Growth Strategies for Small Business in 2019
Growing your business is important for long-term success. As a small business, you might not have the resources to implement initiatives like hiring a social media coordinator to build your online presence, but there are plenty of free and low-cost tools available that you can take advantage of.
Here are some tips on how to grow your small business and how to execute them within your budget.
- Increase searchability
How many times a day do you perform a Google search? If you’re like most people, three to four times, which equates to 2 trillion Google searches per year. Your potential customers are part of that equation. To drive potential customers to your website, you need to focus on search engine optimization (SEO). If hiring a marketing firm or consultant to manage both paid and organic search is out of your budget, you can do it yourself with some simple tricks: add headlines to your site’s landing pages, refresh your content regularly, add hyperlinks, include keywords and add a site map, to name just a few.
- Increase social media awareness
Social media remains one of the most affordable and effective ways of getting the word out about your business. Posting and reposting content is a marketing strategy that’s accessible to everyone, however we all know how time-consuming it is to keep up a steady flow of activity on your Facebook, Twitter, LinkedIn and Instagram accounts. If you don’t have a dedicated resource managing your social profile, you can waste hours a day in the rabbit hole of social media. Fortunately, there are many tools out there that can help you manage social media, schedule tweets, and analyze results. WordStream offers a list of some of the best social media management tools and platforms out there.
- Invest time in analytics
With all the money and/or time you’re putting into your website, social media, and digital marketing, you’ll want to understand how well (or how poorly) each is performing and where, you’re getting the best return on investment (ROI). Google Analytics provides valuable metrics and tracks, among many things, who’s visiting your site, where they’re from, what content they’re clicking on, conversion rates, and how you stack up against your competitors. It also provides ROI analysis into your marketing and social media campaigns. Best of all, it’s free to use, unless you opt for an upgraded version. Your only cost is the time investment in learning how to use it. Once you put in the time and become comfortable navigating your dashboard, it can provide invaluable insight into your business, your customers and your competitors.
- Tweak your website
Website overhauls and redesigns are necessary from time to time. With the rapid pace of today’s digital environment, sites can begin to look and feel outdated after only a couple years.
Hiring a web developer to reboot your company website or add functionality can take a major bite out of your budget. However, there are small tweaks you can do yourself to keep your site fresh and searchable. Adding customer testimonials, removing old content and broken links, changing up your color scheme, adding call-to-action buttons, or making the site mobile friendly go a long way on a short budget.
- Keep more of your profits
You work for every dollar your company brings in. It only makes sense to watch every dollar that goes out, right? Take the time to run a quick audit of your current bank’s policies. How much are you being charged for every transaction? Are there fees for dipping below a minimum balance? Do you have 24/7 access to your accounts? Radius Bank offers a suite of small business perks tailored to meet your needs and save money, including unlimited transactions, lower balance requirements and ePayment solutions.
- Use a financial management tool
Finally, use a financial management tool to organize and manage your business. Just like Personal Financial Management (PFM) tools that can be used to track expenditures, set budgets and pay bills, a business PFM can track invoicing, expenses, pay bills and keep all your business finances organized and accessible in one place.
Growth isn’t just about bigger profits and more earnings. Companies that don’t continue to grow aren’t able to innovate, attract top talent, stay competitive or provide better opportunities for employees or owners. What growth strategies will you adopt in 2019?