Smart Strategies for Small Business Growth
Many small businesses go through frequent cycles of feast and famine when it comes to customer demand. If you own and operate a small business, you’ll know exactly what that is. If you wonder – it’s mostly down to lack of marketing. In this article, I’m going to give you some smart strategies for small business growth.
Why small businesses struggle.
With family run businesses, this is a particular problem- especially here in Ireland. This week, you struggle to keep up, next week you might be desperately waiting on the phone to ring… Not only can it be a physically demanding, but it’s also a mental and financial struggle. It’s difficult to manage cash-flow with sudden peaks and troughs in demand. And cash-flow is the life blood of any business.
So why do small businesses struggle more than larger? Lack of marketing is one of the key reasons. Marketing is the activity that creates customer demand. That sounds pretty important – doesn’t it?
So, if marketing is so important, why don’t small businesses do more of it? After all, getting customers is pretty much a key part of running a business.
There are a few reasons, but here are the big ones:
- Lack of understanding of the need for marketing
- Lack of marketing skills
- The owners have the belief that if they are good at their trade and provide good service – the customers will come.
Most small businesses were created by the owner – who is or was the doer of the service. Lets take an electrician or plumber as an example. The owner served their time in their trade. they learned their “tool” skills and at some point, they left their employer and went out on their own. The reason given by many, is that they wanted to make more money.
Where does it all go wrong for them?
It starts with the belief that if they do better work than their competition and provide a better service, or lower price – they’ll get customers. Many truly believe this, and think that marketing is only for big businesses.
They also lack any helpful skills or knowledge about marketing. Many believe that marketing is just advertising. Many will become advertising victims, because they’ll buy advertising space without really knowing what to do with it. Often there will be poor or no returns on their advertising spend, and they’ll blame the marketing for failing and declare it a waste of money.
So what is the answer to this problem?
You should start with some smart strategies for small business growth. Specifically marketing strategies.
At the very least, you need a marketing strategy for getting new customers for the business. Not tactics, but a strategy. That means identifying who your ideal customer is, where they are and how you will attract them.
Another strategy that you should have is a referral strategy. This replaces the random word-of-mouth that you previously relies on.
There should be more – but these two are the bare bone essentials. The strategies will determine what tactics you should use and how much you can and should send to attract a customer.
The very mention of the words marketing strategy is enough to give many small business owners the shakes. Don’t let that be the case for you.
If you’d like more information on creating your smart strategies for small business growth, drop me a line at Adrian@FMBIreland.com
Why me? I’m a small business marketing expert in Ireland. I’m certified consultant within the famous Duct Tape Marketing Network. On top of that, I’ve owned and operated several successful construction businesses for the past 20 years.
Go ahead and contact me to arrange a free, no obligation chat about how you could use a little marketing to help grow your business. Adrian@FMBIreland.com