Seeking small business growth strategies and ways to drive growth in your small business this year? You aren’t the only one. Small business owners all over the world are eager to beat out rising costs of inflation, increasing employee turnover, and other obstacles that can stand in their way of success.
Joseph Kenney and Tracy Winkler are two leading experts in the field of small business growth and development.
As the founder of 316 Strategy Group, Joseph Kenney has spent the last 25 years building community and brand affinity through personal interactions, engaging content, and creative award-winning marketing campaigns.
Tracy Winkler brings expertise in the field of business development and growth strategy, having worked with businesses of all sizes to help them achieve their goals.
Together, Joseph and Tracy have delivered dynamic presentations and strategy sessions across the United States and Canada, leaving a lasting impact on small to mid-sized businesses everywhere.
Today, they will be sharing their strategies for small business success in 2023 and beyond. Whether you’re just starting out or looking to take your business to the next level, the insights and recommendations shared in this article will provide valuable guidance for achieving success in the coming year and beyond.
Long-term growth doesn’t come easy for small business owners. Use these small growth business strategies to turbocharge your bottom line in the new year!
Growth Doesn’t Come Easy
Small businesses in Omaha, Nebraska know that growth doesn’t come easy and it’s often the result of sustained effort and planning. Though it’s always a dream to have a celebrity snap a picture of your product and make it go viral, it’s important to have a plan in place in case that doesn’t happen.
As 316 Strategy Group founder Joseph Kenney explains: “In today’s business environment, it’s important to have a well-thought-out plan in place to ensure that your small business can grow and thrive. Without a plan, you’re simply hoping for the best.”
Without a plan, you’re simply hoping for the best.
First, set some realistic goals for 2023 by looking at what you achieved in 2022 and what might be feasible in the next 12 months.
Be honest about where you have excelled and where you need to improve.
“In today’s business environment, it’s important to have a well-thought-out plan in place to ensure that your small business can grow and thrive. Without a plan, you’re simply hoping for the best.” ~ Joseph Kenney
With the economy being uncertain, it’s important to have a plan for different scenarios so you can adapt to any changes.
Joseph Kenney says, “It’s essential to be realistic about what you can achieve in the next 12 months and to have a plan in place to adapt to any changes in the economy. Small businesses are particularly vulnerable to economic downturns, so it’s important to be prepared.”
When preparedness and opportunity collide, small business owners experience lower turnover, improved customer experiences, and a significant rise in their revenue streams.
Use these four small business growth strategies now!
Here are four business growth strategies that can help small businesses in Omaha grow in 2023:
- Streamline Customer Relationships
- Increase Your Online Presence
- Invest in Your Team
- Tailored Structure
Streamline Your Customer Relationships With Technology
Invest in a good CRM or POS (point of sale) software that is intuitive and has all the functionality you need. This can help you generate leads, improve sales, and retain more customers. Use the data from the CRM or POS to refine your processes and improve products based on customer feedback.
According to Joseph Kenney, “Customer relationship management (CRM) is the backbone of any successful small business, including those in the restaurant and hospitality business. A good CRM or POS system can help you generate leads, improve sales, and retain more customers. Use the data from the CRM to refine your processes and improve products based on customer feedback.”
Kenney estimates that 90% of small business retailers are underutilizing the technology they have sitting on their counters. “It’s rare to find a restaurant owner or retailer that understands the value of pulling data from their point of sale system. Everything they need to know about their customers is in that POS system.”
Everything you need to know about their customers is in that POS system.
Kenney recently revealed that he had been consulting with a restaurant near Kansas City to attract customers they hadn’t seen in the last 3 months. It’s disappointing to know how many restaurateurs don’t take advantage of the data already available, such as average ticket price, common orders, and popular purchase days – all at their fingertips!
Business owners can utilize this data to launch persuasive SMS and email campaigns, directed at winning back their customers. According to Kenney, it is essential not to know that these consumers likely enjoyed your restaurant’s offerings- Instead, their attention was diverted by the multitude of offerings in today’s market including Door Dash, Uber Eats, Ghost Restaurants, and more.
He suggests utilizing modern technology for staying connected with them as well as remaining at the forefront of their minds. Execute such measures carefully and you will witness a dramatic increase in business growth!
Now, let’s discuss the next small business growth strategy! Taking your small business to the next level begins with a more significant online presence.
