Small Business Expansion and Growth Strategies for 2023

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Business Growth Strategies

Growth Strategies and Business Expansion plans for going to be the game changer for businesses in India. Around 500 businesses are set up daily in India, but only ten per cent succeed. Moreover, with data sciences changing the business world, it is becoming more difficult for enterprises to survive. Not only that, uncertainties are also there to impact companies. Recent events like the Ukraine-Russia war, COVID-19, and the global economic crisis have already made SME owners’ lives unbearable.

However, all these aspects can’t stop business owners from growing their businesses abundantly in 2023, as it totally boils down to strategy and execution.

Read this blog to learn some essential business expansion and growth strategies for SMEs in 2023.

Top Growth Strategies for Small Businesses in India

Leverage Social Media

The internet has changed the business sphere completely, and it is no differentiator to small, large or any size of business. In contrast to the traditional market, the digital market enables businesses to interact with billions of people worldwide in a matter of seconds without needing to make a significant financial commitment. According to a report, 4.95 billion people use the internet on a regular basis.

To start with, all you have to do to aid in your company’s expansion is to put up an online store. Moreover, through regular content on social media, you can easily attract the eyes of your prospects.

Know Your Competitors

In 2023, the business world has become more competitive than it has ever been. Past few years, we have seen a sudden surge in business set-up. Alone in 2022, 167,076 companies were set up in India, 7.5% higher than in 2021. 

Now think of the competition, and not only that, modern data sciences have ensured that only the best player wins. In that case, keeping an eye on your competitors and knowing their best growth strategies has become essential to outperform them. No matter what solutions you are providing, there is always a chance that someone will be providing a better service than you. Hence, keep an eye on your competitors.

In order to conduct effective competition research, you must first determine your competitors by assessing your target market. For instance, you may look into similar companies online that serve the same clientele as your own. Once you have a rough understanding of who your competitors are, you can start learning more about them by reading online reviews and visiting their websites or social media profiles.

Adopt a ‘Customer First’ Policy

You may not believe it, but your customers are selfish. They want the best experience for them, and in times when there are innumerable options to choose from for each product, they are always in search of the best experience. In that case, it is your duty to provide your customers with the best solutions and make their life easier, and the only rule is, ‘customers come first’. 

To start with, make listening to customers a top priority across the business, use customer feedback to develop an in-depth understanding of your customers, and implement a system to help you collect feedback, analyse it, and act on it regularly. Moreover, reduce friction and solve your customers’ specific problems and unique challenges. And this is one of the key growth strategies that can be used by businesses to see instant results!

Have Clarity About Your Audience

In recent years, 90% of companies who use buyer personas have been able to gain a deeper understanding of their customers, but unfortunately, 72 per cent companies struggle to find their target audiences online, and the simple reason is that they do not understand their audience well enough.

However, it’s evident that one of the most important growth strategies is knowing your audience is a must to accomplish your business goals. Hence, to accomplish this, you can gather demographic information via web forms, emails, surveys, and social media polls. Once you’ve gathered enough information, organise your clients into different categories and give each one a unique buyer persona.

[Also Read : What Data Science Has Done To Completely Transform Businesses?]

Create Excellent Brand Awareness

The reported valuation for the Mamaearth IPO is at Rs 24,000 crore, but their net profit in FY2022 was only 14 crores. On the other hand, there are innumerable SMEs that have a similar profit, but their valuation is nowhere compared to it. The simple reason behind this is their brand image. In their cases, it doesn’t matter if brands are failing in the market. They will soon get a surge in growth due to the awareness they have created around the brand. On the other hand, in the cases of SMEs, their existence doesn’t have a guarantee, even in profitability.

To start an effective strategy for marketing your company, start with telling a brand story. Moreover, create value beyond your product, create shareable content, and contribute to your community. Also, Run social media contests and run awareness ads.

Conclusion

Growing a company can be challenging for small businesses as they need more essential building blocks for success. However, their companies can achieve consistent growth with the right growth strategies implemented. Therefore, to attain abundant growth, use the above methods to set it apart from the competition. As a result, your little business will eventually soar to new heights and quickly increase its market share.

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Vijay Johar

Business Coach Vijay Johar is here to guide you on the 4 pillars of business management, leading the way for you to build a prosperous company.

Browse More Articles
Picture of Vijay Johar

Vijay Johar

Business Coach Vijay Johar is here to guide you on the 4 pillars of business management, leading the way for you to build a prosperous company.

Browse More Articles

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