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Today, in the US, over 99% of businesses are small-to-medium commercial enterprises, and they are responsible for creating 1.5 million jobs each year. So, it is not surprising that small businesses are considered to be the real backbone of the local and national economy.
Nonetheless, it has never been harder for small businesses to adapt to the fast-changing market and keep up with the rapidly-evolving consumer trends and technologies.
But while you might be operating on a budget and facing significant competition from corporations and large companies, there is a lot that you can do to achieve your growth goals in 2023. Let’s start with the strategies below!
Plan Ahead – And Be Clear About Your Exit Strategy!
If you are looking to grow your business, you’ll need to have a clear strategy and set up well-defined goals. And, your exit strategy should be an important part of your long-term plan!
If you are unsure how to proceed, consider working with a mentor, business strategist, consultant, or business broker who can help you better understand the ultimate goal of your commercial enterprise.
Examine the Market and Identify Emerging Trends
To grow your business in 2023, you’ll need to better understand the market and the small business trends that are bound to shape it over the next few years. For example, sustainability will become a priority for all entrepreneurs, and the relationship between employer and employee will be redefined by the events of the past years.
Learning more about the upcoming trends ensures that you have enough time to prepare your business or anticipate the needs and preferences of your customers.
Invest in Online and Offline Marketing
Next up is marketing! Growing a business without marketing is impossible – but most small businesses might not have enough capital to keep up an extensive marketing campaign. And, some others might just not know where and how to invest.
Luckily, there are some marketing strategies for small businesses that don’t involve large expenditures but can be incredibly efficient. For example, you might consider taking advantage of social media, partnering with influencers, or using your lateral thinking abilities to come up with a custom, one-of-a-kind guerrilla marketing campaign.
Build a Support Network Made of Suppliers and Partners
No business can thrive alone – especially during its growth phase! That is why it is important for you to start building a reliable network of partners and suppliers and strengthen the ties with third-party service providers. This can help you access discounts and convenient services and can ensure that you’ll be able to guarantee a reliable offer to your consumers.
Get Involved in Your Local Community
Lastly, don’t forget that every business’s lifeline is its surrounding community. So, while small businesses benefit the local economies in many ways, the opposite is also true: it can be highly beneficial for businesses to build relationships with the community.
But how can you achieve this? A lot depends on your networking skills. However, some great options include partnering with charitable associations and working with local businesses and organizations.