10 ways to help small businesses grow
Posted: Fri 27th Oct 2023
Running a small business is no small feat. From managing day-to-day operations to finding a competitive advantage in a challenging market, it's easy to feel overwhelmed.
The good news? With the right strategies, you can turn those challenges into opportunities and set your business up for sustainable growth.
In this blog, we share 10 practical ways to help your small business grow. Whether you're looking to attract more customers, boost revenue or streamline your operations, these expert tips will help you take the next step.
1. Develop a clear business plan
Every successful business starts with a plan. A robust business plan doesn't just guide your operations – it's a roadmap for rapid growth. Make sure your plan includes:
financial projections to track profitability
a market analysis to understand your competitors and potential customers
If you already have a plan, take time to review and update it. Tools like Enterprise Nation's business plan template can help you get started.
2. Make the most of digital marketing
In today's digital age, having a strong online presence is essential. Start by optimising your website for search engines (SEO) so customers can easily find you. Engage with your audience through social media campaigns and create valuable content like blogs or videos.
Don't forget to claim your Google Business Profile – it's a free tool to help you rank higher in local searches, making it easier for nearby customers to find you.
3. Network strategically
Building connections is key to growth. Attend local networking events, join your chamber of commerce or take part in trade shows to meet potential partners and customers.
Not sure where to start? Enterprise Nation and its partners run a lot of UK-based events and meet-ups where you can connect with like-minded business owners.
4. Focus on the customer experience
Happy customers are loyal customers – and they'll happily recommend your business to other people. Focus on delivering exceptional customer service by:
responding promptly to queries
personalising interactions
seeking customer feedback to improve your product or service
Small gestures, like a handwritten thank-you note or an exclusive discount, can leave a lasting impression and build that all-important customer loyalty.
5. Diversify your revenue streams
Relying on a single source of income can limit your growth. Consider new ways to generate revenue and expand your market share, such as:
selling online through marketplaces like Amazon, Etsy, eBay and so on
offer additional services that complement your main product lines
explore subscription models for steady cash flow
Diversifying reduces risk and opens up opportunities to serve a wider audience.
6. Embrace technology
The right tools can save time, cut costs and make your business more efficient. Here are some user-friendly tech solutions:
Accounting software: Sage, Xero or QuickBooks (all HMRC-compliant)
CRM systems: HubSpot or Zoho CRM to manage customer relationships
Project management: Tools like Trello or Monday.com.
Investing in digital technology can free you up to focus on growing your business. Find out more at our Tech Hub.
7. Seek funding opportunities
Access to financial resources can be a game-changer for small businesses. In the UK, you can explore options like:
government grants (check GOV.UK's funding directory)
low-interest loans through organisations like Start Up Loans
crowdfunding platforms like Crowdfunder or Seedrs
Make sure your funding application is compelling by clearly outlining how the money will support your business growth.
8. Invest in employee development
Your team is one of your most valuable assets. Training and upskilling your employees can boost morale and productivity. Look for cost-effective options like:
online courses (for example, Enterprise Nation's e-learning and LinkedIn Learning)
free webinars or industry events
internal mentorship programmes
When your employees grow, your business grows too.
9. Monitor key metrics
Tracking your performance is essential to identifying what works and what doesn't. Key metrics to monitor include:
revenue and profit margins
customer acquisition costs
website traffic and conversion rates
Use tools like Google Analytics or digital accounting software to keep an eye on your progress and make data-driven decisions.
10. Collaborate with other businesses
Partnering with complementary businesses can open up new growth opportunities. For example:
co-host an event to attract a larger audience
create a bundle deal with a related product or service
share each other's content to reach new customers
Collaborating with other business leaders can help you achieve more without increasing costs significantly.
Conclusion
Growing a small business takes effort. But with the right growth strategies, it's entirely achievable. Whether it's embracing digital marketing, investing in technology or seeking funding opportunities, these 10 practical tips provide a solid starting point.
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