Editor’s Note: This article was kindly shared with us by Adam Povlitz, CEO and President of Anago Cleaning Systems. Anago is a leading U.S. franchise focused on technical advances in janitorial operations.
Small businesses are the heart and soul of any thriving economy. According to the U.S. Small Business Association (SBA), small businesses created 12.9 million new jobs over a span of 25 years, accounting for roughly 66% of all jobs. Large businesses only added a net 6.7 million jobs in the same period.
Additionally, although this number has declined somewhat in recent years, the SBA found that small businesses generated 44% of all economic activity from 1998 to 2014. In other words, entrepreneurs launching small businesses can have an incredible and meaningful impact at the local level.
To remain competitive in today’s market, small businesses must focus on innovation, relevancy and accessibility. With the right strategies, small businesses can continue to succeed for years to come. Here are five tactics for small business owners that can help them grow in 2023…
#1: Plan for Shifting Business Landscapes
Small businesses must consider inflation and market changes. Inflation can significantly impact small businesses, increasing the cost of goods and services. As a result, you need to plan for inflation by raising prices or finding ways to cut costs. Don’t lose focus on employee retention, though. Look to instill loyalty, as hiring and training new employees can slow workflow and cost money. Also, don’t discredit experience; know that your employees are also worried about and affected by inflation.
#2: Apply Experience and Learnings
​​Recovering from the pandemic has been challenging for everyone, and small businesses are no exception. However, some lessons can be learned from this experience. For example, many have learned the importance of diversification, online presence and adaptability. This is also the time to lean into your employees, hear their perspectives, and create an environment of transparency.
#3: Make Noise in the Marketplace
Marketing is a crucial tool for small businesses, as it can help you reach new customers and grow. Look to create a mix of digital and traditional marketing efforts. Having an effective digital presence is essential. Utilizing digital tools such as social media, email campaigns, blogging, and effective SEO can help your small business reach a larger audience and build its brand. Investing in digital marketing strategies can help expand your customer base and increase sales.
#4: Invest in People
Traditional customer service is vital for all businesses but is paramount for small businesses. Small businesses must ensure their customers are happy and provide excellent customer care. You can build customer relationships, gain trust and loyalty, increase customer satisfaction, and acquire referrals by investing in people to deliver quality customer care. Technology and automation can be a blessing, but nothing replaces the power of the human touch, especially for smaller enterprises.
#5: Account for Flexibility When Planning
A good business plan is essential for the growth and success of any business, but I find that it is particularly vital for small businesses. However, know when to be flexible and shift plans to accommodate market changes. Flexible business plans can help your company adapt and implement the latest technologies or market trends and provide a competitive edge. They can also help employees quickly adapt to new changes or innovations to optimize workflow and profitability.
Should You Open a Small Business?
If being your own boss and gaining back control of your lifestyle seems like an attractive proposition, you might be considering opening a small business. But there are many different ways to accomplish the goal of working for yourself. In fact, owning a franchise provides many of the same benefits that you would experience if you start a company from scratch – minus all of the headaches.
So what’s the right option for you? If you’re considering franchise ownership, then you’re in the right place. FranCoach is a national search firm dedicated to working with individuals who are interested in owning a franchise. We've partnered with over 600 of the top franchisors in the country, spanning nearly 70 industries.
When we work with clients, our number one goal is to help them find the absolute best franchise for them to own. If you’re looking to start a business, build a lasting legacy, make an impact in your community, and be your own boss, franchise ownership might just be the ideal path for you.
Reach out to us to learn more about potentially becoming a franchise owner. There’s never any fee for our service, so why not take the first step today toward your better tomorrow?