Startup Growth: How to Fuel the Growth of Your Small Business in 2020

By: | March 5, 2019 | Tags: , , , , , ,
Startup Growth

Startup Growth: 7 Tips to Fuel the Growth of Your Small Business

As a small business owner and manager, the growth of your business is the single most important objective to focus on.

Managing your business successfully requires you to have proper knowledge of the various techniques and methods to approach and implement.

The market today is full of tremendous volumes of professional advice on how to successfully steer your business to market penetration and success. Successful business management that ensures business growth, however, should focus on 7 key areas, as hereby outlined.

By the time you’re done reading, you’ll know tips for one to one marketing for your startup.

7 Important Steps to Effective Startup Growth


Invest in technology

Technology has come as an important part and parcel of modern business management. The various small business tech tools available in the market today are designed to benefit most small businesses and are specially made to aid business managers to become more accurate and effective in business management. Harnessing the power of technology gives you an opportunity to expedite your business’s performance in various ways.

For example, you need to make sure you have a functioning website. There are decisions to be made. For instance, let’s say the Watch Company wants to sell Rolex watches online, will they have a chatbot greet their visitors? As you can see, startup growth requires many important decisions to be made.

Different tech tools have different capabilities and advantages in terms of how they can contribute to the success and growth of your small business. Accounting tools and software, for instance, give your business an opportunity to accurately visualize certain elements regarding your business financial performance at the touch of a button. Such a tech tool is part of a wide range of business utility programs and software capable of helping your business expedite its growth.

Read New Technology for Business: How to Compete with the 5 Latest Tools.

Hire the right team

Employees form an important part and parcel of your small business. Your ability to achieve the desired level of business growth in the market is, therefore, highly dependent on how talented and well-motivated your employees are. Emphasis should be put on ensuring that the hiring process is well structured to ensure every worker absorbed into the workforce brings with him or her professional competency that adds to your company’s value proposition.

Host blogger’s comment: Even if you are trying to grow an online business, you might need a talented staff. I have a virtual assistant, a technical helper, a graphic designer, and a business manager. Fiverr and places like Fiverr are excellent websites to use to find a talented team of helpers.

Provide a suitable working environment

In addition to having a well-composed and balanced workforce, you should, as a business manager, ensure that they operate in a suitable working environment. The kind of environment that the workers are exposed to heavily determines whether they would become useful to your business or not.

A cordial working relationship between the employees and the business’s leadership as well as among the employees themselves helps foster productivity in the workplace. Regular team-building exercises help bridge social gaps between employees, therefore creating enhanced teamwork which generally helps your business to grow.

Also, the employees should be well remunerated and given proportionate benefits. Such measures, although often ignored in most businesses, come in handy in helping ensure that workers are highly motivated. High employee morale ensures that employees can increase their productivity and workplace dedication.

[Read How to Build Strong Business Relationships.]

Hire professional consultancy services

Every business in the market today heavily relies upon specific professional consultancy services to help resolve some corporate and market issues. Professional consultancy services give your small business an opportunity to benefit from the technical expertise and knowledge of qualified consultants on certain crucial areas.

One of the most commonly hired professional consultant services in the market today includes accounting services. External professional accountants give your business an extra set of eyes and scrutiny that is highly necessary for helping to keep the business within the required level of financial integrity and alertness. Hiring the services of a TW Accountant to help with your business financial matters such as taxation, accounting, and financial planning exposes you to much-needed financial advice. Such services come as a necessary boost to ensure short and long-term growth.

Invest in marketing efforts

Marketing is at the forefront of your business’s ability to achieve market growth accompanied by an improvement in financial performance. When approaching the concept of marketing for your small business, you should focus on implementing the modernized and tech-savvy marketing initiatives available today.

Internet-based marketing will help your small business achieve tremendous market penetration of unparalleled proportions. Consult experts on how to do event marketing as well. Tech gadgets such as unmanned drones can be a big help to a lot of organizations but may lack exposure. When launching new products or services, hosting an event or attending trade shows and exhibits will let you expand your target audience.

Employing focused marketing initiatives helps your business to project and reach its goals in marketing. Internet marketing such as search engine optimization, social media marketing, and email marketing give your business an opportunity to explore new frontiers that have been proven to be highly effective and results-oriented.

Successful marketing efforts in your small business would lead to obtaining new customers. To ensure sustainability in the growth of your business, emphasis should be put on maintaining the loyalty of such customers to your business by implementing and practicing proper customer retention strategies.

