Small businesses need a growth plan to survive increasing competition and move to the next level. In today’s modern world, having an innovative growth strategy is of great importance.
In this blog, we will take a look at innovative growth strategies for small businesses;
Strategies for Small Business Growth
The modern world requires modern solutions. Even if you feel like a tiny fish in a big ocean, know there’s still space for you to thrive.
So, how to succeed as a small business in a big ocean?
According to Harvard Business Review, there are 5 different stages in the growth of small businesses: Existence, Survival, Success, Take-Off, and Resource Maturity.
As a small business, you can turn into a large and effective brand by going through these 5 stages.
While going through these 5 stages, you first need an effective growth plan. Now let’s look at practical tips for small businesses.
1. Do Research for a Growth Plan
You want to grow as a small business and have decided to create a plan. Do you have enough data to create this plan?
The data you need for a growth plan is basically:
- Your current sales, profit margin, costs, and pricing.
- Calculating how much your business needs to grow in the next 5 years for your small business to survive.
- Analysis of best-selling products and products that are not popular.
- Research on your competitors’ service, product quality, and prices.
All the data you collect will draw a road map for your growth plan.
For example, can you stand out in the market by selling products at lower prices than competing companies? Can you reach a much higher target audience by providing superior quality and service?
2. Examine Your Existing Customers
Examining your existing customers can give you the necessary ideas to attract new ones. For example, how loyal are your current customers to your company? How often do they buy your products or services?
Another benefit of examining existing customers will be that it will allow you to get to know your target audience closely. Who buys your products? Where do they live? What is their age and gender distribution?
All this data allows you to optimize your products according to target audience needs and provide customer training to sales teams.
CRM (Customer Relationship Management) can help you create sustainable business success by increasing customer satisfaction. You can benefit from CRM systems to get to know your customer base better, analyze their needs, and provide the necessary information to sales teams.
3. Focus on Effective Marketing Strategies for New Customers
It is good for small businesses to build existing customers because it is beneficial for building brand loyalty. However, it would be a very risky move for small businesses to rely only on their existing customers.
Therefore, you need to constantly apply analyses and strategies to create a new customer network. For example, you can create a new customer network with a marketing strategy that creates new sales opportunities and brand awareness.
An innovative growth plan incorporates marketing strategies that increase the reach of small businesses. Taking advantage of digital marketing according to the interests of your target audience can help you stand out in the modern industry.
4. Invest in Technology and Automation
The Deloitte Digital Transformation Report emphasizes that small businesses that invest in digital tools and platforms are more likely to expand their customer base, increase their revenue rates, and achieve sustainable growth compared to traditional methods.
By using technology, it becomes possible for small businesses to increase productivity, reduce costs, and manage team time effectively.
A variety of apps and software can help small businesses with pricing, purchasing, employee scheduling, payroll, and more.
At this point, Octapull SFA can help you with the growth strategy you need. OCTAPULL’s Sales Force Automation aims to increase the efficiency of companies by facilitating their business processes. Small businesses, in particular, can have comprehensive automation technology without straining their budgets.
- Campaign Tracking: This allows you to manage campaign processes more efficiently to increase field sales.
- Dynamic Reporting: You can speed up decision processes with the analytical reporting feature.
- ERP Integration: The advantage of integration with third-party software can help you manage business processes more easily.
5. Strengthen Your Sales Team
When starting, small businesses may consist of teams of only one or two people. However, it is inevitable for your team to expand in the growth journey.
Plus, you can’t handle both sales and management at the same time. At this point, you will need to leave the sale to a professional team specialized in the field.
A sales team that specializes in understanding consumer behavior should be as enthusiastic and committed to the growth of your company as you are. You should build the sales team with digital marketing skills, customer service, and technology in mind.
6. Embrace Collaboration Opportunities
Collaboration is one of the most effective and promising business opportunities for start-ups or small businesses. Two or more companies may choose to merge for mutual gains.
Depending on the field of your small business, collaborating with another business can significantly reduce the cost of project management or implementation of information and technology.
Conclusion
As a result, small businesses need effective and innovative growth strategies as well as dedication and sound business practices when growing. In addition, you must take calculated risks on this path and adapt to the processes required by the modern world.
When creating your innovative business plan, it’s important to make realistic and accurate predictions about how growth strategies may impact your business. For an effective growth strategy, you must constantly analyze your company, your customers, your competitors, and your progress.
You can use the data you collect from these analyses for your plans. In addition, you should also create strategies to grow your brand by creating strong teams on the way to becoming a large company.
Finally, let’s end the article with the words of Dave Thomas, founder of Wendy’s:
“What do you need to start a business? Three simple things: know your product better than anyone. Know your customer, and have a burning desire to succeed.”
Dave Thomas
You can contact us to get more information about the growth strategy of small businesses and to benefit from OCTAPULL solutions.
