The U.S. Chamber of Commerce has indicated a promising outlook for entrepreneurship as the new year approaches, with insights from a recent Intuit QuickBooks survey revealing that over 54% of respondents expressed a desire to start a new business by 2025. This optimism comes amidst ongoing challenges stemming from shifting political and economic conditions, yet many entrepreneurs are emerging with innovative ideas to redefine business operations.
Amidst this backdrop, a number of strategies have been recommended for both prospective and established small business owners seeking to capitalise on the evolving landscape. Key strategies include:
Building Professional Partnerships with DEI in Mind
Leigh Higginbotham Butler, CEO and Founder of Akina, emphasised the importance of forging partnerships with organisations that prioritise diversity, equity, and inclusion (DEI). "By collaborating with forward-thinking companies and leveraging our culturally competent AI systems, we’ll unlock new markets and amplify our social impact," said Butler, highlighting the role of innovation and purpose in driving business growth.
Creating Scalable Systems Internally
Mary Hagen, CEO of Colossal, noted that enhancing internal capabilities through software is crucial for scaling success. "Leveraging software to open up bandwidth and increase efficiency is anticipated to have a two- to three-times impact on the business without increasing our payroll," she stated, indicating a significant focus on internal strategy as a growth mechanism.
Identifying Growth Opportunities Within Existing Contracts
Jim Camp Jr., Co-Owner and Coach at Camp Negotiations, advocates for small business leaders to consider renegotiating current contracts when market data supports potential changes. "Attempting to respectfully engage in a revised business deal will never hurt the relationship," he explained, indicating that such negotiations can lead to beneficial outcomes.
Investing in Generative AI
Bob Spoerl, Owner and CEO of Bear Icebox Communications, expressed a continuous interest in integrating generative AI with human connection. "We’re focused on learning how new AI tools can help our team focus on what matters the most: delivering strategic advice, insights, and results for our clients," he conveyed, illustrating a blend of technology with personal engagement.
Improving the Customer Experience and Value
Rob Scott, Co-Founder and Chief Innovator at Monjur, outlined the significance of investing in customer experience as a method to enhance brand loyalty. "We are significantly increasing our [customer experience] investment in both technology and people to increase our responsiveness," Scott noted, reinforcing the role of customer satisfaction in revenue generation.
Focusing on Employee Investments
Charlie Carroll, Owner of Table33, highlighted the importance of nurturing employee engagement. "Engaged, happy employees are the driving force behind everything we do," Carroll stated, advocating for a workplace environment that values and connects employees to a larger mission.
Direct Outreach Expansion
Sagnik Roy, Senior Vice President of Times Internet, advocates for a proactive engagement model to expand into North America, particularly focusing on the South Asian diaspora audience. "One key strategy is shifting from a reactive, inbound approach to a more proactive engagement model," Roy remarked, emphasising the need for direct outreach.
Growing Email Subscriber Lists
Leo Ye, Founder and CEO of CUBO, suggested that businesses should expand their email subscriber base to enhance audience engagement. "Growing your email subscriber base … lessens your dependency on traditional marketing channels," Ye explained, proposing a tailored approach to customer interaction.
Concentration on Client Retention
Kelley Van Boxmeer, Co-Founder and CEO of Motion Invest, noted that retaining customers can be more efficient than acquiring new ones. "If you have an integrated CRM and marketing automation system, that enables you to provide a memorable and beneficial customer experience," she said, highlighting the efficiency of client retention strategies.
Building a Strong Referral Network
Brett Prentiss, Co-Founder of Instinct Marketing, advocated for establishing referral networks to motivate employees and customers. "You can … [build a network] by working with the biggest supporters of your company," Prentiss suggested, reinforcing the power of word-of-mouth marketing.
Adapting Marketing Strategies Based on ROI
Jay Soni, Founder of Yorkshire Fabric Shop, advised businesses to evaluate the effectiveness of their marketing campaigns. "You may assess the ROI when you’ve established your budget," he stated, promoting a strategic approach to marketing investment.
Automating Time-Consuming Processes
Kevin Holmes, Founder of Hairbro, discussed how automation can streamline business operations. "Automation can increase data entry accuracy while freeing up your employees to work on more crucial tasks," Holmes explained, indicating the operational benefits of adopting technology.
Introducing New Offerings
Chelsea Clarke, Founder of HerPaperRoute, highlighted the importance of keeping customers engaged through new offerings. "When someone feels truly supported by one of your offerings, they’re likely to invest in another one," she explained, suggesting that variety and engagement are crucial for customer retention.
Utilising AI and Machine Learning Tools
Martha Carlin, Co-Founder and CEO of The BioCollective, advised small businesses to embrace technology solutions for procedural efficiency. "You need a solid platform to organise communications among employees and foster teamwork," she emphasised, recommending platforms like Trello and Airtable.
Competing Locally
Justin Silverman, Founder and CEO of Merchynt, suggested that small businesses leverage free tools such as a Google Business profile to enhance visibility against larger competitors. "Ninety percent of people search online for a business near them," Silverman noted, underscoring the importance of strong local presence in customer acquisition.
Establishing Credibility with Video Content
Edward Mellett, Director at WikiJob, explained that video content is essential for brand awareness. "Video is your hidden weapon for establishing brand authority and enhancing SEO," he stated, promoting video as an effective marketing strategy.
These insights reflect a collective understanding among entrepreneurs on how to navigate a changing business landscape while building effective growth strategies as we approach 2025.
Source: Noah Wire Services