Keep a keen eye on the competition

Competition is one of the vicious forces that can significantly impair your business’s ability to grow in a competitive market. Competition, in this regard, may strain the existing customers, thereby depriving your business of crucial revenue and sales. To ensure you stay competitive enough in the market, you should regularly conduct a comprehensive internal and external business analysis that focuses on understanding how other businesses in the same area of investment perform. Conducting such an evaluation gives you an opportunity to come up with new strategies that are poised to give your business a competitive advantage.

Network

As a business owner seeking to steer your business to corporate growth in the competitive market, you should also focus on ensuring that you network appropriately with other market players. Networking comes in handy as a suitable way of giving your business the necessary level of exposure to the market. Some of the available networking opportunities that you may wish to explore include attending trade shows and business conferences as well as sponsoring societal and community programs where necessary. This gives your business an exposure when it comes to exchanging ideas with customers and potential partners that may help your business achieve the much-needed market growth.

Wrapping Up: StartUp Growth

In general, steering your small business to corporate success in the market today requires innovativeness in unparalleled proportions. Being in constant touch with your business gives you a suitable platform to think of revolutionary ways on how to implement measures that would otherwise set your business apart in the market. Implementing such strategies as above outlined ensures your business can obtain and retain a strong customer base.

Author: Robert Keith

This post was made possible by the support of our readers.

Please share so other new entrepreneurs learn these practical tips for startup growth.

Readers, I look forward to your views in the comments section. Do you have any easy tips for startup growth?

Related Reading

If you are interested in startup growth, you might be interested in reading Here Are the 5 Best Topics for Your Small Business Blog.

  1. Caelan Cheesman

    Great article Janice. You have mentioned an important point in your section “Keep a keen eye on the competition”. Many people fail to use this tactic/tool to help them with there blogging efforts. It is something I am exploring and starting to use more and more with some great results which seem encouraging.

    The main tool I use is Ubersuggest which is totally free and I have noticed you have previously done a review of this site which mainly focuses on using it for finding related LSI keywords, but in addition, it can also be used to keep a close eye on your competition too!

    • Janice Wald

      Hi Caelan,
      Thanks for reading my Ubersuggest review. Yes, Ubersuggest can be used for “keeping an eye on the competition.” I also check on the competitions’ DA before I choose a focus SEO keyword.
      After reading your comments, I went to LSI Graph. Thanks for the inspiration.
      Janice

  2. Chester Loke

    Hi Janice,

    Thanks for the list!
    I liked the ideas. There are many benefits of investing in digital marketing (i.e. SEO and Social Media Marketing) especially for startups. SEO truly is any startup’s best friend when it comes to establishing an online reputation. It helps businesses leave a mark on the minds of consumers and if done properly, SEO is effective in making noise on Internet.

    Again, Thanks for sharing! More power! 🙂

  3. Kyra Rodriguez

    Marketing is really important in any businesses. Good thing is I have a background a little background on Digital Marketing . Anyway, thanks for this!

    • Janice Wald

      Hi Kyra,
      I can see your headline since I have CommentLuv on my site. From your headline, I can see you do indeed have a knowledge of business. I agree with what you wrote about the importance of marketing.
      Janice

  4. Sophia Collins

    Great article, Janice! I couldn’t agree more with everything that you said here. Indeed, starting a business is challenging — there will be bumps along the road and at some point, you got to take a detour. Of course, given the number of competitors out there, it will take a lot of hard work, effort and time in order for one’s business to succeed. Keeping an eye on the competition is an underestimated technique, but I concur that it gives businesses an edge. These insights that you’ve shared are truly helpful. Thanks for sharing! Keep posting!

    • Janice Wald

      Hi Sophia,
      Thanks for writing and for your suggestions, especially the suggestion to keep an eye on the competitors. I’m doing that more and more.
      Janice

  5. stevek

    Great tips and ideas that every startup must embrace in order to take their business to the next level. Use of technology and hiring the right team is very crucial for every business success. Outsourcing some of the work to independent professionals like in Fiverr can also go along way in reducing business expenses.

    • Janice Wald

      Hi Stevek,
      Thanks for your comments. I agree– if people can afford to outsource, that’s definitely the way to go. I outsource to two VA’s.
      Janice

  6. WonderPush

    Great work. Hopefully, this SEO thing becomes much easier for me in due time. Thanks for sharing.

  7. jigyasa sewkani

    Small businesses should go for digital marketing to run their business in this pandemic. great content thanks for sharing

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