Maximizing Your Resources: Smart Tactics for Small Business Growth

As a small business owner in the ultra-competitive American market, you have more than your fair share of challenges. Thankfully, you can successfully promote growth within your small business by maximizing your resources and utilizing smart tactics. Ideally, this will lead to more revenue coming in and more brand recognition as you continue to expand your reach. Read on to learn more:

What Defines a Small Business in America?

Before delving deeper into the topic at hand, it’s essential to know whether you fall into the category we are addressing with this helpful information. The U.S. Department of State defines a small business either in terms of annual profit or the average number of employees. Those businesses that fall into the defined category include up to 99.7% of all U.S. companies. This means if you are a small business owner in America, you are far from alone and need to find ways to position your brand ahead of your competitors to continue to thrive. Now, onto the important stuff, namely how to use the resources you do have through smart tactics to promote business growth:

Embrace Personalized User-Experiences

In today’s digital society, more and more businesses are tapping into personalized promotions or marketing efforts that allow for a more personalized user experience. This includes the use of AI to enhance the customer experience throughout various locations in the marketing funnel. As a result, customers are enjoying more entertainment and sustained engagement, which gives you more bang for your marketing buck. Of course, digital management systems are also extremely helpful in today’s robust digital marketplace. It’s essential for you as a small business owner to focus on creating the best customer experience possible, as you can make each customer feel unique, promoting your reputation and increasing loyalty.

Hire Smart

In small businesses, in particular, hiring the wrong people can be devastating. Instead of just going about hiring haphazardly, as a small business owner, you should implement some strategy into the process. Consider hiring part-time, remote, or virtual assistants to help get the work done. Also, when hiring full-time help, make sure that anyone you hire shares your vision or at least won’t fight against where your company wants to go. You want a team of employees who will all be pulling in the same direction instead of working against each other.

Be Flexible

One of the best parts of being a business owner is the fact that you own the business and can make decisions or changes as you see fit. Of course, this demands a bit of thought and shouldn’t be entered into without some sort of plan. However, since you are a small business owner, you have the freedom to be creative, to give your employees a blank canvas, of sorts, and to make changes when beneficial. Being a small business owner, you also have to be flexible in the difficult situations like market dips and store electrical issues like blackouts or brownouts. You can also respond quickly to changes in the market overall, which larger businesses might not be able to accomplish. According to Christian Lanng, a co-founder and CEO of Tradeshift, “By allowing yourself to adapt and change quickly, you’re able to test different approaches to business and find out what works best. It allows you to fail, pick yourself back up, and keep going.”

Network, Network, Network

While it is always important to network no matter how big or small your business is, for small business owners, networking is that much more important. Attend networking events in your area, and maintain business relationships with sister businesses or businesses within your community. Keep those connections strong. You never know when it can come in handy to have a community at the ready to help you promote a product or service or give you a needed boost. Of course, always be willing to reciprocate to maintain your good standing and promote your reputation.

Know Your Competitors

The saying, “Keep your friends close but your enemies closer,” could be applied here. While your competitors are likely not your actual enemies, it is important to know what they are doing. Know what they are promoting and how, and as much as possible, keep up with their success. Knowing what is and isn’t working in your niche can be extremely helpful and allow you to weed out methods that simply aren’t profitable. It can also help reveal areas within your own business that need a bit of work. Therefore, a good dose of competition can be healthy and beneficial. Just don’t get so focused on it that you lose your own uniqueness. Instead, use this knowledge to highlight how you are different.

Get Involved

If you are a small business, your local area is one of the most bountiful resources for sales and networking. Therefore, it’s important to be involved in your community, to get your name out, and to be seen as a brand that cares. You can support local nonprofits, host events that give back or support a local cause. Make sure you share your actions with your customers, though not in a boastful way, but in a way that communicates that you care about your community and want to do what you can to help sustain it and improve it overall.

Create a Unique Culture

While large companies are often somewhat limited in what they can do in terms of benefits, work hours, and even just the general office culture, small businesses have the unique advantage of being able to set this for themselves. This means you can easily (if possible) create flexible work schedules, allow for remote working, offer unique benefits, and more. Generally, even beyond these factors, it’s important for you as a small company to embrace your unique ability to create your own work culture. There is no need to sustain the Office Space drudgery. Instead, embrace your uniqueness and promote a relaxed, open environment that rewards hard work but respects personal boundaries and understands each employee is a person with family and friends outside of work. In many cases, especially for today’s generation, such an environment is more valuable even than a larger salary.

Work Smarter, Not Harder

As you embrace the smart tactics listed above, you can promote growth in your small business without having to come up with a huge number of additional resources. Remember, often, what makes your small business successful is your uniqueness and willingness to bend and adapt. So, embrace that and more to continue to grow as a small business!

Megan Isola

Megan Isola holds a Bachelor of Science in Hospitality and a minor in Business Marketing from Cal State University Chico. She enjoys going to concerts, trying new restaurants, and hanging out with friends. 

Amy Martin

Amy Martin is a full-time fashion blogger and holds a master degree in commerce. Amy Martin has written on multiple niches including fashion and lifestyle. In her free time, she likes to read books and enjoy soft music. Drop me email here amymartin4179@gmail.com