5 New Year Strategies To Help Black Businesses Flourish In 2024

Boosting digital presence and offering top rate customer service are among five ways Black entrepreneurs can grow this year. Check out the full list here.

Originally Published Jan. 6, 2023

With the start of a New year approaching, it offers a fresh vitality to motivate Americans to pursue new goals.

A solid growth strategy is a vital element that most successful companies have. Many use it to differentiate themselves from rivals and spur sales. Small businesses may do well to adopt such a plan in the upcoming year. With forces like COVID-19 surging, consumers keeping a closer eye on spending, and rivals hungry for customers, entrepreneurs must be open to new ways to flourish.

That may mean overhauling websites to lure a larger number of digitally focused customers and making your brand more compelling. And those fixes may be more true for Black entrepreneurs with less access to capital to expand. Given that, here are some tips based on Black Enterprise research that small business owners may want to consider implementing now that it could potentially help benefit their enterprises this year.

1. Go digital

It’s not rocket science to understand that being online is necessary now. Digital marketing should be very high on your priority list. Whether reaching more customers or learning what they want from your business, those can be game changers for your business. There are several options you can consider to get started. Some initial ones might include establishing branded social media content page profiles. Another might be ensuring your website has a call to action, like “Shop Now or Sign Up,” that is simple to reach and click on, including a mobile device.

2. High quality customer service

Whether times are good or bad, customer service is among the most essential facets of any business, particularly a small business. Providing top-notch customer service can boost sales with new customers, generate more sales with existing ones, and increase referrals from both segments.

3. Find new growth opportunities

Don’t become complacent or close-minded that there are no new ways to increase revenue or attract customers. It could be as simple as learning and building on what is working. Or it might mean teaming up with another business and selling products at both businesses to reach new customers. The bottom line is to be open to new ways to expand.

4. Investing in technology

Technology can be an asset to your business and help accelerate results this year. However, it can also be very expensive and a potential budget breaker. Look for ways to boost your tech knowledge.

5. Be aware of the latest industry trends

Another potential game-changer is to ensure that you’re on top of the fresh trends in your industry. That may mean you being active regularly on social media, going to industry events, and networking with other entrepreneurs. All can help you stay ahead of your rivals. This site shows some trends for this year.

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