Small businesses are the backbone of the US economy, and they take a fair share of the global economy, as well. As reported by Inc, about 90% of US companies are ventures with fewer than 20 employees. This is at the same time encouragement for new aspiring entrepreneurs and a warning that they need to be careful. A lot of SMBs don’t survive their first year, which is also something important to bear in mind.
That being said, there are new professional and technological challenges before SMB owners in 2022.
This article will present the six effective strategies for boosting SMBs in the year ahead.
1.Turn to new social media
Facebook is already an online business veteran. Millions of businesses use this social network to engage with their customers and boost sales globally.
However, Facebook is only the tip of the iceberg in terms of social media and SMB management. Instagram, Twitter, LinkedIn, and TikTok are all potentially lucrative platforms for SMB owners.
This especially refers to recently launched social media, such as Twitch or TikTok. The latter is especially interesting for short business content bits. Learn more about its potentials in a Hootsuite article TikTok for Business.
So, comb through your business plan and target audiences to see which of these new social networks could be useful for online business promotion.
2.Keep producing relevant content
Content is still king. What’s different at the beginning of the 2020s is the fact that there’s a lot of noise, due to millions of content creators out there.
On the one hand, quantity yields quality. So many content producers inspire and encourage one another to constantly improve the products and services they deliver.
On the other hand, customers are often confused, since they can’t always tell relevant content from useless posts.
So, what can SMB owners do to stand out if everybody is trying to win over the online audience? Authenticity is one possible answer. The more original services and products you come up with, the more likely you are to generate leads and drive conversions.
Likewise, the more you base your business promotion on these authentic features, the more successful you’ll be. Original photos and videos from different in-house events and business conferences will help you generate more leads and convert them into customers. Your genuine product presentations will raise the interest of your online target audience and popularize your brand, as well.
3.Open to new markets
While local businesses can be as profitable as it gets, a global trend is to target a wider audience. It doesn’t have to be a pretentious, global business plan.
For instance, a business based in Austria has conquered the local market and they’re looking for new opportunities. Since German is the official language in both Austria and Germany, the most logical thing is to target audiences in Germany. The same principle goes for a Canadian SMB spreading to the US market. There’s no need for localization and shipping isn’t expensive, since that new market is nearby. As language is a vital feature when opening to new markets, this option can work well in different parts of the world.
4.Work with international professionals
SMBs often need different professionals to handle various operations on their behalf. Sometimes these are core business activities, some other times it’s outsourcing additional operations.
Either way, be aware that today you can find outstanding business professionals globally. Instead of paying local employment agencies and their acquisitions high rates, find your workers on the Web at affordable rates.
For instance, Upwork, PeoplePerHour, and Remote OK are only some of many freelance platforms where various experts offer their services.
From accounting and business planning to search engine optimization and payroll management, you can outsource many jobs and activities that would waste your time.
5.Offer enough payment options
From what we can see today, increasing the number of payment options SMBs accept will be one of the key trends in 2022.
In addition to traditional payment methods, such as Visa and Mastercard, make sure to add PayPal to your list of payment options. For international payers, ensure accepting direct wire transfers from their accounts, and for domestic payers, enable paying with local debit cards.
Bear in mind that electronic wallets and contactless payments are gaining popularity, as well. More and more people use Google Pay or Apple Pay to make their payments, so adapt your financial operations to these innovations.
6.Rely on analytical and biz tools
Bringing business decisions only based on shallow insights and a business hunch won’t take you far today.
The modern business world is driven by technological and analytical tools we all need to use in our daily business tasks. From Google Analytics to accounting tools, there are many solutions that deliver valuable business data and help you make the right decisions.
Furthermore, today you can use AI and virtual reality for business tests and customer tracking. Also, more and more SMBs rely on augmented reality to test their products and see how customers react to them, from eCommerce to app testing.
Running a small business is a never-ending story. When you think you’ve just grasped the essence of SMB management, something new emerges on the horizon and you’re back to square one.
It’s important to understand that business trends are constantly changing, especially under the strong influence of modern technologies.
SMB owners need to stay in touch with new solutions and concepts that help them improve their businesses.
The tips and strategies shared in this guide will ensure boosting small businesses in 2022, in line with the owner’s specific needs.
Author Byline: Liam Collins is a tech pundit and Web enthusiast working at TuiSpace.com. He spends most of his time reading and writing about the current affairs in the world of information technology. When he isn’t working, he likes going for long bike rides and walks in nature.