Small businesses need to know how to rapidly transform in today’s market — are you prepared? To effectively grow despite 2022’s shifting political and economic climates, here are several small-business growth strategies that we recommend. No. 1: Leverage your supplier’s new products. Are distribution and supply issues affecting your business? It’s no surprise that most businesses in the U.S. can relate with you. Karen Olson Beenken, president and CEO of Blue Rock Companies, told the U.S. Chamber of Commerce, “We rely on supply availability and over-the-road transportation.” Despite the fact that their supply has been “cut,” utilizing different, new product rollouts that suppliers offer will help the business continue to grow its operation. No. 2: Educate clients and partners on ways you’ve adapted. Because of recent events (the shift toward work-from-home models, the Great Resignation, and supply chain issues), many companies have had to adjust their entire business model. So, tell people that you’ve adapted, too. Larry Kidd, the president and CEO of Hire, said, “Our company is in the talent business and [is] painfully aware how much the talent pool has changed. We are working with our client partners to educate them on the new management styles, increased compensation packages, and other aspects of recruitment and retention.” Don’t miss a beat — educate your team, clients, and partners on the important changes you’re 7 Small-Business Growth Strategies Thrive in 2022, Thanks to Expert Advice
No. 4: Widen your online footprint. Are small businesses being practical enough when it comes to sales? When it comes to being “practical” in today’s world, that means making sure your consumers — who largely favor online and mobile shopping — can find you. Phil Strazzulla, founder of Select Software Reviews, told the
U.S. Chamber of Commerce, “[Businesses] need to widen their online footprint to gain a significant proportion of customers from the current market. A simple way to sell products is to have a [seller account on] Shopify or Etsy. To sell services, … list [your company] on freelance and contract websites.” No. 5: Use partnership marketing to reach a wider audience. Performing a strategic collaboration with another company can pay off in big ways for both parties. Not only does it widen your company awareness, but it also might make your customers’ lives easier, too. A good place to start is to ask: What companies offer complimentary items or services? Tyler Martin, founder and certified business coach at Think Tyler, said, “Collaboration with another company can aid in the development of better marketing initiatives that benefit both parties. If your target clients are similar, you may pool your resources to better your marketing techniques, build Influencer marketing is a popular way for any business to garner the attention of their ideal customer base — but micro- influencers are a perfect option for any small business because they don’t cost as much and can reach specific audiences. No. 7: Prioritize company culture — it might save you. your brands, and expand your audience reach.” No. 6: Work with micro-influencers. Workers are quitting jobs at record-high rates. Many people are changing what a healthy work-life balance looks like and what they want in a company culture, according to Amanda Ma, CEO of Innovate Marketing Group. If you’re considering whether to go full work-from-home or have a hybrid workplace, evaluate the situation carefully to see which works best for your team. “Not all solutions are made equal, [and] culture is part of that,” Amanda Ma explained. “A big factor [for employees], in addition to salary and benefits, is culture, [so have] a culture strategy in place.” 2022 is full of opportunities if you have the right perspective and foresight. The second quarter has just begun, and the experts make it clear that there’s so much room this year to grow and thrive!
making to adapt and stay ahead. No. 3: Seek contracting opportunities with state and federal agencies. Although a record-breaking 4.4 million new U.S. businesses were created in 2020, many companies have left state and federal government markets. Padma Vatsavai, CEO at Vinformatix, said, “The Department of Defense outlined at a recent conference that between 43% and 60% of the small-business industrial base is no longer in the federal space … Strategic sourcing and category management are the name of the day.”
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