Small and medium businesses (SMBs) need to evolve and become agile if they wish to remain profitable in the long term. Getting your small or medium business off the ground and thriving can be an uphill battle. Your greatest challenge will be ensuring you’re generating a profit as soon as possible and standing out in increasingly competitive markets.
Fortunately, there are strategies and approaches you can adopt to get ahead of the competition and generate growth over the next few years, even in challenging economic times.
If you’re ready to take your business to the next level, read on to find out more about 5 growth strategies that will help your small or medium business thrive in 2022 and beyond.
Boost Your Online Visibility to Grow Your Business
It is imperative for your firm to have an online presence, even if it is thriving offline. Ecommerce is growing at about 23% per year, and some experts predict that 95% of all purchases will be made online by 2040.
If you are yet to invest in one, you should get a website in 2022. A website will allow your company to increase its reputation, expand sales capacity (particularly in the future), build brand recognition, engage in email marketing, and many other things.
Social media is another critical channel you shouldn’t ignore.
A survey found that 54% of social media users use the channel to research products and companies, and 71% buy products advertised on social media. If you focus on one or two social media channels where your clients are engaged, you have the potential to grow your business rapidly.
Invest in Marketing
Make sure you invest in marketing to stay ahead in these uncertain times. Your business growth plan must include marketing in 2022, but it doesn’t have to be expensive.
Making your business known and attracting potential clients can be accomplished with social media ads, Google ads, and print advertisements.
You can also create an email list to direct visitors to your website if you have one. No matter which path(s) you choose, make marketing a priority in 2022.
Invest in Supplier Relationship Management
Business and industry shifts can dramatically impact retention strategies. Building solid relationships with key suppliers is critical to ensure your business is thriving. Your supplier partnership requires upkeep, collaboration, and investment, just like any other business relationship. To run smoothly, a company needs to know that its suppliers will meet its demands. You can foster a resilient supply chain by creating a network of suppliers you can trust.
Investing in supplier relationship management should be a top priority for organizations looking to increase the profitability of their supply chains and their overall business.
Here are 4 benefits of investing in supplier relationship management:
- Scaling and diversifying your supplier base
- Risk avoidance and understanding early warning signs
- Streamlining data for analysis
- Increasing profitability
Incorporate Artificial Intelligence into Business Models
AI has been about for a while now, but it is finally getting into its stride. For data quality issues, 48% of companies use data analysis, machine learning, or artificial intelligence tools. In 2020, 39% of large enterprises invested in AI.
Small businesses can use AI to build better marketing campaigns and customer relationships. Using AI, businesses can better understand their customers’ needs. For instance, companies can better organise mass communications by combining customer relationship management (CRM) software with Artificial Intelligence (AI).
With automation at your fingertips, you can save on labor costs while still providing excellent customer service.
Look at your Company’s Culture
To grow your brand, it’s essential that you create a healthy work-life balance across your company. Having a strong sense of company culture helps with staff retention. It makes your employees feel like an integral part of something special. When everyone on your team feels like they’re making a difference, you can rest assured that this will translate to your customers and help them feel more engaged.