Six Strategies to Jumpstart Your Business in 2022
Posted: Mon Dec 23, 2024 10:16 am
Of course, we all want to have a great start to 2022, but many small and medium-sized businesses (SMEs) are still facing major challenges. Is business slow? Then you're not alone. Start-ups and other smaller companies are currently struggling on various fronts, but there are some effective growth strategies that can give your sales and business development a boost.
What challenges are SMEs currently facing? Firstly, the international supply shortages that are currently dominating the media are hitting smaller companies harder than others. Many companies are struggling to find new japan city name list suppliers, while larger competitors are buying up all available stock - from boxes to food containers.
In addition, the increasingly acute labor shortage is particularly affecting smaller companies. In the fourth quarter of 2021, more than half of SMEs (51 percent) were unable to fill all of their open positions. A full 92 percent of respondents said they received few to no qualified applications for their job offers. And as we enter another pandemic-stricken year, it's no surprise that all the uncertainty in the world is discouraging and demotivating many of us.
For all these reasons and more, however, you can't lose sight of your long-term business goals. Whether you're a startup or already established in the market, here are six strategies that can jumpstart your business growth over the next twelve months.
1. Market penetration: increase your market share
Increasing your market share , or better market penetration, is one of the most effective growth strategies for small businesses. Simply put, it means trying to sell more of your existing products or successfully launch a new product. There are many ways to achieve this goal. For example, if you're offering a new service, you can offer existing customers a free trial or a discount. Discounts for larger orders or price cuts are also ways to keep up with a competitor's comparable offering.
What challenges are SMEs currently facing? Firstly, the international supply shortages that are currently dominating the media are hitting smaller companies harder than others. Many companies are struggling to find new japan city name list suppliers, while larger competitors are buying up all available stock - from boxes to food containers.
In addition, the increasingly acute labor shortage is particularly affecting smaller companies. In the fourth quarter of 2021, more than half of SMEs (51 percent) were unable to fill all of their open positions. A full 92 percent of respondents said they received few to no qualified applications for their job offers. And as we enter another pandemic-stricken year, it's no surprise that all the uncertainty in the world is discouraging and demotivating many of us.
For all these reasons and more, however, you can't lose sight of your long-term business goals. Whether you're a startup or already established in the market, here are six strategies that can jumpstart your business growth over the next twelve months.
1. Market penetration: increase your market share
Increasing your market share , or better market penetration, is one of the most effective growth strategies for small businesses. Simply put, it means trying to sell more of your existing products or successfully launch a new product. There are many ways to achieve this goal. For example, if you're offering a new service, you can offer existing customers a free trial or a discount. Discounts for larger orders or price cuts are also ways to keep up with a competitor's comparable offering.