Five Ways To Grow Your Business Before The End Of The Year

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According to a recent study, 72% of small business owners feel optimistic about the future of their business.  

This is because many industries are beginning to rebuild themselves in the wake of the COVID-19 pandemic, growing from strength to strength each month. As such, business owners are no longer focused on just getting by or surviving but on growth, too.

With that in mind, here are five ways you can grow your business before the end of the year. 

Reassess your current practices

One of the easiest ways to grow your business is by reassessing your current protocols and practices to determine whether there’s something you could be doing better. For example, this could help you identify opportunities you may be missing within your business that cost you time, energy and, perhaps most importantly, money. 

For example, Independent Software Vendors could leverage more control over the merchant experience (and their income) by partnering with a payment company that can do this work on their behalf. This could reduce your workload quite considerably while ensuring that your finances are appropriately managed. Alternatively, you could become a payment facilitator (PayFac) yourself. You can find out more about the benefits of ISV. vs. payfac here. 

Connect with your audience

Being able to connect with your audience is instrumental to business growth. After all, without being able to forge these vital connections, sales will plummet, and your business will fade into obscurity. As such, if you want to grow your business before the year-end, focus on reconnecting with your customers.

Fortunately, there are many ways in which you can approach this task. For example, you could: 

  • Host a series of focus groups to better understand your target audience, their needs and expectations. 
  • Ask for feedback from your customers online or in-person 
  • Make your social media/online presence more personable, allowing you to forge stronger relationships with your audience. 
  • Launch a loyalty or rewards scheme.

Revamp your marketing campaigns

One of the biggest mistakes that business owners make when it comes to marketing is believing that you can re-use the same marketing tactics over and over again while still bringing in positive results. For example, you may continue to run the same ad repeatedly, despite the fact that it no longer brings forth a positive ROI.

As such, you can grow your business almost immediately by revamping your marketing campaigns and ensuring they are as fresh and up-to-date as possible. This way, you create the kind of content your audience is more likely to engage with, whether you’re uploading Instagram Reels or TikToks. Furthermore, by capitalizing on the latest marketing trends, you ensure your business stays ahead of the competition.

Utilize technology

As your business grows, so too will your workload. After all, you’ll likely experience a higher volume of customer orders or queries that you’ll have to contend with. However, while this initially seems to be a positive, if you’re struggling to keep up with the work, you could actually begin to limit your success. For example, if customers wait days for a response to their queries, they may begin to look elsewhere as they consider your brand unprofessional.

Fortunately, one way in which you can remedy this is by using technology to your advantage. For example, you could use automated software to respond to and manage customer queries so they always receive a swift response. Alternatively, you could look into the ways artificial intelligence is improving customer service.

Take care of your team

Looking after your employees will also enable you to grow your business – as studies have found that happy workplaces are the most productive. This is because when an employee feels as though they are respected at work and their needs are met, they are more willing to “go the extra mile” for their employer. This can also do wonders for your employee retention and attrition rates, as you aren’t constantly scrambling to fill gaps in your team. 

Again, there are many ways in which you can ensure you’re looking out for your employees. For example, if they favor remote work, you could put accommodations in place to make this possible or allow them to create a hybrid working schedule. This will allow them to develop a healthier work-life balance, among other benefits.

You should also put together an employee wellness scheme, which can help prevent burnout, stress and anxiety. Finally, you should make it clear that your door is always open if an employee is struggling or needs extra help.

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