5 Ways to Make Your Small Business Bigger

Small businesses are proving to be big business amid the ongoing coronavirus pandemic. Surprisingly, the entrepreneurial spirit is thriving, despite the recent economic recession. There’s no time like the present to consider ways to make your small business BIGGER!

Small businesses already in existence have managed to get creative with their business models and quickly pivoted their offerings to meet customer needs in 2020. Startups just launching are equally cognizant of what it means to pivot, innovate on the fly, and retain the need to be nimble and resilient during uncertain times.

Ready to make your small business bigger?

Small businesses can ensure their companies continue growing in 2021 and beyond if they take these five steps now:

1. Build a website.

2. Review your business plan.

3. Build a business support system.

4. Consider B Corporation Certification.

5. Listen to your customers.

Let’s get started building your business!

1. Build a website

One of the most valuable tools in a small business’s toolkit is its website. Websites help create visibility for small businesses. Customers, both existing and new, are looking for your business online. Having a basic website acts as a home base, especially if you have a brick-and-mortar storefront. It allows customers to find you, learn about your offerings and services, and contact you for more information. A well-designed website also may help create a seamless customer experience. Customers can make purchases through the site and businesses can use a website to accept payments and process orders. How else can you make your small business bigger by leveraging your website? Showcase your offerings through high-resolution photography, establish a blog, link to social media platforms where your business maintains an active presence, and encourage customers to sign up for newsletters where they may learn more about new and exciting news about your business.

2. Review your business plan

Many entrepreneurs draft a business plan when they start a business.

This document details what the business does, analyzes its target audience and competitors, examines cash flow and what makes the business profitable, and sets timelines to reach business goals.

As time progresses, small business owners are encouraged to return to their business plan to review it and refine its components.

Here are a few questions that may help you begin the review process.

• What milestones was your business able to achieve after a year like 2020?

• How long did it take to reach these goals? Will you need to adjust timelines to reach future goals?

• Have there been changes to your company’s offerings, such as new products, services or pricing?

• Is your target market growing or shrinking? For example, you may find that while your business originally intended to reach millennials, it has caught the interest (and sales) of Gen Z as well.

• Do you have new members of management or staff? If so, you may decide to update the About Us section of your site with their biographies.

• How has cash flow changed over the last year for the business? If it has improved dramatically from one quarter to the next, what factors contributed to these changes?

3. Build a business support system

As an entrepreneur, you shouldn’t have to go it alone trying to make your small business bigger. There will be moments when you have questions you’d like to get answered, need a shoulder to lean on when moving through the ouch spots or simply want good people to cheer you on when you succeed.

Build up a business support system. Aside from close family and friends, some of the people you may wish to add to this system include mentors and business coaches who can provide relevant insight.

Another crucial part of your support system should include individuals with legal and accounting backgrounds. Legal professionals can help if you have questions about your business formation and accountants or CPAs can answer your tax and bookkeeping questions.

4. Consider B Corporation Certification

You may consider obtaining B Corporation Certification, which allows a business to balance purpose and profit and use business as a force for good. Becoming a Certified B Corporation is a voluntary process that is completed with the assistance of B Lab.

Think of it as an audit. Most entities that decide to designate their businesses as Certified B Corps start off as limited liability companies or corporations. The business must pass a test known as the B Impact Assessment (BIA). The company also must be able to meet legal requirements and meet with a B Lab Standards analyst for an assessment review before they are approved as a Certified B Corporation.

Before you begin the process, consider consulting a legal professional to determine if a Certified B Corp designation is the right decision for your business.

5. Listen to your customers

Listening to customers allows businesses to do more than just respond to their needs.

This is the time to get to know and understand your customers. Problems facing customers during COVID-19 might be different than they were before the pandemic.

Dine-in restaurants, for example, initially dealt with the issue of being able to serve customers. In the past, a customer would be able to enjoy a meal indoors, but that was not an option during the first few months of the pandemic. Many restaurants resolved this issue by listening to customers and providing take-out and delivery services. Some even installed drive-throughs to make it easier to place orders and help customers get exactly what they needed.

Listen to customers and pay attention to the needs of your target market. Identify their problems and pain points.

How can your offerings act as a solution? Is it possible to develop new products if your existing services are unable to help solve these problems?

Study and plan how you will best be able to serve customers in calm and challenging times alike. Reach out for customer feedback on a year-round basis and keep a sharp eye on customer behavior changes and audience interests. The bigger the business, the more investors will take interest in your startup — and its loyal customer base!