3 Strategies to Grow Your Small Business in 2023
Source: The Ascent | Repost QBScott 1/19/2023 –
These growth tips apply to all kinds of small businesses.
Key points
- Make sure you set goals and plan for growth before implementing specific strategies.
- Improving your customer relationship management is a cornerstone for growth.
- Invest in your team to increase employee retention and ensure they grow alongside your company.
Most of the time, small business growth is the result of sustained effort and planning. Sure, a celebrity might snap a shot of your handmade bath bomb tomorrow and set social media alight with talk of your cherry soda shower fizz. But in case Justin Bieber or Kim Kardashian doesn’t happen upon your product or service, you’ll need to drive that growth yourself.
Goals and strategies go hand in hand, so before you decide on individual growth strategies, it makes sense to set some realistic goals. Sit down and look at what you achieved in 2022, and what might be feasible in the coming 12 months. The idea is to be honest about what you’ve done well and where you might improve, as both will guide your 2023 growth plans. Given that many economists warn we could hit a recession, it’s worth mapping out a few different scenarios so you can adapt to whatever the wider economy throws your way.
Let’s say several people have told you your website is hard to navigate, which stops them from using your services. You might set yourself a goal to improve your website and look at strategies to increase traffic by 20%. Or perhaps you have no idea what your customers think. In which case, set yourself a goal to connect with your customers and get their feedback. The idea is to make goals that are specific and measurable, so you might decide to implement a survey and get responses from 5% of your existing customers.
Here are three strategies that will help you grow your business in 2023.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale