2024 Small Business Growth Ideas + Actions

While you are likely looking to grow your small business, it is just as likely you have limited budget, time, and resources.  This means that to increase the likelihood of  business growth. you will need to make choices about where to focus. With these limits in mind, here are the things you should concentrate on first:

Create a Simple Plan

Commit to creating a clear, simple plan  that you are able to act upon. Take a few hours away from your office, by yourself or with a very small number of employees (based on your size). Put together a modest set of actions that are achievable and measurable. Some examples are below. The key is to select actions that you can do, versus those you dream about.  Here are some suggested actions that you can do, then measure the results:

The Digital Imperative

Small businesses can do big things. Technology can be one of the great “levelizers” between big and small business.  With the help of the right technology, small businesses with smaller staffs can do what previously was done by much larger companies. One area of opportunity is to look at your processes and see how they might align with the technology out there. You might be surprised how many efficiencies have been created since you last took a serious look at technology tools. The right technology can shave hours off of tasks, make you more responsive to your customers, or give you insight into your customer behaviors, project costs, and other variables.

Have A Holistic Digital Presence

 Establish a holistic digital presence across channels.  This is much more than just a website. Focus on creating a seamless online experience that includes social media engagement, a user-friendly website, and personalized content. This is no easy task but that’s where you’ll achieve the most growth.  The key to a successful holistic digital presence is regularity and interaction.  If your audience feels compelled to check for new content (regularity) and have the opportunity to comment and share information (interaction) they will become more loyal.

Data-Driven Decision-Making

You need to do more than just collect data. By employing data analytics, this can lead you  to make informed decisions. For example, you might better understand your customers' behavior, preferences, and pain points.

For example, a small business owner worked with a Facebook ad professional to design high-converting ads. The business owner provided him with images of her business and products. He then created three designs. One used her image and the other two he designed had NOTHING to do with her business, but rather employed pictures of the beach and sunflowers. This angered her. He assured her it didn’t matter what she liked but what her audience liked.

She was irritated with him until she saw the results. His ads with beaches or sunflowers outperformed her “true to business” images every time, both in clicks and in conversions. She couldn’t argue with results. To this day she can’t quite understand why people preferred images so far removed from her business, but those ads sold products. And that’s what she wanted.

Community Engagement

You won’t grow without support—personally and professionally. If customers and potential customers know you, and see you around town being a part of the community, they’ll want to support you even when you’re not the lowest price or the quickest delivery. Engage with your local community through events, partnerships, chamber membership, and social initiatives. This not only strengthens your brand but also fosters a sense of loyalty among customers. Adaptability and Exploration

Be More Open Minded

Adaptability is crucial for small businesses. Keep an eye on emerging technologies, industry trends, and consumer behavior. Consider new ways of getting input and trying new things. For example, have you thought about establishing an advisory committee made up of a few (4-6) people who are key customers?  You could invite them for a twice yearly, half-day meeting and follow on dinner, where you asked them for feedback and ideas.  You would be surprised how this creates loyalty as well as becoming a source for new ideas and opportunities.

Try offering a new product or service. Figure out how to offer something initially on a limited basis. The idea is to make a small investment in time and resources, then measure the results in order to achieve maximum reward at minimal risk. So If your endeavor isn't successful, you close it down and your loss is minimal.  However, if it is successful, you can then roll it out across your business, to grow with lower risk based on your previous experience.

In Summary

Regularly assess your plan and update your growth ideas to ensure they remain relevant and effective. Budget a small amount of time and/or resources that you can afford on a regular, sustained basis. Stay curious and embrace a growth mindset about continual improvement.

This article also includes some ideas from an original article by Christina Metcalf, by permission.