8 Expert Insights on How to Boost Your Small Business Growth
Building a small business takes a lot of time & nurturing. While a handful of businesses are able to grow at a breakneck pace, others struggle on a daily basis to simply stay alive.
We reached out to some successful entrepreneurs and small business experts to provide insight on how small businesses can grow, while competing with other businesses. The comments we received are incredibly insightful and can help businesses boost their growth if implemented correctly.
1. Understand Client Personalities
Angela Proffitt from Creating Vivid Experiences, a small business expert who uses psychology in her coaching, says “Figure out how to communicate your services to different personalities. Be confident in discussing what you offer and why you are worth it. For example, we provide planning AND unique creative design, which is not the usual for wedding planners. We educate and share experiences with our potential clients to instill trust.”
2. Focus v/s Dilution
Sean Ogle from Location180 mentions “The number one thing I see most small businesses struggle is that they try and do too much. This causes you to lose focus, get frustrated, and not make the traction you’re capable of. The best way to solve this is to identify the one aspect of your business that has the most potential and go all in on that. It’s better to make 100% progress on one initiative in your business, rather than 20% progress on 5 different initiatives.”
3. Figure out USP (Unique Selling Proposition)
Nellie Akalp, CEO of CorpNet.com mentions “The biggest challenge I see hindering the growth of small businesses today is trying to match or beat big-name competitors. I know too well that having large corporate-level competitors can be a huge stress on a small business, but I have also learned that you shouldn’t put all your efforts into beating them at the game. Instead, put your efforts into how you can make your business unique and stand out from them. Once you establish yourself in the marketplace with a unique twist and voice you will build a solid client base in no time!”
Additionally, Angela Proffitt tells “Figure out your USP. Mine is that I am a tech geek and we are completely paperless. We share all client documents using free apps such as Dropbox and Google Drive.”
4. Differentiate Yourself from Competition
Once you figure out the USP, then differentiate yourself in everything you do. Meryl Snow, author of best-selling book – BOOKED IT (Selling, Closing & Standing Out) says “I surveyed 474 event professionals around the country – both large & small – and asked them to rank the reasons why they believe that a client didn’t book with their company. The majority believed they didn’t book the event because their price was too high. No! You didn’t book it because the client didn’t see a difference between your company and your competitor.”
5. Sell More & at Higher Prices
Business Expert Grant Cardone says “91% of small businesses in America make less than $250,000. Businesses and people fail when they don’t sell products and services in quantities great enough at prices high enough to provide a cash flow significant enough to grow.”
6. Invest in Branding, Marketing & Advertising
Alan Berg with WeddingIndustryInsiders.com says “One of the biggest challenges is that there are so many free services and websites that many small businesses think they can do everything free, or cheap. Yet, those same businesses want their customers to pay them top dollar for their services and products. If you want to grow your business to its potential, you have to be prepared to invest in your own business the way you want others to invest in you. You simply can’t save as much as you can make by selling more. Look at the value of one sale, then look at the cost of a better website, better branding and marketing. If you outsource those services, while you look for new customers, for many small businesses your efforts go a lot farther by getting more sales. So, focus your efforts on getting more sales, and if that means investing more in branding, marketing and advertising, then do it.”
7. Meet with People
One of the top DJs, Mike Walter says “I think the biggest challenge is that we are a service and people sometimes see us as a commodity. They want to compare prices of DJs without getting to know them and understanding that some of us are way more professional and experienced and charge more based on delivering a better level of entertainment. The best way to solve it is getting to meet with people. Just about anyone can have a slick looking website these days and solid social media as well. But when you meet with people one-on-one that’s when you can really separate yourself from the competition.”
8. Outsource your Work
Damien Franco with Marion says “Most business owners have to wear too many hats. It’s not unusual for a small business owner to be CEO, HR, accountant, salesperson, marketing, etc. Hiring great people or outsourcing to agencies and consultants can help free founders and small business management to focus on what they do best. Having the ability and confidence to let other people with skills and experience handle things like marketing are great opportunities to drive growth in sales and branding while allowing entrepreneurs to tackle other needs.”
Damien further adds “Growing a business is hard. I see many founders who allow their ego to get in their way (check out Ego Is The Enemy by Ryan Holiday). They genuinely think they know their business better than everyone. But there are only so many hours in a day and they cannot be hands-on for everything as their business grows. When we get hired to work with small businesses we talk with founders, managers, or owners to find out what they know, then we go out and find out what they don’t know about their customers and their industry. It’s amazing how much of a gap there can be at times. We’ve helped many of our clients bridge this gap through research, strategy, and the execution of marketing their products and services.”
What are the challenges that you’re facing and what steps are you taking to grow your business? Message us in the comments section below.