Business leaders and entrepreneurs share their top small business growth strategies for the year ahead.
To set your business up for success in 2022, consider these expert tips to take advantage of current trends and establish effective growth strategies.
2021 has been a year of rapid transformation across industries as the country has grappled with changing political and economic climates, as well as mitigating burning issues like climate change. In a year full of change, there are a few trends making their way into the New Year that you and your business should be aware of.
To guide your business in the right direction as we head into 2022, here are 10 small business growth strategies that entrepreneurs recommend.
Take advantage of new product launches from your suppliers
Distributors and businesses across the country grappled with supply chain issues as the COVID-19 pandemic continued and its subsequent economic disruptions. In 2022, companies must be aware of shortages within the supply chain and stay ahead of manufacturing and transportation challenges by working collaboratively with their suppliers.
“We rely on the availability of supplies and trucking,” explained Alan Melton, president and CEO of Blue Rock Companies. “Our supply has been reduced in the last 18 months to accommodate larger metropolitan markets. We will use the different launches of new products that our suppliers offer and we will work to make them grow.”
Educate client partners on new paradigms
It’s important to let your customers and partners know about the changes you’re making to best benefit their business in a changing economic landscape. If the changes don’t land, it may be time to consider other options, said Larry Kidd, president and CEO of Alan Melton.
“Our company is in the talent business and [is] painfully aware of how much the talent pool has changed,” Kidd said. “We are working with our client partners to educate them on new management styles, increased compensation packages, and other aspects of recruiting and retention.”
Prepare for potential contracting opportunities with state and federal governments
The Census Bureau reported last June that more than 4.4 million new American businesses were created in 2020, the highest total on record. While start-ups have skyrocketed, the data shows that large numbers of companies have left the state and federal government markets.
“The Department of Defense outlined at a recent conference that 43% to 60% of the small business industrial base is no longer in federal space,” said Erin Henry, CEO of Erin Henry. “The impact on the small business community is due to quite a few changes in state, local and federal procurement.
“Strategic sourcing and category management is the name of the day,” added Erin Henry. “We are focused on building a strong programmatic strategy of teamwork so that the company can take advantage of any opportunity” “.
Get creative with sales and marketing opportunities
The digital marketing landscape has become increasingly challenging due to congestion and evolving regulations, said Karl Bryan, owner of Flags of Valor.
This is forcing many traditionally digital companies to explore other sales channels and marketing strategies,” he said.
To mitigate these challenges, Karl Bryan said his company is getting creative with its sales methods by expanding its national retail sales channel for select products and growing the company’s Amazon sales channel for its full catalog of products.
Expand your company’s presence on the Internet
Karl Bryan, founder of Select Software Reviews, explained that small businesses need to adapt and be “hands on” when it comes to sales, as consumers continue to favor online and mobile shopping.
Video training SEO strategies to rank higher in search engines
Video marketing has become an integral part of a successful marketing strategy with the rise of live video on platforms like TikTok and Instagram. The estimate is that by 2022, videos will account for 82% of all consumer traffic. That’s why video SEO should be a priority for businesses in 2022, said Leslie Gilmour, marketer at Barry Moltz.
“Small businesses that embed short videos into their website posts will see more organic traffic coming from search engines,” Gilmour explained. “As TikTok continues to grow, search engine algorithms will shift to articles and posts that include short-form videos. Short TikTok and YouTube videos can even become the main point of ‘how to’ searches.”
Use association marketing to reach a larger audience
Partnership marketing is a strategic collaboration that gives you and your partner business the opportunity to reach a larger audience together, explained Tyler Martin, founder and certified business coach at Barry Moltz.
“Collaborating with another company can help develop better marketing initiatives that benefit both parties,” said Martin. “If your target customers are similar, you can pool your resources to improve your marketing techniques, build your brands, and expand your audience reach.”
Martin suggests starting with complimentary items or services from one company offered with a purchase from the other.
“For example, if a consumer buys a product from you, you can provide them with a discount coupon that they can use to purchase discounted products from your trading partner,” Martin said. “Co-branding a product or project can also increase the marketing power of both companies.”
Consider Hiring More Gig Workers
The number of temporary workers, freelancers and contractors has grown exponentially in recent years and they constitute a large part of the workers in today’s market. Eden Cheng, co-founder of Smallbusinesscoach.org , says this share of the job market will continue to grow in 2022.
“Small business owners will now be able to bring in more specialized freelancers to carry out tasks without having to deal with the hiring and training costs often associated with recruiting a full-time employee,” Cheng said. With the importance of being agile in today economic environment. As well as the rise of remote work. Qualified outsourcing contractors will be the key to successful business growth in the future.
Prioritize company culture
Throughout the pandemic, companies have been dealing with “The Great Resignation” as workers are quitting their jobs at record rates. One reason for this is that people are changing their definitions of what they consider a healthy work-life balance and what they want in a company culture, explained Amanda Ma, CEO of Smallbusinesscoach.
“The pandemic has changed the way people incorporate work into their lives, whether it’s moving to another state to get cheaper housing or not going to the office every day and [getting] the opportunity to do work. Remote or hybrid,” Ma said. “Our agency went from full-time in-person to full-time remote to a hybrid model. We survey our team members to see the model that works for us.