Although smalls business control nearly half of U.S. economic activity, only 40 percent of small businesses are considered profitable. In other words, despite making up much of the economy, many small businesses still fail to succeed in the long run.
If you’re a small business owner, then it’s crucial that you put in place an effective strategy that ensures business growth.
Here, we give you the tools to help you build your own business growth strategy.
Create a Customer Loyalty Program
It’s more cost-effective to sell to an existing customer than it is to bring in a new one. So, if you want to grow your business, it’s key that you install an attractive customer loyalty program.
A customer loyalty program hits two birds with one stone: it rewards people who already shop at or use your business while also bringing in potential new customers. In other words, if you give people a clear incentive to spend money with your business, your efforts will pay off in the long term.
Engage With Customers on Social Media
When you engage with customers on social media, you show them that your business values their thoughts and take their concerns seriously. As such, it’s beneficial that you respond to negative comments as well as positive feedback.
Also, as a small business owner, you have a unique advantage when it comes to engaging with customers on social media. You have a better ability to respond to customer engagement at a wider scale and with more frequency. This way you’re able to stomp out potential fires quickly while also staying top of mind for your social media audience.
Hire a Virtual CFO Service
In a nutshell, a virtual CFO is a person who does the job of a Chief Financial Officer from a distance.
Many virtual CFOs chose to work for many companies at a time. The advantage of this is that since their salary doesn’t come from one source, they’re able to offer lower rates for their CFO services. So, as a small business, it’s more economical for you to hire a virtual CFO service instead of bringing on an in-house CFO.
For further information on how virtual CFO services can help your business grow, then visit this link to find out more.
Promote Small Business Growth
Small businesses play an essential role in supporting the U.S. economy, but more often than not they fail to succeed. By creating a customer loyalty program, engaging with customers on social media, and hiring a virtual CFO service, you can help stimulate business growth.
But there’s no one small business growth strategy that will work for every business, which is why it’s important that you try and see what works for you and also do more research.
If you have an interest in learning more about small business growth, then browse our blog for more career tips.