Grow Your Small Business In The Second Half Of 2024

A good start is to focus on matters that are most important and that can bring fruitful results. Consider practicing the 80/20 rule.

Originally Published June 4, 2021.

As we enter the second half of 2024, now is a fitting time to consider fresh strategies for growing your small business.

Still, more needs to be done. For example, firms owned by people of color must keep fighting to overcome ongoing obstacles like accessing capital as well as growing revenue. Here are some tips from small business experts to consider to help grow your enterprise.

Enhance Social Media Strategy

It may have been a while since you checked your goals in this critical area. One reason to consider this is that new social media figures proclaim there will be 5.17 billion social media users worldwide in 2024. And that number is projected to keep growing in upcoming years. That is potentially a very strong market of consumers looking to buy goods and services, possible clients for your business.

Offer Convenient Alternatives

One option to help win new customers and boost business with existing ones is offering online contactless service options. If you already offer these options, continue. If not, examine what services or products you can provide where this can be done. Then, list them on your website, social media, or other channels with details about how they work. Providing such measures could be a plus in showing patrons you’re concerned about their convenience.

Provide Video and Livestreaming

Online video content is reportedly sizzling and expected to keep doing so. Video livestreaming can be a game-changer for your firm as consumers have a strong appetite for it. Among its benefits: Boosting your exposure and helping you offer a niche service rivals might not.

Increase Productivity

A good start is focusing on the most important matters that can bring fruitful results. Consider practicing the 80/20 rule. It basically declares that 80% of the results come from 20% of your actions. The principle can help people spot and target problem areas, refine existing strategies, or understand what is working extremely well and apply it elsewhere.

Use Strategic Partnerships To Become Stronger

These alliances can offer many fundamental ways to scale your business, boost revenue, and make you more competitive. By teaming up with another business, you can potentially capture a new set of customers, offer existing patrons fresh products and services, and set yourself apart from rivals. A partnership can often provide you with expertise or a capability in an area you might outsource or are unfamiliar with. It can be a cost-effective way to expand into new areas without risking failure due to insufficient resources. Of course, partnerships have ample benefits—one vital suggestion: Do your homework and research before choosing a partner.

6) Revamp Your Business Model

The bottom line is to be open to examining fresh ways to boost sales, increase customer traffic, and retain business. For instance, say you have a barber shop, spa, or hair salon. Ask yourself what other services customers might want that you don’t offer now. To help retain customers, examine if rewards or loyalty programs could be a good fit.