{"id":70814,"date":"2022-12-02T15:40:05","date_gmt":"2022-12-02T22:40:05","guid":{"rendered":"https:\/\/www.act.com\/small-business-growth-strategies-for-2023\/"},"modified":"2023-03-21T10:49:10","modified_gmt":"2023-03-21T17:49:10","slug":"small-business-growth-strategies-for-2023","status":"publish","type":"post","link":"https:\/\/products.act.com\/en-gb\/small-business-growth-strategies-for-2023\/","title":{"rendered":"Small Business Growth Strategies for 2023"},"content":{"rendered":"

\"Decorative<\/p>\n

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With the rising operational costs of the post-<\/span>pandemic<\/span> era and the fears of a global recession increasing with every passing day, running a profitable <\/span>small business<\/span> isn\u2019t easy. In fact, did you know that <\/span>50 percent of <\/span>small businesses<\/span><\/a> fail within their first five years? But surviving and even growing is more than just possible with the right strategy and tools.<\/span><\/p>\n

In this article, we\u2019ll share <\/span>small business growth<\/span> strategies that will enable you to outperform your competitors even in the most challenging times.<\/span><\/p>\n

You need a growth strategy\u2014but which one?\u00a0<\/span><\/h2>\n

According to<\/span> Professors Yvonne Randle and Eric Flamholtz<\/span><\/a> of the UCLA Anderson School of Management, <\/span>startups<\/span> and <\/span>small businesses<\/span> should aim for an annual growth rate of 15 percent which would help them double their size in five years. Businesses aiming for a 20\u201325 percent annual growth rate grow faster, but they’re likely to run into capacity issues.<\/span><\/p>\n

Businesses with aggressive but sustainable growth strategies need to invest in sales, marketing, and product innovation. But most <\/span>small businesses<\/span> have limited cash flow and cannot follow the growth path of established brands or large corporations ready to burn millions of dollars in experimentation.<\/span><\/p>\n

Instead of experimenting with your limited resources, follow these proven strategies that have worked for your competitors. Optimise your spending and focus on your most profitable growth channels.<\/span><\/p>\n

\"startups<\/p>\n

Small business growth strategies for the new year\u00a0<\/span><\/h2>\n

So, where should you focus <\/span>next year<\/span> and how should you adjust your <\/span>business plan<\/span> to drive the most growth? Let\u2019s discuss the most relevant, accessible, and high-impact growth strategies and <\/span>initiatives<\/span> for <\/span>small businesses<\/span>.<\/span><\/p>\n

Strategy #1: Grow your email subscriber base<\/span><\/h3>\n

Growing your email subscriber base is a guaranteed way to build an engaged audience around your brand. It reduces your reliance on conventional marketing channels, decreases your advertising costs, and allows you to establish <\/span>next-level<\/span> customer loyalty via personalised relationships with your prospects and customers.<\/span><\/p>\n

Today\u2019s <\/span>entrepreneurs<\/span> will be happy to hear that email marketing has an <\/span>ROI of $36 for every dollar spent<\/span><\/a>. Surprisingly, <\/span>49 percent of consumers<\/span><\/a> look forward to receiving promotional emails from their trusted brands. No other marketing channel has such returns and user engagement.<\/span><\/p>\n

So how do you grow your email subscriber base?<\/span><\/p>\n

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  1. Identify your audience\u2019s core needs.<\/span><\/li>\n
  2. Create a lead magnet that offers an immediate solution to a core need. For example, a real estate business can offer a piece of content like a free report on the hottest real estate trends or investment ideas.\u00a0\u00a0<\/span><\/li>\n
  3. Create a landing page for the lead magnet with an opt-in form.<\/span><\/li>\n
  4. Place the lead magnet on your website\u2019s homepage.<\/span><\/li>\n
  5. Drive traffic to your lead magnet\u2019s landing page through organic (unpaid) and paid <\/span>social media marketing<\/span> and email <\/span>messaging<\/span>.\u00a0<\/span><\/li>\n
  6. Incorporate <\/span>content marketing<\/span> by continuing to produce helpful content for your audience and promote it via social and email campaigns.<\/span><\/li>\n<\/ol>\n

    Make this process a permanent part of your <\/span>marketing strategy<\/span>, so your email list keeps growing.<\/span><\/p>\n

    Strategy #2: Build authority with video content<\/span><\/h3>\n

    According to a <\/span>recent survey<\/span><\/a>, 93 percent of marketers say video content has helped them increase brand awareness, and 87 percent say it helped them achieve a positive ROI on their marketing efforts.<\/span><\/p>\n

    As a <\/span>small business owner<\/span>, video is your secret weapon to building brand authority and credibility as well as<\/span> improving your Search Engine Optimisation (<\/span>SEO<\/span>)<\/span><\/a>. Creating in-depth and actionable videos that answer your audience\u2019s most burning questions will help you establish yourself as an expert.<\/span><\/p>\n

    For example, if you\u2019re a financial analyst, creating regular videos answering your audience\u2019s questions will make you their first choice when they need financial services.<\/span><\/p>\n

    This approach works in most industries and should be a part of every business\u2019s <\/span>marketing plan<\/span>.<\/span><\/p>\n

    Kyle, a <\/span>small business owner<\/span> with 1.5million <\/span>TikTok<\/span> followers, is an excellent example of how video content empowers <\/span>small businesses<\/span>. His company Noble Leather Co. is built on his <\/span>TikTok<\/span> viral videos.<\/span><\/p>\n

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    @nobleleatherco<\/a> Answer @cranky_crab The one and only legendary belt video#oddlysatisfying<\/a> #asmr<\/a> #smallbusinesscheck<\/a> #MySmallBusiness<\/a> #sosatisfying<\/a> \u266c original sound – Noble Leather Co.<\/a><\/section>\n<\/blockquote>\n