While business growth remains a common objective among small and medium-sized firms, it’s also a fanciful one in the current economic climate.
This is especially true when you consider the impact of soaring inflation and energy costs, which according to a recent study is putting nearly two-thirds (65%) of SMEs in the southwest at risk of closure.
But what are the most effective ways of growing your small business in the modern age? Here are some ideas to keep in mind:
What are the Most Effective Ways of Growing Your Small Business
1. Make the Most of SEO and PPC
Effective marketing is key to your small business and its success or failure, with SEO (Search Engine Optimisation) and PPC (Pay-Per-Click) useful techniques for companies that operate at least partially online.
SEO describes the process of improving the quality and quantity of web traffic to your site or specific landing pages. In this respect, it’s built on elements such as high-quality content and a page’s technical attributes, driving unpaid traffic rather than paid or direct alternatives.
Conversely, PPC is a paid technique that drives web traffic to sites and individual landing pages. Advertisers pay publishers when a particular ad is clicked, and it can help to target customers efficiently and achieve a viable return on your marketing spend.
When used in conjunction, SEO and PPC can boost your brand’s visibility online and help to target customers through relevant advertising and specific keywords.
2. Get Business Advice
If your business is in the early stages of growth, you may benefit by partnering with a skilled consultant or expert adviser.
Whether you build such a role into your business or work with freelance consultants, the key is to identify precisely what your business needs and understand how individual experts can help you to meet these effectively.
You can also use business advice and consultancy as required and in response to specific challenges as they arise. For example, if you’ve spoken to a tax adviser and received incorrect or inadequate information, you may want to consider making a professional negligence solicitor claim against the accountant in question.
Maintaining an agile approach is key here, so keep this in mind when addressing the real-time needs of your business.
3. Leverage the Power of Social Media
It is one of the best marketing strategies to develop you small business. Social media has evolved as an incredible tool for businesses through the digital age, particularly from the perspective of marketing. After all, Facebook alone boasted approximately 2.93 billion monthly active users as of Q2 2022, ensuring that you can target a vast audience through relatively organic means.
What’s more, there are individual social media sites that offer difference niches and audiences, from professional networking resources like LinkedIn to largely female-oriented sites such as Pinterest.
So, it’s now possible to leverage the power of social media by utilising a selection of sites that suits your business and wider consumer base, while creating fun, engaging and relevant content that’s tailored to match each platform.
You can even use social media to advertise real-time promotions, while utilising unique hashtags to drive targeted traffic and create a way of measuring the impact of individual campaigns.