Small business growth planning is going to be front and center for most in these next couple of months as we all set out how we can build on our business success. If you run a small business, you might be wondering what steps you can take to achieve the growth you’ve dreamed of in the new year. Here are five things that everyone can do to help their small business grow and push it along the road to success.
Plan and budget for the year ahead
Of course, it’s no use just wanting your small business to grow in 2023 — you’ll need to get specific about the whats, whens, and hows. So now’s a great time to look at your budget, analyse your key performance indicators, and brainstorm what you want the future to look like. To help with your planning, it’s worth taking a look at predictions for the coming year on a local, national, and international level. For example, interest rates and fuel costs are set to continue rising, so you’ll need to take this into consideration when scaling up your business.
Review your systems and processes
A new year is a great time to look back on what your business has done well — and what could be improved on to fee into your small business growth planning. To do this, spend time studying each stage of your process, looking for opportunities to streamline and make things more efficient. Could parts of your operation be automated, for example, or might you benefit from the services of a professional in certain areas? For a financial spring clean, a GoSolo Business Account is a great way to keep track of all your outgoings and income in one place.
Get stuck into business analytics
There’s a reason why data has been on everyone’s lips these past few years. But analytics aren’t just for big companies like Amazon and Facebook — they can help small businesses too. With Google Analytics, you can gain a useful insight into not just how many people are visiting your page, but what they’re doing when they get there. And this can help you to identify any sticking points that are getting in the way of your conversion rate. And keep an eye out for the next iteration of Analytics from Google – GA4 is coming this summer and can support your small business even more
Invest in your people
It’s the people that make a business, whether you’re a Fortune 500 company or a start-up just breaking into your industry. And if your plans for growth involve expanding your team, or taking the first steps away from being a solo entrepreneur, it’s important to invest in your staff. Fortunately, this doesn’t have to mean forking out for big bonuses — although if you’re doing well you should explore ways to share the wealth. According to the experts, things as simple as regular team socials, training and up-skilling offers and a supportive work culture can go a long way towards establishing loyalty among your staff.
Don’t forget the back-up plan
No matter how well you think things are going to go, one of the best ways to ensure growth for your business is to make sure that you always have a back-up plan in place. Of course, we can’t always predict the twists and turns that the market is going to take, and outliers such as the coronavirus pandemic can always catch us by surprise. But by planning for multiple contingencies and keeping your business model flexible, adaptable, and resilient, you can prepare yourself to weather pretty much any storm.
With the right preparation and planning, your small business can be set on the right course for a great year. And you can make things even easier by streamlining your financial operations and gaining more control over your money with a GoSolo Small Business Account. Compatible with accounting software such as Xero, it’s a quick and easy way to keep track of your expenses and plan for future growth.