Summary: A successful small business understands what it takes to get through the tough times. The past few years have brought an array of challenges to business owners across the country, so let’s look at some of the top strategies to implement to ensure your organization thrives. Ways to Jumpstart Your Small Business
Every small business
starts with a dream. As those dreams turn into reality, small business owners spend their lives living their passion, working hard to achieve their goals every day.
Many small businesses were hit especially hard over the past couple of years. It started in early 2020 with the COVID-19 pandemic. Many businesses deemed nonessential, such as retail stores, restaurants, bars and
hair salons shut down in an effort to slow the spread of the virus.
The pandemic caused other issues, too, such as shifts in employment and workplace demographics that some say is at least partly to blame for the current
labor shortage, and also led to supply chain disruptions. Additionally, inflation is at the highest level it's been in over 40 years, so small businesses must also deal with soaring prices and decreased profitability.
Successful small businesses understand the need to persevere through the tough times and appreciate the good times. With that in mind, there are certain things small business owners can keep in mind as they look forward to a hopefully prosperous 2022 and beyond.
Small Business Strategies for Ongoing Success
There’s no doubt that small business owners will continually be looking for ways to grow their enterprises. Here are some things to consider this year:
Review Your Business Plan
The changes over the past two years meant many small business owners had to adjust their business model. If you previously relied on in-store foot traffic for sales, you might need to consider alternative measures moving forward in this new normal. More people continue to shop from home and take advantage of delivery services, so think about how you can adopt an online sales model and offer options like home delivery or curbside pickup.
Rediscover Your Niche
What is one thing your business is really good at? Are you a wiz at creating floral arrangements for high-end events? Perhaps you offer a unique security technology that could help other small businesses. Or maybe your specialty is high-quality chocolate from a remote part of the world. Whatever your “thing” is, make it the origin of your niche.
Finding and exploiting your niche is so important because it sets you apart from the competition. As a small business, finding a way to stand out from the crowd is paramount to growing your business. Having a unique and particular niche can help with this in a big way.
Learn About Your Ideal Customer
Once you know your specialty, the next step is to learn more about the most profitable customers you want to buy your product and adjust tactics to attract them. If you’ve got that specialty chocolate, you might consider partnering with a company that offers expensive holiday gift boxes. Or you might consider marketing directly to your customers through luxury grocery stores.
Once you know to whom you’re selling your product, you need to learn more about them. Surveys, focus groups, polling, and even personally reaching out to top buyers are all great ways to learn more about your customers. Find out what their pain points are and what their biggest concerns are. Is your ideal customer worried about quality or price? Are you talking to a product manager or a party planner? Understanding what your customer’s concerns are will help you tailor your business for those specific concerns.
Make a Plan for Growth
If you don’t know where you’re going, how can you get there? Starting a growth plan is as simple as writing down a list of goals. Once you know what you want to accomplish, you can decide on deadlines by which you want to achieve each goal on your list. And that’s where the fun really begins.
Once you know when and what you want to accomplish, it’s time to figure out how to get it done. By breaking down your plan into steps, the growth plan feels less overwhelming. To accomplish this, create a “to-do” list for each of the big items on your list, so you have an actionable way forward. Want to double your business in the next year? Consider how you’ll gain new clients, market new products, or increase your pricing structure, then go for it.
Create Clever Marketing
You know your audience. You know your product. You have a plan for growth. Now it’s time to use clever marketing to make your dreams a reality.
Small business marketing is not advertising – it’s more of a way to get your product or service in front of your ideal customers (your audience). The key to good marketing is placing it where your customers already are.
If your customers aren’t using Facebook for business, don’t waste money using Facebook ads. Consider how best to communicate with your target market and then use their lifestyle to meet them in the middle. For example, if your business is retail, your product is hiking boots, and your target market is weekend hikers, you might consider offering hiking permit sales or parking permits for the local parks.
This would get customers in the door and allow your team to talk about your quality products.
Assess Your Business Continuity Plan
There’s no time like the present to take a look at your
business continuity plan (BCP), which is a living document outlining the procedures your organization should adhere to in the event of a major disruption or disaster. Research revealed that
just under 15% of small businesses have created a BCP. With the coronavirus changing the way companies operate, businesses need to run through their current business continuity plans with both management and employees to identify any gaps or issues that could reduce productivity and profits.
Protect Your Business
Ensuring your business is protected from risks as varied as a
cyber attack to an injured customer claim starts with high-quality small business insurance. Make sure you choose an insurance carrier that understands your business and the risks involved.
Small Business Insurance Solutions from AmTrust Financial
AmTrust Financial underwrites over 350
class codes, making us an ideal fit for businesses in a variety of industries. From our customized
Businessowners Policy to our robust
Workers’ Compensation coverage, we have the products you need to protect your business. For more information about our
small business insurance solutions, please
contact us today.
This material is for informational purposes only and is not legal or business advice. Neither AmTrust Financial Services, Inc. nor any of its subsidiaries or affiliates represents or warrants that the information contained herein is appropriate or suitable for any specific business or legal purpose. Readers seeking resolution of specific questions should consult their business and/or legal advisors. Coverages may vary by location. Contact your local RSM for more information.