Small businesses are the backbone of the American economy.
Whether you have one, five, or fifty employees, your business provides rich financial opportunities to your team and meaningful services to the world around you.
As you know, it’s never easy being a small business owner—especially in this uncertain economy.
To help you enhance your efficiency and productivity, here are some strategies to boost growth for your small business in 2023.
Why Your Small Business Matters
First things first: let’s take a look at why small businesses (especially immigrant small businesses) are important.
According to recent studies, immigrant entrepreneurs represent nearly 22% of all business owners in the U.S.—despite comprising just 13% of the American population.
By 2050, Latin American-owned businesses are expected to make up nearly 30% of the entire U.S. population. According to JPMorgan Chase, these businesses could soon make “40% more in one year than Microsoft has made since it was founded in 1975.”
As a result of these staggering figures, immigrant business owners generate over $1.3 trillion in total sales every year.
Whether your small business is new, growing, or well-established, it’s undoubtedly playing a vital role in the American economy at large.
7 Tips to Grow Your Small Business in 2023
While growth is often measured in money, progress can take multiple forms.
As a small business owner, you’re in charge of setting your own goals and metrics for success.
Here are seven tips to grow your small business in 2023:
1. Focus on Client Retention
While growing a small business, it can be easy to overlook a fundamental truth: your current customers are your most valuable.
For starters, they provide the cash flow and consistency you need to make ends meet.
In the business world, many salespeople follow the “80/20” rule: they do 80% of their business with just 20% of their clientele. In other words, your most loyal customers are your fortress of financial solvency.
Beyond their monetary support, your current customers can provide meaningful insights and feedback with respect to the things you do well (and the things you can improve).
While a growth mindset is important (if not essential), be sure to shepherd your current relationships to the fullest possible extent.
Note: protect and grow your customer base with an advanced CRM, or “customer relationship management” system.
2. Automate To Save Time & Money
When it comes to business operations, entrepreneurs must always look for opportunities to lower overhead costs.
Automation can help reduce the time and energy spent on repetitive, manual tasks.
By leveraging modern automation technology, business owners put themselves in a position to husband resources, save time, and generate growth.
Consider implementing automation with:
- Marketing campaigns.
- Quoting software.
- Appointment scheduler.
- Onboarding processes.
- Customer relationship management (CRM) system.
- Supply chain management.
- Daily reporting.
- Reporting all essential KPIs.
Take some time to review your manual processes, and search for new tools and software that could help you automate them.
3. Stay Aware of Your Competition
It’s wise to take note of your nearest competitors, to study their products and services, and to understand what differentiates your business offerings.
You have to know what makes you unique.
As you assess your competition, you’ll better understand your own business and be better equipped to objectively assess your strengths and weaknesses.
As Sun Tzu wrote in The Art of War, “when you know the enemy and know yourself, you need not fear the result of a hundred battles.”
4. Remove Unprofitable Products & Services
Sometimes, growing a small business requires a more calculated approach.
To help improve your profit margins, consider removing any unprofitable products and services.
Analyze the individual costs and revenues of each product offering, and if it isn’t turning a profit, then you may need to take action.
Maybe you’ll simply need to reduce the costs involved in developing and promoting the product. Maybe you’ll need to reallocate resources to improve that product’s favorability. Or, perhaps, you’ll decide to remove the product or service altogether.
As a small business owner, you must be willing to make changes and embrace trial and error along the way.
5. Build Strategic Partnerships
Relationships matter, especially for small businesses.
While “strategic partnerships” sound formal, they can actually be quite casual, like a collaboration with another local business or even a casual mention in an Instagram post.
Of course, strategic partnerships can also take a more dedicated approach, like offering an integrated product or service—in the way that Spotify Premium subscribers often receive a free subscription to Hulu.
Teaming up with other companies demonstrates that your business isn’t just an island unto itself. Collaboration shows that you have relationships, are well-liked, and are willing to think outside the box.
Modern customers—especially millennials and Gen-Z—respond well to partnerships.
6. Enhance Your Branding
“People do judge a book by its cover.”
Apple built its marketing philosophy on that solitary statement. In fact, Steve Jobs understood that prospective buyers would choose his company only when they were truly attracted to his brand.
More than ever, people judge a business by the power of its brand. Our hyper-visual marketplace craves companies that inspire empathy and excitement in prospects.
As a small business owner, little changes can make a big difference.
Take the time to review your website, your logo, and your marketing materials. If something appears outdated, confusing, or boring, consider updating it.
When you cultivate your brand, you’ll captivate new clients.
7. Leverage Social Media
If your business isn’t active on social media, you may be missing out on a brand-new audience.
While social media can certainly seem daunting, the potential rewards may be well worth the effort.
Some studies estimate the average person scrolls on social media for close to three hours per day. In fact, social media buyers account for 32% of all online consumers in America.
Whether you run a restaurant, a financial advisory business, or a shoe store, one catchy social media post could lead directly to increased profits.
The social media marketplace deserves your fullest attention.
Tips for Securing Additional Funding for Your Business
Funding can often be the most overwhelming part of starting (or growing) a small business.
Fortunately, there are great resources for immigrants seeking to access capital.
SBA Loans
The Small Business Administration (SBA) is the U.S. government agency that supports small businesses. Their mission is to connect entrepreneurs with lenders and help them launch their businesses.
Naturalized citizens, lawful permanent residents, and lawful non-permanent citizens can all qualify for funding.
MicroLoans
The SBA also provides a MicroLoan program that offers new companies a small sum to launch their business. Average loans are about $13,000 and reach a maximum of $50,000.
Short-Term Loans
Short-term loans are a great option for immigrants.
Upon receiving a lump sum of cash from a lender, business owners agree to pay the money back over a specific (and condensed) timeframe.
However, take note that short-term loans require more frequent payments and higher interest rates.
Business Grants
Beyond small business loans, you can also take advantage of grants offered by the government and various nonprofit organizations.
Some of the most popular business grants include the Microenterprise Development Program for Refugees, and the Wilson/Fish Alternative Program for Refugees, both provided by the US Department of Health and Human Services.
Additional Small Business Resources
In addition to funding opportunities, small business owners have many free developmental resources available to them.
The Emerging Leaders Initiative
As featured by the U.S. Small Business Administration (SBA), this initiative is available for entrepreneurs with at least one additional employee and annual revenue of at least $250,000.
It’s designed to provide an “executive level training series to accelerate the growth of high-potential small businesses across the U.S.”
Ascent
Also offered by the SBA, Ascent is a free learning platform for women entrepreneurs across America.
To help women grow their businesses, Ascent offers a range of interactive services, including fireside chats, success stories, self-assessments, discussion guides, and hands-on exercises.
SCORE
As a small business mentorship program, SCORE unites up-and-coming entrepreneurs with retired executives.
SCORE provides many resources for entrepreneurs, including webinars, interactive courses, free business templates, and local workshops.
While many services can be found in your local area, SCORE also offers a host of services that can be conveniently accessed online.
Google Free Tools
Google offers entrepreneurs a range of free tools to create a Business Profile and enhance their online presence.
While these tools can help you see customer reviews and bookings, they’ll also show you how customers are finding your business—insights that may help you nurture your current clientele and further expand your reach.
Send More Back Home
Building and growing a business is a hallmark of the American dream.
With careful planning, patience, and perseverance, you’ll be able to take your small business to the next level.
In the meantime, uLink is here to help you ensure your loved ones back home have everything they need. With great exchange rates and fees as low as $0, we’re committed to helping you send as much home as possible.
Miles from home—just moments away with uLink.
