How to grow your business in 2022
Growing your business is a great way to increase your revenue and provide more stability and resilience, ensuring long term success. However, it does come with risks. With that in mind, here are our top tips for growing your business in 2022, not least protecting yourself with bespoke business insurance.
- Reassess your market
- Connect with your customers
- Market on social media
- Insurance for your business
Reassess your market
Ask any top business person about how to be successful, and one of the best tips they’ll give is to learn from those around you. If you’re looking to grow your business, in-depth and exhaustive market research is one of the best tools available to you. By seeing what your competitors are doing, you’ll be able to further understand the market and what customers really want. What are your rivals doing well? What’s not working for them so much? What does this tell you about consumer preferences and habits?
This also gives you the chance to assess the current market trends, figure out what’s popular right now, and what should be avoided. By marketing your business towards the current trends, you’ll be able to capitalise on that popularity. Even better, you’ll be able to more accurately predict where the market is going and what the next trend may be, giving you the chance to jump on board before the peak.
Be wary though, you don’t want to diversify too much and lose your core customer base that made you successful in the first place. Make sure that you stick to what got you to the dance as well as chasing that new glory.
Connect with your customers
A core aspect of the ethos of most companies is that customers matter most. Without the support of the consumer, there’s no business to grow in the first place. With that in mind, connecting with your customers on a more personal level and growing a community around your business can be a great way to promote growth.
As with market research, by talking directly to your customers you can find out what they want from your business and what products or services they’re looking for, allowing you to give them exactly what they’re asking for.
This open communication between supplier and consumer is even more effective if a personal relationship has already been established, and social media can be a great way of achieving this. By building a strong social media presence, you’re giving yourself the opportunity to become a fixture in your customer’s lives and you’re able to market to them directly. Creating a sense of community and togetherness also establishes a direct path for personalised and honest feedback, whether it’s through online surveys or in-store conversations.
Sometimes, the best way to grow is actually to downsize. By minimising your outgoings and scaling back certain, non-essential parts of your business, you can gain more of a budget to invest in future growth.
Consider your working premises and whether you really need as much space as you currently have. Could a move to a smaller building save on rent costs, which could then be put towards other areas of the business? Assess your utilities and how much you’re paying out in bills each month. Can you find the essentials like electricity and internet cheaper elsewhere?
One of the biggest changes to many businesses that’s been highlighted by the pandemic is remote and hybrid working. By moving to a hybrid model, or even fully remote working, you may find that you don’t need an office at all. This can also mean saving on other additional costs, such as reimbursing commuting costs.
As well as adapting to new ways of working, you may also consider moving more of your business online. E-commerce is now a very viable option that suits a lot of businesses and could drastically reduce your operating costs. Whether it’s an online store, or a greater focus on online content, the internet is an expansive world of new opportunities which are available to you should you go about things in the right way. For example, e-commerce can allow an easy route into international markets which may have otherwise seemed inaccessible.
Market on social media
With a user-base of over 3.8 billion people, social media is the place to market your business. By utilising social media effectively, you open your business up to a massive new audience, leading to greater brand awareness on both a local and national level. This can be achieved in a few different ways, from orchestrating an effective content campaign to shape your brand image, to targeted advertising to reach your desired audience directly.
Social media is an especially effective tool if you’ve also invested in e-commerce and want to further build upon your online presence. By pushing users who see your posts to a website or online store, you’re potentially getting new customers through the door for very little cost. Invest a bit more into promoted posts or Google paid ads, giving you the ability to bid to put ads on the front page of Google, and you could see your customer base grow significantly.
Crucially, however, you must be aware of the differences between different social media platforms and be aware of which ones will suit your business best. Different platforms have very different user bases and you may find that not all of them are appropriate for your business or worth investing time and money into. Consider exactly who you’re targeting, where they’re most likely to be and what content they’d be most interested in.
Insurance for your business
As your business grows, you’ll also want to reassess your business insurance options. Changes to your business mean new challenges, new opportunities and inevitably, new risks. Therefore, looking into what policies may be available to you is highly recommended. A few suggestions include:
- Employers liability insurance: If you’re going from a sole trader to employing others, legally you must have this, as it provides protection in case a member of your staff suffers injury or illness as a result of their work for your business.
- Building insurance: If you expand your business to a new premises, you’ll need to make sure that the building is covered. Fire, floods and extreme weather can all cause very costly damage, leaving you with huge bills to cover. Making sure you’re covered by a comprehensive policy will mitigate this risk.
- Public liability insurance: If your business deals with members of the public, you’ll want to make sure you have this, as it covers you if a claim is made against you or your business if someone is injured on your business’ premises.
- Contents insurance: If any stock, equipment, or anything else kept within your business premises gets damaged, lost or stolen, this covers the cost of any repairs or replacements.
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