailed information on how to use social media for business growth, check out this useful social media marketing guide.

7. Create a sales funnel

If you haven't heard of the sales funnel before, now is the time to start learning. A sales funnel basically describes the journey your customers take on their way to making a purchase. By building your sales funnel, you can help lead and nurture sales more efficiently.

The beauty of a sales funnel is that many steps can be automated, especially if you invest in CRM software. For example, a sales funnel might start with a customer seeing a Google ad. When they click on that ad, they're taken to a relevant, informative webpage that encourages them to take a specific action. You can ask them to sign up to an email list, and then your system will automatically kick in by emailing them a special deal. The email includes links to the product page, where a discount has already been applied, making it easier for the customer to shop.

This is a basic example, and your sales funnel may look very different, but by using tried and tested processes and automation, you can quickly increase your revenue.
8. Work with the right people

Another thing to consider as your business expands is getting the right people to work with. This could be new employees, contractors, freelancers, or even companies you hire for specific tasks. Investing time and effort in surrounding yourself with the right people is paramount. The process of hiring and firing is laborious and expensive, so you want to avoid frequent employee turnover.

In addition to choosing great employees, the same discretion should be applied to choosing mentors and those from whom you seek advice.
9. Focus on your strengths

Many small businesses make the mistake of trying to be everything to everyone. It often manifests itself by offering too many services or selling too many products. Often, a good growth strategy is to focus on quality rather than quantity. It's okay to aim to expand your business, but make sure you lay a solid foundation first.

If you do one or two things really well, rather than providing 5 or 6 mediocre services, you'll be more likely to get noticed in a busy marketplace. Focus on what you're really good at and establish yourself as an authority in that field before trying to offer new services.
10. Use events to grow your customer base

Finally, this is an old growth strategy but one that never goes out of style. Networking and events are two ways to increase your brand recognition, your authority in a field and indeed, your customer base. You can host events yourself as a way to generate interest in your brand. Webinars and other online events are a cost-effective way to build your email marketing list.

Alternatively, look for relevant networking events that you can attend yourself. They are usually a great way to make connections, discover opportunities and even be inspired by the success of others.