Coming out of 2022 and into 2023 was a strange time for the British economy, as it plunged further into chaos. However, just because the cost of living is rising rapidly, it doesn’t mean that people don’t have money to spend on products that have real benefits for them. Therefore, as a small business, you should know that it’s still possible to grow in 2023 – but what does that look like?
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Networking with Likeminded Entrepreneurs
Small business owners are all in a similar boat – they’re searching for ways to grow their businesses during a time when many people are suffering financial hardships. A great way to learn and gain alternative perspectives and growth methods is by interacting with fellow entrepreneurs.
There are many ways to network, including using social platforms like LinkedIn and attending professional events. Additionally, you can interact with a growth hub like Inspirent and become part of their business accelerator group, which is dedicated to inspiring entrepreneurs to build a growth mindset.
Welcoming Automation Tools
Technology has paved the way for automation systems, which help to remove the need for repetitive and time-wasting tasks – no matter how important they are. Embracing automation tools is a great way for small businesses to increase accuracy, save money, and free up employees to focus on important tasks including expansion.
Focusing on Customer Retention
When the financial world is in turmoil, it can be difficult to convert leads. Whereas, it’s much easier to keep hold of existing customers because they’ve already made that initial purchase. With this in mind, you can grow your business by focusing on customer retention. A great way to do this is by delivering an excellent and personalised customer journey, which continues once they’ve made their initial purchase. If your business isn’t using a CRM (customer relationship management) system, we recommend looking into it here.
Use Video Content to Enhance Credibility
With the help of Twitch, TikTok, and YouTube, video content has become the most consumed and favourable. By answering your audience’s burning questions through the video medium, you help to establish yourself as an expert. Naturally, this pays for itself – and so much more – by bringing in new customers.
Competing Locally
Growing your business doesn’t always have to mean expansion into markets in wider territories, as this costs a fair bit to achieve. Instead, you can look deeper into your local demographic to win over more local customers. After all, the majority of users that search for solutions online are trying to find nearby businesses. If you put effort into optimising local business profiles, like on Google, then you stand more chance of appearing at the top of the SERPs.
Growing a business strengthens the bottom line, but it doesn’t always have to involve a heavy focus on generating leads, especially when the wider economy is struggling. In times like these, it’s best to make affordable changes that free up time, capture larger audiences, and position your business as an expert.
