5 Ways to Grow Your Small Business in 2018

For 2018, small businesses must now learn to transform themselves to keep up with the ever-changing landscape moving the business world forward. Not only is success vital for any small business in a competitive landscape, but this success is also crucial to the success of the greater economy. As of 2013, small businesses accounted for 63% of net new jobs.

If you own a small business, here are 5 ways to grow that business for success this 2018.

Manage your office space and storage

To get started, you need to make sure your physical surroundings are neat and organized. This ensures that you will be able to perform at your highest level. In many ways, the organization of your small business is determined by how organized your desk is. For starters, make sure everything has a specific place, even if that place is the pile of papers on your desk. To make the best use of your business space, do some research on using vertical storage opportunities to improve your workflow and efficiency.

Merging online and offline customer experience

Your small business can’t just be purely a brick-and-mortar store or just on the Internet. You have to be everywhere. You need to merge online and offline experiences by getting creative. A good example is food trucks, an industry which achieved a growth rate of 7.9% from 2011 to 2016. They use social media to inspire offline engagement. Additionally, technologies like the Internet of Things (IoT) make it possible to track and interact with customers anywhere. In 2017, it is estimated that there are 8.4 billion IoT devices already in use, impacting everything from logistics to the customer experience. In 2018, you’ll see more companies attempting to merge online and offline to create a multi-presence experience. That means adopting the right technologies and employing the right marketing tactics to meet your customers’ needs.

Participate in trade shows

Trade shows can be a great way for growth because the more exposure you get, the more you become known. Trade shows draw people who are already interested in the type of product or service you offer and can improve your bottom line. The trick is to select the trade shows you participate in carefully, seeking the right match for your product or service.

Conquer a niche market

A niche market is simply a narrowly defined group of customers. Think of them as a subset whose needs are not being met and concentrate on meeting those unmet needs. If your small business is already successfully targeting a certain niche market, try and conquer another.

Contain your costs

Bear in mind that when we’re talking about growing a small business, we’re actually talking about growing the bottom line. The difference between pre-tax and post-tax money can make this a very effective growth strategy. There are two main approaches to cutting costs; liquidating your “loser” products and improving your inventory turnover.