2021 Growth initiatives For Small Businesses

Posted by Karen Erdelac on Jan 18, 2021

2021 Growth initiatives For Small BusinessesWhile the focus of 2020 was survival, 2021 brings with it renewed hope and the need to revisit growth initiatives that can help your business expand and become more resilient in the future. Here we take a look at three growth initiatives your small business should consider implementing.

Ecommerce And Online Ordering

E-commerce provides increased visibility and sales by letting everyone that's looking for your products online find you. Even when you're targeting a niche audience, you're guaranteed to expand beyond your shop's physical area.” Other benefits include:

  • Faster buying process
  • Store and product listing creation
  • Cost reduction
  • Affordable advertising and marketing
  • Flexibility for customers
  • No reach limitations
  • Product and price comparison
  • Faster response to buyer/market demands

Digital Marketing And Paid Advertising

Digital marketing brings a steady flow of targeted traffic of people who convert into leads and sales. Digital marketing helps your business make use of techniques and strategy that will not only attract more traffic to your business but quality traffic which will engage and convert more.” Other advantages include:

  • Increase Customer Loyalty with Frequent Communications
  • Engage the Customer at Every Buying Stage
  • Target the Right Audience
  • Generate a Consistent Lead Pipeline
  • Optimize and Obtain Better Conversion Rates
  • Accurately Measure All Results
  • Gain Brand Credibility

Diversified Product And Service Offerings

A product diversification strategy provides opportunities to grow the business by increasing sales to existing customers or opening avenues to entirely new demographics.” Tips for getting diversification right include:

  • Ensure that the new offerings create value for the customer
  • Be an expert in the market that your company is expanding into
  • Build on your strengths as a company
  • Have the right people in place

Let Quikstone Capital provide your business the funding it needs to grow!

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Topics: Grow Your Business