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These seven growth trends for 2020 will help you get ahead and make it a great year for your small business.
Finesse your small business brand
No matter your area of operation, your business needs to have a strong and consistent brand to stand out. This helps customers identify your business, and helps you and your employees represent the business.
Start with something as simple as your logo. Is it displayed correctly wherever it is used? Ensure you’ve got a high-quality logo that works online and in print.
Check through things like email signatures, letterheads and social media pages. Everywhere a customer can see your company should be consistent and represent a single brand.
Check out the small business competition
With the internet, competitor research is simpler than ever – an easy growth strategy for 2020. It’s an excellent way to check out what you’re up against and learn from it.
There are many competitor research tools, but there’s also a lot you can do with a simple web search. Find your competition online and determine what strategies they’re using. Are they doing well on Facebook? Do you see their adverts when you do a Google search? Perhaps they’re offering a popular new product that you could also stock.
Think of ways you can learn from what your competition is doing and then offer something better.
Try something new
Innovation and invention have always been excellent ways to grow businesses. In 2020, don’t be afraid of experimenting with how your business operates, whether through offering something different or trying a new advertising tactic.
Instead of providing the same product as your competitors, you could source something new and exciting, or put together a package deal that’s too good to pass up.
If there’s something you’ve been thinking of trying but have dismissed the idea in the past, maybe 2020 is the year to take a leap of faith.
Expand (or relocate) overseas
The UK tops the Forbes list of best countries for business, and for good reason. It has one of the lowest corporate tax rates in the developed world, set at only 19%. In addition, the UK’s economy is the fifth largest in the world, and its business-friendly legislation means you can get up and running relatively quickly.
Using a business relocation service is an excellent way to grow your SME in 2020. Whether you’re starting a business or opening a branch in the UK, developing a personalised plan is essential. With the right advice and assistance, you can make your relocation or expansion a great success.
Use data to make decisions
It’s easy to decide on something based on a feeling, and although that may pan out some of the time, a better way is to use data to make your business decisions.
Data can come from multiple sources and doesn’t need to be supplied by a team of data scientists or complex algorithms. Businesses collect data from places like email signup forms, customer feedback, contact queries and website visitors.
Analyse these sources yourself and see if you can find any insights that will help you grow your business in the new year.
Focus on customer experience in your small business
Customers are always important, but many companies still don’t focus enough on providing the best customer experience they can. There’s often a disconnect between what customers experience and how well businesses think they do.
Customer experience is important for growth, because just one person’s positive or negative interaction has the potential to make or break your business. Access to the many outlets for reviews, feedback and complaints means that you need to be more than ever focused on delivering the best experience across all touchpoints of your business.
Creating brand consistency, listening to customer data and focusing on providing excellent support are three ways to quickly enhance customer experience. Word of mouth is one of the best ways to grow, so what better way to get new clients than through shared positive experiences?
Incorporate a green mindset
Sustainability is a trend that cannot be ignored in 2020. If your business isn’t already incorporating green energy solutions, then now is the time to start.
Using environmentally-friendly business practices indirectly helps you grow. The money saved from cutting down on electricity and water use can translate into funds you can use to pursue new growth strategies, such as pursuing previously dismissed product ideas or service offerings.
Whether you decide to start up a new business in the UK, replace all your lights with energy-efficient bulbs, or audit your online presence, make 2020 a year of positive growth.
Take the next step
We’re experts at expanding or relocating businesses to the UK. With presence in both the UK and South Africa, we’re equipped to help at every step. Contact our advisors at ukbusiness@sableinternational.com or call +27 (0) 21 547 2189 (SA) or +44 (0) 20 7759 7553 (UK).
