Becoming your own boss and running your own business is a dream come true for many people. Some entrepreneurs may even argue that having your own business is something worth doing, regardless of the outcome, simply for the life experience it gives you.
There is no doubt that starting a new venture can be a risky business. The pandemic has shown us that economic and political transformations and challenges can strike without warning, at any time, and that they can affect everyone, regardless of who they are or what they do. The ingredients for business success are constantly changing and evolving. What may be regarded as essential now, might seem outdated in a couple of years time. It’s no surprise then that more than 50% of small businesses fail in their first year and 95% of startups fail within 5 years. (1)
If you don’t want to become one of these statistics, it’s essential to quickly get to grips with the growth strategies and practical business tips you can apply to your business in 2022 that will arm you with the tools you need to upscale your business this year.
Always Have a Plan
Planning is the key to success. If you plan for things, it means you have thought about what you are doing and are taking a considered approach. Of course, plans are always subject to change, but the planning process itself demands that you really think about efficiencies, profitability, growth, and ways to achieve your targeted objectives. You can still be spontaneous and adapt to changing environments, but you are in a much stronger position to do so if you have done your due diligence in the first place. Being mindful of this will set you apart from your competitors and put you in a stronger position to upscale and grow your business in 2022.
Utilize industry specific software to help you streamline your internal processes and make you more efficient with your time. Apps such as the one offered by Jobber have been created specifically for businesses operating within the field service industry such as roofing, lawncare and cleaning. Technology such as this can help you look more professional and keep you more organized.
Planning ahead and taking a considered approach to the way you operate will make it easier for you to maintain a higher-quality service. You will find you can become more adaptable to scaling up this way. Having a plan will also help you minimize your susceptibility to losses. Identify any possible barriers that may hinder your growth and think about how you can overcome them.
Be Open to Other Forms of Marketing
If you already have a steady stream of customers, assess what marketing tactics are working and develop and expand on these to let more people know about what you offer. But first ask yourself—are you in a position now to handle a wider audience? Do you have the manpower or equipment needed to take on a bigger workload? If the answer is yes, work on identifying what other marketing tactics to try. A well thought out marketing strategy will specify why customers should pick you over your competitors.
To upscale your small business this year, consider focusing your marketing efforts on these two areas:
- Social media: Social media platforms host an ever-growing network of prospects. What platforms does your audience use? What interests do they have and what groups might they be part of? Invest time in learning about your current customers and you’ll find it easier to find new ones with targeted advertising campaigns. (2)
- Influencers/collaborations: Influencers are people with a large following on social media. Are there any who speak directly to your target audience? Conversely, are there any other related businesses or individuals you could approach to collaborate or partner with on a project or campaign that would be of mutual benefit? (3)
Have Sufficient Funding
Just like everything in life, you always have to consider money. Ensuring you have sufficient funds to invest in upscaling your business is not always easy. The business might be able to fund itself, or you might need to apply for help in the form of loans or grants.
If you decide to borrow money this year, it’s imperative that you invest time in planning first. Record exactly how much money is needed for what, how you are going to be able to pay it back and when you expect to be able to do this. Investors and/or lenders will want to see evidence of this.
Spend Your Time Wisely
Aside from money, you also have to factor in your time. To ensure you’re going to flourish this year and beyond, set a specific deadline or period for completing business activities relating to growth and upscaling.
In some cases, unanticipated and urgent tasks arise at the worst time. If you want your team to be able to handle these pressures, it’s important to invest in the right tools and resources for them to be able to do so. People who are happy at work are usually more productive, motivated and creative.
Listen to Your Customers
As they always say, “the customer is always right,” which is why your customers should be your top priority. To do this, make sure to give all your customers a positive experience when they conduct business with you. This way, you’ll not only earn their trust. But there’s also a huge chance they’ll spread the word about your company.
Since many customers won’t probably communicate with you or leave you direct feedback, find other means to assure them you’re listening. You can monitor your social media accounts and reply to both positive and negative comments or discussions about your products or services. You can even share some questionnaires or surveys to know what other areas you can improve on.
Listening to your customers is an important element for upscaling your small business. Research shows that 22% of startup owners say that honest customer feedback helps in the success of their business because it allows them to know what aspects to improve on. Once you can harvest the key learnings from these comments and implement the necessary changes, you’ll create a better customer experience, which can be a means for your business to grow. (4)
Partner With Other Small Businesses
As a small business owner, it’s common to have doubts about not being able to compete with companies that already have a name in the industry you’re in. In such a scenario, one recourse you can take is to affiliate with other small businesses, even those that are not within your niche.
Ideally, you want to find a business you can partner with on mutual and healthy terms. Doing so enables you to compete on a larger scale. You can promote each other’s businesses, allowing you to tap into their customer base and vice versa.
Customers often prefer to spend money with local businesses since they can provide a much more personalized experience. Consider what businesses within your locality might be a good match and how a partnership with them might work. This will undoubtedly help you to be more resilient against your competitors and grow as you are able to reach a wider audience.
Employ the Right People
Growing a business demands hard work, passion, and determination. This means your employees should believe in your company to the point they also want it to succeed as much as you do. To achieve this, make sure you’re hiring the right people for the job.
Finding the right employee, however, is easier said than done. Be very clear about what you want a new hire to do, what their job role entails and what characteristics would benefit them. The more specific you can be in your search, the more successful the outcome. (5)
Delegate Tasks
One of the reasons small businesses don’t get past the fifth-year mark is an improper delegation of responsibilities or failure to delegate tasks within the company. It’s understandable if you want to treat your company as your baby, and it’s natural you only want the best for it. But sometimes letting someone handle a specific area in your business operation is one of the best decisions you can make. This is especially true if such an area requires a certain set of skills and expertise, such as accounting. In this case, employ the right person to do the job for you.
Final Words
If you apply the above practical tips to your business operations, there will come a time when you’re going to see your business scale up. When this happens, be ready to make tough and risky decisions to survive the growth but enjoy the ride. By always having a plan in place, you can minimize any risk that’s connected to growth.
Also, don’t be afraid to embrace any emerging technologies and tools, especially if they can streamline your business operations. By having an open mind on the latest trends and technological advancements, you can take your business to new heights.
References
- “10 SMALL BUSINESS STATISTICS EVERY FUTURE ENTREPRENEUR SHOULD KNOW IN 2021”, Source: https://www.oberlo.com/blog/small-business-statistics
- “100 Social Media Statistics You Must Know In 2022 [+Infographic]”, Source: https://statusbrew.com/insights/social-media-statistics/#social-media-usage-statistics
- “Five tips to help small companies upscale and compete for big business”, Source: https://smallbusiness.co.uk/five-tips-help-small-companies-upscale-compete-big-business-2537684/
- “How to Help Set Your Business Up for Growth in 2022”, Source: https://www.inc.com/steve-chambers/how-to-help-set-your-business-up-for-growth-in-twenty-twenty-two.html
- “2021 HR Statistics: Job Search, Hiring, Recruiting & Interviews”, Source: https://zety.com/blog/hr-statistics
