Factors Impacting Small Business Growth

We’ve got five factors for you that impact small business growth.

We are never one to suggest you follow all trends; make sure you can handle the trend and that it fits in with your business before you add it to your agenda.

Each trend makes sense for small businesses as a whole but remember – every small business has unique needs.

1) Social Media

If you’re not using it yet, you should be. Social media is here to stay.

It also propels consumer spending. Facebook and Twitter have new ‘buy’ buttons that make it easier to buy something via social media than ever before.

It also makes it easier for a business to sell to consumers via social media.

2) Social responsibility

People want their companies to look beyond profit to the world at large and how they impact it. You should ‘do good’ for your employees, customers, and community.

Small businesses need to get on trend with this as they don’t have the brand recognition and size that larger companies do.

People are spending their money with socially responsible companies. The importance of shopping ethically and locally is becoming increasingly important to consumers.

This could mean good news for your small business if you market your products well and keep production ethical.

3) Make friends with millennials

Your clients will influence their friends’ wallets – especially if they like you.

Millennials are most likely to tell their friends who to buy from and the millennials are the most likely to listen. About 68% of them are likely to purchase a product after they’ve seen a friend post about it.

Word of mouth gets results; it’s a trend that’s not likely to go away.

4) Content is still king, but learn to make visual content

You must be able to create captivating and informative, customer-driven content for your customers to feed upon. This is what is needed to expand your business.

You want shareable and actionable content that will get them to do something i.e., buy your product or service. The biggest innovation in marketing is visual data and information like infographics.

Canva is a program that allows you to make your own infographics using a simple drag-and-drop method.

Resources such as this will allow you to be able to make visual statements and get your consumers interested in what you’re doing.

5) Get some big data

Now that it’s affordable for small businesses to get big data and their analytics, we suggest you get some so that you can see larger trends and be ahead of the game.

We suggest using SEMRush’s software to conduct marketing analytics and run SEO audits.

The rate of ROI is high when implemented correctly, so learn to use the tool and use it correctly.

Go on and level the playing field. Have access to the data that big businesses do and watch your business grow.

Your next business coach

Idea Labs Consulting is an Austin-based team of coaches and consultants helping small businesses solve a wide range of business problems since 2011. Our team is composed of experienced entrepreneurs and technical experts.

We offer three distinct ways to work with you based on your current needs.

  1. Unlimited business coaching and consulting for a full year [$100 per month or less]
  2. Access to our resource platform of our products and services [pay for what you need]
  3. Business products and tools we recommend [free]

While there are plenty of sources for start-ups and small businesses to receive help, funding, and mentorship, Idea Labs operates like a marketplace by meeting the needs of your business’ ecosystem. As opposed to the common consulting and business coaching trope of increasing billable hours or project scope in order to maximize revenue, we prefer to be a place you can depend on during crucial stages of your business journey. We can help connect where you are now and where you want to be.

Idea Labs Consulting
(512) 348-6344