How can I grow my small business? Read on to learn five strategic ways you can help your small business thrive.
What does every small business owner have in common? They are focused on the future of their business. One of the most common questions asked by small business owners is, “How can I grow my small business?” While growing a small business isn’t always easy, there are several things you can do to set you on a path to success. Here are five tips to help you grow your small business.
- Focus on your Customers
Your customers should always be your top priority. To help your business grow, focus on prioritizing customer service, increasing customer retention, listening to customer feedback, delivering a quality product, and engaging with customers in various ways, including on social media. - Know your Competitors
Understanding your competitors is nearly just as important as understanding your clients. Spend time researching your competitors. Take note of their marketing and advertising strategies. What are they doing differently than you? What are they doing better than you? The more you know about the competition, the better you can adjust your strategies to more effectively compete with them. - Increase your Networking
Relationships are vital to growing your business. Making connections and forming strategic partnerships with other businesses can help you build your own business. Networking opportunities are all around. Consider attending local events, joining applicable trade organizations, and getting involved in your community. - Invest in Marketing
Sometimes the adage, you have to spend money to make money, is true. The Small Business Administration recommends that small businesses with less than five million dollars in annual sales spend seven to eight percent of their gross revenue on marketing and advertising. You can invest in marketing in many ways, including through social media, advertising, revamping your website, public relations efforts, refreshing your collateral, and much more. - Outsource Human Resources and Administrative Services
Are you still wondering, “How can I grow my small business?” Consider teaming with a professional employer organization. Also commonly referred to as PEOs, professional employer organizations help small businesses refocus their priories by taking on time-consuming and complex administrative functions, such as payroll processing and workers compensation claims. According to the National Association of Professional Employer Organizations (NAPEO), small businesses that use PEOs grow 7-9% faster than businesses that do not. Additionally, the NAPEO reports that PEOs can help small businesses reduce their employee turnover by 10-14%, see a return on investment in cost savings of more than 27%, and be 50% less likely to go out of business.
If you are ready to grow your small business with the help of a PEO, consider Convergence Employee Leasing. We are a reputable Jacksonville-based PEO that has served clients throughout Florida, Georgia, and Alabama. With decades of experience, we know how to help small businesses succeed. Contact us today to discover how we can help you grow your small business.
