If you are running a business in Detroit, you may be looking for ways to expand. There is a great deal of competition, so you want to ensure your company stands out. From adding a strategic partner to investing in online marketing, you have several strategies for sustainable small business growth to consider.
Build Relationships
Whether you have a sole proprietorship or small corporation, you need solid relationships. As you build relationships throughout the city, you’ll gain more insight into your target audience. You’ll understand client preferences and the best ways to communicate with them. This knowledge will help you alter your services and products to suit their needs. As you develop these relationships, it’ll also make it easier for recruitment as you expand your staffing.
Utilize Technology
When considering technology for your small business, you may first think about the right digital tools for your day-to-day work. Keeping up-to-date with the latest computers, laptops, and copiers is important. It’s equally important to invest in security features to protect any information processed on-site, whether it’s employee information or contracts with clients. Consider e-commerce capabilities, even if you have a brick-and-mortar store. Utilize social media to full effectiveness, as it’s a great way to have fast and cost-effective marketing and keep in touch with your clientele.
Mind Your Budget
Always be careful of your budget, regardless of how low your overhead is. After all, many successful companies have gone under because of poor cash management. Consider your expenses, accounts receivable and payable, and what your future needs may be. It’s worth investing in a professional bookkeeper or accountant to ensure your expenses are manageable, and you’re in compliance with business taxes.
Consider Partnerships
Don’t forget the value of networking with colleagues and businesses in the area. You can consider cross-promotional ideas that can extend your reach. A perfect example is the lead collaboration of Betty Crocker with Hershey’s. Find a complementary business for a strategic partner, where you can benefit from advertising in each other’s spaces.
Nearly all businesses in Michigan (99.6%) are considered small firms, according to data reported by Boost Suite. If your company is one of the many small firms in the area, you could benefit from our services, including land use planning, helping you find a strategic partner, community engagement consultation, and creating government relations. Contact Activate Detroit today for a consultation that could benefit your business growth.