How will Small Businesses Grow in 2021
It’s the second half of the year and small businesses are taking the time to reevaluate and realign strategies for their business growth.
In 2021, small businesses have found new ways to reinvent themselves and take advantage of the opportunities that exist amidst the Covid-19 virus.
However, knowing the best tips and strategies to implement will give you a channelled edge over your competitors and help take your business to the next level
Are you passionate about growing your business? In this article, we will explore 5 tips and strategies that will help small businesses grow in 2021. Let’s dive right in
Reinvent Your Social Media Strategy
With 3.78 billion social media users (and increasing) all over the world, social media has become a necessity for small businesses.
A study reveals that 52% of online brand discovery happens on social media feeds. Getting your product right in front of your customer is now a priority. This is where formulating and implementing an effective social media strategy comes in.
Gone are the days of putting out content hoping your customers will discover you. You must have a plan to reach them.
For example, if you are targeting a younger generation of people, using social media platforms like TikTok or Snapchat will get you more results than using Facebook. On the other hand, if your audience falls more on the older generation, a platform like TikTok, might not fetch you effective results. It is important to create a workable social media strategy to reach your target audience. Doing this will help you reach people who are genuinely interested in your product. Also, your strategy will help you plan a budget and utilize it effectively.
Improve Productivity
To grow your business in 2021, investing your time in productive areas of your business is important. Consider the 80/20 rule. This rule emphasizes that 80% of results come from 20% of your actions.
Focus on areas of your business that matters. Outsource other areas of your business that do not directly impact the growth of your business. This will improve results in business and help define areas that aren’t bringing in as many results.
Also, invest in productivity tools that will help you maximize your time. Consider tools like Calendly, Buffer, Canva, Slack, etc.
Prioritize Your Customers
Customer satisfaction is one of the best business strategies you can implement in 2021. One satisfied customer can spread the news about your business faster than any advertisement or promotion.
On the flip side, one dissatisfied customer can spread bad news about your business faster than you think.
Prioritize customer satisfaction. Focus on offering quality products or services to your customers. Build a healthy relationship with them and look for improved ways to be of service to them.
Get New Customers
As you improve on customer satisfaction and try to retain them, you must also look for ways to expand your reach and get new customers into your business.
Making use of your website and SEO are effective ways to increase brand visibility and find new customers. Invest in paid ads to reach a wider audience.
Nurture your leads through email marketing to get and retain new customers. Follow up on leads with value-giving offers to capture their attention.
Networking and building relationships are also other effective ways to get new customers.
Keep Track of Your Finances
To succeed as a small business, implementing effective financial strategies is key. Most small businesses shut down due to a lack of cash flow. It is important to ensure you have enough finances for all business costs.
Also, keeping track of expenses goes a long way. Ensure your finances are channeled to activities that bring results. Monitor the performance of every activity that you spend on and make sure you get the most out of your investments. Do you need funds to start or scale your small business? Check out our article on 7 online lending platforms to get small business loans in Nigeria.
Conclusion
There are several ways you can grow as a small business owner in 2021. Customer satisfaction and retention, an effective social media strategy, finding new customers, improving productivity, and keeping track of finances are effective paths to growing your small business.
Do you have questions or comments on SMEs in Africa? We’d love to hear them. Kindly leave them in the comments section below.
