A new year calls for new goals and a new you. Evaluating and replacing old processes with new ones can be difficult, but implementing new initiatives can create growth opportunities for you and your small business. Adding a strong sense of structure and routine in 2024 can allow you and your small business to tackle the challenges ahead and strive to meet your goals. Change can seem overwhelming at times, but making small adjustments for the year ahead can make it seem less daunting. Here are 4 ways that you can make changes to support growth for your small business in 2024.
4 Ways Small Business Owners Can Grow in 2024
1. Build a Budget & Stick to it
You may have heard the time-honored phrase If you fail to plan, you plan to fail. When it comes to building a budget, small business owners know this better than anyone. Creating a budget plan for your business going into the new year can not only help you stay organized, but also take stock of your expenses and eliminate non-essential ones to make room for growth initiatives. There are many different strategies that small business owners can take when creating a budget, such as zero-based budgeting and historical trend-based budgeting.
Zero-Based Budgeting
Zero-based budgeting is a budgeting strategy that is based on allocating all income to specific items. When small businesses employ zero-based budgeting, income minus expenditures aims to equal zero. This may seem confusing initially; however, the goal of having nothing left over does not equate to living paycheck to paycheck. Rather, budgets are built while factoring in expected expenses for the period, savings goals, and additional funds to be allocated elsewhere.
For example, a small business owner may employ zero-based budgeting monthly, sitting down to calculate expected income and subtracting expenses such as labor costs, inventory costs, and more. The small business owner will then evaluate the leftover funds, weighing savings goals and additional items that these funds can be put toward, until the leftover funds are allocated based on the needs of the business.
Value Proposition Budgeting
Value proposition budgeting, also called priority-based budgeting, calls for the business owner to review, analyze, and justify the value of all expenditures. Zero-based budgeting asks the question: How can we allocate funds to these items? Conversely, value proposition budgeting asks the question: Why would we allocate funds to these items?
Value proposition budgeting is not meant for all businesses, nor meant to be used all of the time. Zero-based budgeting can reasonably be done over any period of time, so long as the accounted information is accurate. However, value proposition budgeting is best done at a particular point in time when expenditures can be reviewed in full. For small business owners, this can mean that once each year, a full review of expenditures commences and non-essential expenses or expenses that do not create value for customers, staff, or stakeholders are eliminated.
The method of budgeting that will be appropriate for each business and business owner can vary, but the importance of building a budget and sticking to it is undeniable. Budgets help small business owners plan for upcoming expenses, understand the financial state of their business, and trim non-essential expenditures, leaving room for items that provide additional value.
2. Harness the Power of Developing Technology
No matter the industry you may be in, new and powerful technology is constantly developing and changing its landscape. From video conferencing and project management software to Artificial Intelligence, new technology can allow small business owners to do more with less. While harnessing the power of technology sounds like no small feat, small business owners can start small with trying out one or two new softwares that can increase efficiency, such as AI response generator ChatGPT or project management software Monday.
The only constant when it comes to business is change, and keeping up with technological advancements is part of surviving as a small business owner in the modern age. Diana Van Leuven, Founder & CEO at The VAN LEUVEN Company, a full scale marketing firm based in Knoxville, TN, touches on the nature of change as it pertains to business in her 10 Rules for Business.
“You have to allow change to happen. Because the people who choose not to stay ahead of it, learn, grow, and better themselves and their company are the ones who become obsolete. We’ve worked really hard over the past 22 years to remain relevant and appropriate based on the time that we’re in.”
Embracing change is the key to staying competitive in the world of small business. Taking the time to learn about and embrace new and helpful technologies in 2024 can expand opportunities for small businesses and small business owners.
3. Get Involved with Your Community
Getting involved in your local community can increase awareness of your business and lay a foundation for brand loyalty. As more consumers commit to shopping locally, cementing your business as a staple within the community may help small business owners retain customers for longer. Signing up for local events, sponsoring local sports teams, supporting local charities, and more are just a few of the ways that you can give back to your community and create lasting relationships with your customer base.
4. Enhance Your Small Business’s Online Presence
As a small business, your online presence is crucial to your success. Customers need to be able to easily access information about your business in a way that is convenient and user-friendly. It’s no secret that consumers are turning more and more to online retailers, but this does not mean that you can’t compete with online retailers if your business is brick and mortar. Enhancing your online presence will allow you to reach and resonate with new and existing customers easily. Several ways to enhance your online presence include creating a website, communicating through social media, and participating in email marketing.
Build a Website for Your Business
While this can seem like a daunting task, a website is an essential component of your brand identity. When customers need to access information about your company, it is likely that the first thing they will look for is a website. While we are not all professional computer programmers by nature, many tools and services are available to help you create a website that will reflect your business appropriately. Important things to consider when you are building a website or evaluating a website you currently have are the website’s security, user-friendliness, and Search Engine Optimization (SEO).
At The VAN LEUVEN Company, our websites are A+ security rated, SEO-optimized, and mobile-friendly. Learn more here.
Use Social Media to Your Advantage
Social media marketing is an essential part of your business’s digital presence, and utilizing your social media platforms effectively can help you reach new customers and build relationships with existing ones. When considering the social media presence of your business in 2024, it is important to prioritize a consistent posting schedule and a responsive nature. In posting consistently—without overloading your followers—and responding to customer inquiries, you can build a following that consistently engages with your brand both online and in-store.
At The VAN LEUVEN Company, our Social Media Program is designed to provide your business with social media content and management services that engage your customers. Learn more here.
Keep Your Customers Engaged with Email Marketing
Email is an important channel of marketing for your brand, keeping your customers updated on your latest happenings, promotions, seasonal offerings, and more. By building an email audience in 2024, you can increase awareness of both your brand and your offerings.
At The VAN LEUVEN Company, our Email Marketing Program is strategically designed to create customized email campaigns that resonate with your audience. Learn more here.
Helping Your Small Business Grow—Marketing Services at
The VAN LEUVEN Company
You’re passionate about your small business, and you should be proud of the work that you do. At The VAN LEUVEN Company, we strive to ensure your success as we do our own. As a family-owned marketing agency, we know what it takes to put your heart into your business, and we want to help you succeed. Our unique approach is based in a true partnership that allows us to grow together with clients that are committed to healing, nurturing, enriching, and sustaining the world. For over 22 years, we have remained committed to providing the highest level of customer service—that’s what our VLC TLC is all about!
Let’s grow together in 2024. Experience the VLC Difference for yourself when you contact us.