Entering the second half of 2021, now is a fitting time to consider fresh strategies to grow your small business. As more cities reopen with fewer pandemic restrictions and more people hungry for a post-shutdown life, entrepreneurs may do well to latch onto the rosy outlook.
Many minority businesses — including Black-owned ones — are among those feeling that. In fact, some 80 percent of Black and Hispanic small business owners, and over 70 percent of Asian-American and Pacific Islanders (AAPI), reported they were optimistic about the future of their businesses. That compared to 70 percent of white small business owners expressing similar sentiments.
The findings came from over 1,300 respondents questioned between April 28 and May 12 this year based on a survey from Reimagine Main Street (RMS), a project of Public Private Strategies.
Still, more needs to be done. For example, firms owned by people of color must keep fighting to overcome ongoing obstacles like accessing capital as well as growing revenue to levels before the pandemic struck.
“Seeing the data cut by race and ethnicity allows us to get a better read on the path to recovery,” Tammy Halevy, co-lead of the Reimagine Main Street initiative, stated. “Small businesses make communities. The optimism of diverse business owners is encouraging, but we aren’t out of the woods. We need to continue efforts to get shots in arms and find much better ways to finance Main Street businesses.”
Here are some tips from small business experts to consider to help grow your enterprise.
1) Enhance Social Media Strategy
It may have been a while since you checked your goals in this critical area. One reason to consider this is fresh social media figures proclaims there are 3.78 billion social media users worldwide in 2021. And that number is projected to keep growing in upcoming years. That is potentially a very strong market of consumers looking to buy goods and services, possibly clients for your business. This link offers some game plans on the social media front .
2) Offer Contactless Alternatives
Even with millions of Americans getting vaccinated, scores of people remain concerned about COVID-19 and their safety. And those feelings are not likely to evaporate soon. One option to help win new customers and boost business with existing ones is providing contactless service options. If you already offer contactless and socially distanced options, continue. If not, examine what services or products you can provide where this can be done. Then list them on your website, social media or other channels with details about how they work. Providing such measures could be a plus in showing patrons you’re concerned about their safety.
3) Provide Video and Livestreaming
Online video content is reportedly sizzling and expected to keep doing so. Roughly two-thirds of the global population will have Internet access by 2023, Cisco reports. There will be 5.3 billion total Internet users — 66 percent of the global population — by 2023.
That would be a rise from 3.9 billion or 51 percent of that population in 2018. Video livestreaming can be a game-changer for your firm as consumers have a strong appetite for it. Among its benefits: Boosting your exposure and helping you offer a niche service rivals might not. This survey shows how effective it can be versus other channels. Click here to discover how livestreaming can assist your business.
4) Increase Productivity
A good start is to focus on matters that are most important and that can bring fruitful results. Consider practicing the 80/20 rule. It basically declares that 80 percent of the results come from 20 percent of your actions. The principle can help people spot and target problem areas, refine existing strategies, or understand what is working extremely well and apply it elsewhere. Check this out for other tips.
5) Use Strategic Partnerships To Become Stronger
These alliances can offer many fundamental ways to scale your business, boost revenue, and make you more competitive. By teaming up with another business, you can potentially capture a new set of customers, offer existing patrons fresh products and services and set yourself apart from rivals. A partnership often can provide you expertise or a capability in an area you might outsource or you’re not familiar with. It can be a cost-effective way to expand into new areas without risking failure due to insufficient resources. Of course, there are ample more benefits to partnerships. One vital suggestion: Do your homework and research before choosing a partner. This site offers some tips regarding that.
6) Revamp Your Business Model
A Bank of America’s 2021 Black Business Owner Spotlight report showed Black businesses are enduring despite emerging challenges from COVID-19. It revealed some 48 percent of Black entrepreneurs have retooled their operations to cope with that devastating impact, a figure that was a whopping double of the national average. Some store-front heavy businesses are now considering ways to start expanding their focus on digital sales. If you’re in the restaurant or grocery store business, many of those vendors that were not offering delivery services are doing so now to help retain existing customers and secure new ones. The bottom line is be open to examining fresh ways to boost sales, increase customer traffic and retain business. For instance, say you have a barber shop, spa, or hair salon, ask yourself what other services might customers want that you don’t offer now? To help retain customers, examine if rewards or loyalty programs could be a good fit.