Business

5 Ways to Grow Your Small Business in 2020

Top 10 Business News Apps for Entrepreneurs
Written by Ratnesh

Starting and running a successful business is never an easy feat. With so much to think about, you might feel like you are juggling multiple balls at once. Finding the right balance between what to worry about and what to let happen can often be the key to success – as well as not losing your mind.

How do you do that? Is there some magic spell that will help you conquer all the challenges of running a business? The answer might surprise you!

Guiding your startup or small business does not need to be an impossible task. With some good organization and amazing team, you will be able to tackle any problem that comes your way! All you need to do is equip yourself with creativity, patience, and a reliable business management tool, and in a short time, you will leave your competitors in the dust!

Today, we are taking a look at five key ways in which you can grow your business in 2020. From using the right tools to utilizing your team in just the right way, you will learn how to position yourself for success!

Ways to Grow Your Small Business

#1 Formalize your business idea to see it come to life

One of the most common pitfalls we notice with young entrepreneurs is the lack of organizational skills. There are many reasons for this. First, they just do not have enough knowledge when it comes to starting and running a business.

Secondly, the thought of having a big company might scare them. Holding the fate of so many employees can be petrifying, let alone having to deal with piles of bureaucracy and tasks. What’s more, the chores can just keep piling up!

And thus, many people decide on not even giving entrepreneurship a try, although they might have an amazing idea. The first thing you need to know in order to grow your small business is to not be one of them! With tools like IdeaBuddy, you will be able to grow your business with ease!

Turn your idea into reality

IdeaBuddy is a business management tool meant to gather information on your thoughts and ideas, and then propel them into reality. If you feel like you are lacking the guidance and support needed for running a business, then this is the tool for you!

With IdeaBuddy, you can plan and model your business idea and see it blossom into a wonderful company. Using their simple step-by-step questionnaire, you will help shape up the image of what your business should look like.

From there, the tool will give you useful information as well as predict the budget you will need. You can modify things as you go or add to your idea through time.

Finally, IdeaBuddy has a unique algorithm that examines the whole process and grades it. Then, you will receive recommendations on how to boost your grade – and your business success with it.

With tools like IdeaBuddy, all you need is a good business idea and some patience. It will help you formalize your thoughts and give you an action plan that you need. Most entrepreneurs never even make this step, so by using IdeaBuddy or similar tools, you will already be ahead of them!

#2 Build a website other business owners will envy

Let’s say that you had an idea and you ran with it. Now, you have successfully started your own business. You admire your business plan, but there is still something missing – clients! How do you draw more people in and grow your small business?

Having a good business plan is just the first step, but you will still need to make some more effort. You can think of the plan you made as your headquarters. From here, you will make other decisions and expand your business in multiple directions.

One of the first things you will want to do is to present your business to future clients. And in 2020, the best way to do this is through a website.

In this day and age of technology, a business without a website is like a shop without a storefront. You want to grab people’s attention when they go window shopping. Similarly, your website will serve to pull people in when they are searching the web.

It does not matter if you have an online shop or a brick-and-mortar business. You will want to have an online representation of your services. Not only that, but you will want your website to give the best first impression possible!

Hook new clients with an amazing website, and reel them in with ease!

Owning a website makes finding information about you convenient for people. This is something they will greatly appreciate. If you have a website, a potential client does not need to talk to their friends about you. Instead, they get can all the info they need with a couple of clicks.

What’s more, if you structure your website well, you will pull them in with ease. With smartly placed calls to actions and contact information, you will be able to expand and grow your client base in no time.

If you are new to all of this, then we highly recommend you find an expert who can guide you through the process. Just like anything in life – creating an interesting and unique website requires skill. So, make sure you have skilled people in your team, focusing on this task.

#3 Keep your clients informed with a good email list

Having a pretty storefront will not do the trick, however. Sometimes, you will need to boost this by staying relevant. What this means in the business world is staying in your customers’ vision. You can do this by creating a well-curated email list.

Think of it this way. A website offers an amazing chance for a first impression. But even if the client likes what you present, they can forget about you when they leave. In order for clients to really trust you, you will want to actively reach out to them. And the best way for this is through emails.

An email list is thought by many to be one of the best marketing tools in this day and age. If you nurture and grow your list, you will be able to communicate with your customers directly. Through it, you can offer them new deals and discounts, or get their feedback with surveys. All of this, of course, serves to drive revenue and help you grow your small business.

Similarly to running your website, you will need a marketing expert (or a team of experts) for this task. But once you include them in your business plan, it will not be hard to plan for them and accommodate accordingly. The team will be your direct line to your client base, and that’s what makes them essential to any growing business.

#4 Make sure you also value your whole team

As you can see from the previous two ways to grow your small business, having good people in your team will be the difference between success and failure. This is why it is extremely important to nurture good relations within your company.

This fact has never been more relevant than in 2020. Due to the COVID-19 pandemic, many businesses were forced to shut down or move to remote work. Some of them are still not working or are trying hard to bounce back on track.
One of the reasons for this is because a lot of people were left without work, or their loyalties were tested.

At the end of the day, having a team that works like a well-oiled machine is what makes your business running. And to achieve this, you need to nurture the bonds between your team. So, make sure you always try to cut through the technology and get to know the people you are working with.

Hold weekly meetings where you can both discuss the previous week, the agenda for the next one, and just how the people are. Keep it casual and relaxed, and you will create an atmosphere of trust and care.

The same applies to your clients. If you know your customers better, then you will know how to better meet their needs. This only leads to developing customer loyalty, which turns into them talking about you and your business growing.

So, sometimes, having a smaller, close-knit network is better than trying to reach out to more people. Remember, your business is just starting– you might not even be able to cater to everyone if you’re spread too thin! Keep people close, and you will be able to expand in no time!

#5 Make sure you are also looking back at the progress you have made

The final trap that many small business owners fall into is that they keep pushing forward, not stopping for a second. This is perfectly normal. After all, you are anxious to grow and see success, as well as start seeing a profit.

However, in order to grow your small business in the best way, it’s important to actively measure and track your successes and failures as you go along. That’s why, when setting up a business plan, you need to include goals and milestones.

After some time, as your business grows and expands, check how far you are to reaching these, or how much you surpassed them. Then, take a moment to rethink your strategy and revisit your business plan.

Perhaps you will find a way to improve some aspects of your business or change what’s not working. Do not be afraid to be ruthless when going back and changing your plan. If something just doesn’t work – cut it completely. Otherwise, it can make you drag and slow down your whole process.

And even when you become bigger, do not stop measuring. You might end up spending a lot of resources on something that isn’t helping grow your business further as time goes by. Examining your steps will help you find this and change it.

Conclusion

Starting a business just from a small idea can often be a frightening task. However, if you plan it smart, you will be able to grow your small business efficiently and with ease. Start with a strong business plan, think about your presentation, and always work on your relations.

Finally, do not forget to look back at your progress and keep improving. This way, you will leave your competitors in the dust in no time! We also invite you to share what you have found with us in the comments below!