10 Small Business Growth Strategies

by Lauren Wingo, Contributor, US Chamber of Commerce

To poise your business for success, consider these expert tips to leverage current trends and set effective growth strategies. — Getty Images/fizkes

2021-22 was a year of rapid transformation across all industries as the country has dealt with shifting political and economic climates, as well as mitigating hot-button issues such as climate change. In a year filled with change, there are some trends making their way into the new year that you and your business should keep an eye out for.

To lead your business in the right direction, here are 10 small business growth strategies entrepreneurs recommend.

Leverage new product rollouts

Distributors and businesses across the country deal with supply chain issues with the continuation of the COVID-19 pandemic and its subsequent economic disruptions. Businesses must be aware of scarcities within the supply chain and get ahead of manufacturing and transportation challenges by working collaboratively with their suppliers.

“We rely on supply availability and over-the-road transportation,” explained Karen Olson Beenken, president and CEO of Blue Rock Companies. “Our supply has been cut over the last 18 months to accommodate larger metro markets. We’ll utilize the different new product rollouts our suppliers offer and work to grow those.”

Educate client partners on new paradigms

It’s important to inform your clients and partners about changes you’re making to better benefit your business across a shifting economic landscape. If the changes don’t land, it may be time to consider other options, said Larry Kidd, president and CEO of hire.

“Our company is in the talent business and [is] painfully aware how much the talent pool has changed,” said Kidd. “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.”

Prepare for contracting opportunities with state and federal governments

While business creation has soared, data is showing that a large number of companies have left the state and federal government markets.

“The Department of Defense outlined at a recent conference that between 43% and 60% of the small