Increase Your Online Presence
A strong online presence is a cost-effective way to connect with many people. Make sure your website is up to date and post regularly on social media and blogs. Create content that is both informative and relevant to your products and services.
Streamline your activities so you can maintain a constant stream of communication without consuming too much time. Joseph Kenney emphasizes, “In today’s digital age, small businesses need to have a strong online presence. A cost-effective way to connect with a large number of people is through social media, a well-designed website, and a solid SEO program.”
Kenney urges small business owners to embrace what sets their company apart from the competition. Rarely do businesses fail because of an inferior product or a lack of attractive features—instead, it’s usually due to inadequate marketing and failure to cultivate a meaningful relationship between their business and potential customers.
Tracy Winkler is a firm believer in helping organizations recognize their 3 most unique qualities to ensure they stand out from the competition. As such, she works hand-in-hand with companies to help them identify and leverage these remarkable traits internally and externally. Don’t underestimate the power of this small business growth strategy and the impact it can make on your bottom line!
Invest In Your Team
Good employees are hard to find, especially for small businesses. Finding ways to make them feel valued and excited to come to work is important. Investing in training or offering perks can help keep talented people from leaving your team. Joseph Kenney points out, “Good employees are the backbone of any small business. Keeping them happy and motivated is crucial for long-term success. Invest in training or offering perks and make sure they feel valued.”
“Good employees are the backbone of any small business. Keeping them happy and motivated is crucial for long-term success. Invest in training or offering perks and make sure they feel valued.”
Staffing remains a major concern for most small businesses in the Omaha area, as Kenney points out. “There simply aren’t enough qualified workers to go around, giving talent the upper hand in the labor market.”
This labor market dynamic creates a challenge for small business owners in terms of both time and cost to hire. The high demand for qualified workers also makes employee retention more important than ever.
As Kenney notes, “High employee turnover is expensive. Replacing exiting workers costs one-half to two times an employee’s annual salary. This cost is often considered higher when an employee leaves before reaching full productivity, which is clearly the case for the 30% of job seekers who have left a job within 90 days of starting.”
High employee turnover is expensive.
Kenney suggests that small business owners should consider raising wages on key employees as a strategy to retain them. He cites several Omaha area businesses who have done this during COVID and have experienced greater continuity with their customers, lower training costs, and increased profits. While this may not be a popular conversation to have with business owners during this difficult time, Kenney stresses the importance of considering this strategy to mitigate high employee turnover and its associated costs.
A Tailored Structure
To optimize a business’s performance and achieve maximum output, a tailored structure must be established to align with the company’s specific needs and goals.
Tracy Winkler, a Digital Strategy Consultant with 316 Strategy Group and a Professional EOS Implementer® brings her expertise in EOS® (Entrepreneurial Operating System) Business Coaching, Business Consulting, Leadership Development, and Speaking to small and medium-sized businesses.
With her specialization in helping businesses grow, scale, and make an impact, her business growth and development expertise can help business owners and their leadership teams to achieve their desired outcomes from their business through a simple, proven operating system.
Kenney is a firm believer that structure is essential for achieving longevity in business. With EOS® (Entrepreneurial Operating System), small entrepreneurs are presented with the opportunity to build traction and set forth long-term success – something he sees as an imperative growth strategy.
A Proven Operating System
- Define Roles and Responsibilities
- Smart Goals
- Efficient & Effective Systems
- Collaborative Culture
- Assess & Optimize
Clearly define roles and responsibilities for each employee to ensure they understand their tasks and how they contribute to the company’s goals.
Set SMART Goals (specific, measurable, achievable, relevant, and time-bound) for the business to keep focus and track progress.
Implement efficient and effective systems and processes, and leverage technology to automate business functions and increase productivity.
Foster a positive and collaborative company culture to promote innovation and teamwork.
Continuously assess and optimize the business structure to ensure smooth operations and maximum output.
By focusing on these key areas, businesses can optimize their performance and achieve desired results with the guidance of Tracy Winkler and her expertise in EOS®.
Small businesses in Omaha, Nebraska can grow by setting realistic goals for 2023, streamlining customer relationships, increasing their online presence, investing in their team, and implementing structure with proven operating systems. With the guidance of experts like Joseph Kenney and Tracy Winkler, small business owners can be better equipped to navigate the ever-changing economic landscape.