The small business economy is set to soar in 2022. This welcome news comes on the heels of nearly two full years of lockdowns, downturns, and disappointments not only for American workers but for the owners of the small businesses that employ them.
After all, small and mid-sized businesses are the heart of America’s workforce, employing 41 million people across the country and accounting for $5 trillion in economic impact. How can you take advantage of this growth as a business owner? Get on board with some of the best business growth strategies for mid-sized businesses in 2022.
You don’t have to go far to find those, either. We’ve got a few of them right here for you.
Already have your business growth strategies mapped out for 2022 and simply need access to capital to help you grow? Check out the Wealth Stack Growth Pack, where you can access capital introductions, financial assistance, and more.
Strategies for Small Business Growth in 2022
1. Educate Partners & Clients on New Changes
Times are certainly a-changing, and they have been pretty rapidly for the past two years. Amidst a changing economic landscape, it pays to keep your employees, partners, and clients in the loop. This mainly applies to those who work with partners, such as third-party service providers or distributors, and clients.
In an interview with the US Chamber, for example, Larry Kidd, president and CEO of hire, said, “Our company is in the talent business and [is] painfully aware how much the talent pool has changed. We are working with our client partners to educate them on the new management styles, increased compensation packages and other aspects of recruitment and retention.”
Nearly everybody knows that there have been massive supply chain issues and changes in the workforce, along with severe issues surrounding the consequences of inflation. If this has affected your company, the best business growth strategy we have for you is to not only be transparent about it but to also to educate your partners and clients on why you will take the measures you’ll have to take.
2. Don’t Be Afraid to Go Digital
If we were headed towards a totally digital landscape in 2019, the pandemic pushed us forward at lightning speed. For the past two full years, businesses have had to learn to adapt to the online world. Whether that means building a website, enabling online orders, or learning how to manage a totally remote workforce, every business has had to adapt to something digital. The best business growth strategy for mid-sized businesses in 2022, then? Don’t be afraid to go even more digital!
By investing in a digital presence, you’re able to quickly and easily access billions of potential consumers and partners. Not only that, but consumers these days prefer digital communications. For example, did you know that influencer marketing campaigns result in a $5.78 profit for every dollar spent? And, consumers today now watch an average of 16 hours of video online each week.
Simply put, the world is going totally digital, and you shouldn’t be afraid to expand your business into that space as well.
3. Collaborate with Other Companies
Speaking of digital and video marketing, let’s take a second to talk about another business growth strategy that can help in 2022: partnership marketing. Collaborating with another company that has a similar audience can help increase your reach without much work.
The key to making this work is to find a company that has a similar audience but doesn’t offer similar, competing products or services. A great way to do this is to offer complimentary products or services when customers do business with you and vice versa.
A great example of this would be a car wash and a mechanic shop. If you’re the owner of a car wash, get in touch with an owner of an auto shop and talk about how you can cross-promote your services to each of your client bases. For example, you could offer coupons for a free car wash to every customer that visits the auto shop, and in turn you can send customers their way each time they visit you for a wash.
4. Focus on Recurring Revenue
This business growth strategy works especially great for mid-sized businesses because they’re usually the types of businesses large enough to be able to scale their product or service offerings to the point of being able to offer something that generates recurring revenue.
Recent stats show that 53% of executives say at least 40% of their organizations' revenues are recurring. And, according to a report by CFO Research, recurring revenue business models are on the rise. Regardless of what you sell or offer, there’s likely a way to turn that product or offering into a subscription or usage-based model. In 2022 and beyond, this is going to be crucial in stabilizing your revenue and operations.
5. Invest in Your Employee’s Future
Want to grow your mid-sized business in 2022? Invest in your employees. Sure, this does mean prioritizing company culture (particularly after a rough couple of years of Zoom meetings and awkward Slack exchanges). However, it also means actually investing in your employees and their future.
The best way to do this? Offer perks they want, like retirement packages. 92% of employees at small to mid-sized companies ranked “workplace savings and retirement plans” as an important factor in remaining with their employer. And, 40% of employees working for small businesses say that they would leave their current company for another that offers a 401(k) plan.
In order to grow your business in 2022 and beyond, it pays to offer retirement benefits, such as an IRA plan. Think that’s too expensive for you as a small business owner, or even as the owner of a mid-sized business? Think again!
As part of the Wealth Stack Growth Pack, we offer affordable, accessible IRA plans for small business owners’ employees. Our most basic package starts at $49/month + $8 per employee. It couldn’t get any more affordable than that. Click here to learn more.