If you look at the facts and figures, it would be easy to assume that we’re in a golden age of entrepreneurship. However, this isn’t the case. While it is true that thousands of businesses start each year, evidence suggests that these businesses are harder than ever to scale.
The good news is that there are many simple things small businesses can do to unlock growth. If you’re a small business owner, here are some of our top tips to help you unlock growth in your company:
1. Embrace Sustainability
In an article onFibre2Fashion, Rami Cassis stated that many companies will struggle to unlock new growth opportunities over the next few years. However,while this may be true, it is still possible tounlock growth in your business if you know how.
One brilliant way to unlock growth for your small business is to make your business and its products more sustainable.Companies that can show their customers their environmental efforts have a competitive advantage in attracting and retaining new customers.
Unfortunately, many business owners worry about embracing sustainability. This is because they assume that sustainable options are much more expensive. However, this is no longer the case. In fact, evidence suggests that very soon, sustainable options are likely to be cheaper than the alternatives.
2. Leverage Customer Data
Before being able to grow your small business, you first need to know your business inside out. Nothing can tell you more about your company, customers, and products than data. In fact, the data you have collected can tell you a considerable number of things, including who your customers are, what they are willing to pay for your products, and which products are the most popular.
Unfortunately, very few small businesses look at the data they have collected in the past. This is often because they do not know how to read the data they have collected. However, there are lots of third-party businesses that can help you do this.
3. Diversify Your Supply Chain
Most businesses struggled with supply chain issues during the COVID-19 pandemic. During this time, companies had to adapt to keep their business open. Thankfully, the worst of the pandemic is now over, and businesses are starting to get back to normal, but this doesn’t mean we shouldn’t think about what happened in the past.
Small businesses can learn from what happened during the pandemic. They can look at how companies were affected and develop plans for the future should something similar happen again.
In simple terms, this means that when creating supply chains, you need to keep the potential for disruption in mind. You simply need to ensure you use multiple vendors instead of just one.
4. Look at Your Team
Another great tip that can help you unlock growth for your small business is to look at your team of employees. While some might have the qualifications and experience to help your business grow, others might need training and development before they can do this. As well as this, you might also need to hire more specialists and managers with experience running successful businesses.
Lots of small business owners dream of growing their businesses. However, many of them are unsure how to do this. The good news is that you can do many simple things to unlock growth in your small business. Why not try out some of the options we’ve listed above?