As we launch into 2024, business owners should be looking to hit the ground running with the right approaches to grow over the coming year. Growth is fundamental to all industries and business types. If you want to rise above the competition and adapt to challenges, you need to focus on growth, but what are the best ways to do this?
You will need to dedicate time, make sacrifices, and work hard to make the most of all that is at your fingertips in 2024. Technology is moving forward faster than ever, and you may find yourself feeling a little lost. So, without further ado, here are 10 key tips to grow your business in 2024.
1. Look Critically at Your Work in 2023
With an objective mind, can you identify the main successes and failures of your business in 2023? List each and take a look at the impacts they had on things like:
These KPIs are crucial to your growth, and analysing how they were affected will position you to establish goals for the year ahead. This will enable you to develop a spending plan for 2024 based on your latest financial records.
2. Create Your 2024 Strategy
With the ongoing situations in Ukraine and Palestine, and the prospect of elections in the UK and the USA, there is sure to be uncertainty in 2024. But you should take the things you have learnt in the previous step to formulate a plan for your business through the year. In it, you should consider things like:
- Business development.
These are all interconnected things, so your strategies can cover all of them. Consider incorporating some contingencies for market disruption from the global situations described above.
3. Make Decisions Based on Data
In this digital world, we have so many analytics tools to help with data-driven decision-making. Keep track of customer behaviour, observe the performance of marketing campaigns, and harness data insights to refine your strategies on-the-go. This approach will ensure your efforts are targeted and yield optimal results. Remember that the best ERP platforms offer analytics tools that cover the full range of business areas. You can learn more about ERP in our Ultimate Guide to Enterprise Resource Planning (ERP) Systems.
4. Focus on Digital Transformation at Every Opportunity
There are transformative technologies emerging very frequently in this world. Recent developments like cloud computing, Artificial Intelligence (AI) and the Internet of Things (IoT) are making more and more things possible for businesses. The resources available are staggering, and many are accessible even for smaller businesses.
Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) platforms can bring about tremendous improvements in productivity and efficiency. These factors are fundamental to growth, because the more activity there is in your business, the more data and tasks there will be to process.
Put the right technology in place and follow the technology to stay ahead of the competition. Investment in digital technologies will be fundamental to success in 2024.
5. Incorporate Automation Wherever Possible
In line with the previous tip, automation is something that should be leveraged at every opportunity to improve operational efficiency. Processes that take up a lot of employee time, and could be done with automation tools, need to be identified and automated as soon as possible. This will improve the accuracy of data and free up employees to focus their energies on the things they do best.
6. Harness Opportunities Presented by AI
With the meteoric rise of AI, businesses are getting more and more tools for things like:
- Customer insights.
- Predictive analytics.
- Supply chain optimisation.
- Personalised marketing.
- Fraud detection.
- Data security.
The possibilities with AI are endless, so you should be actively following its progression and identifying opportunities to leverage its power for your growth. All signs point to AI being central to the future of business management, so it is crucial to get in early and take advantage of its many powers.
7. Embrace the Power of Social Media
As many as 77% of small businesses depend on social media to boost brand awareness and deliver customer service. The true power of these platforms for business growth cannot be underestimated – they are essential for SMEs looking to expand their reach.
Advertising through social media is cost-effective and direct, helping you connect with your target audience. You can use these platforms to:
- Craft compelling narratives.
- Showcase products or services.
- Engage in real-time conversations with customers.
And with the prospect of things going viral, there is always the possibility of a brand’s visibility reaching far beyond traditional marketing channels. It is crucial to use social media effectively to reach your target audience in 2024.
8. Prepare SEO Strategies for More Generative AI Results
As you work on your SEO strategies, be mindful of the fact that generative AI tools are likely to be more involved in the way search engines operate through 2024 and beyond. Try to make use of tools that will implement emerging SEO strategies, but continue relying on the critical thinking and creativity that is unique to your human mind.
Try to keep a finger on the pulse of the latest search engine developments. And use generative AI to create SEO plans and write content if you don’t have the budget to employ human beings to do so.
9. Embrace Sustainability
Consumers are becoming increasingly concerned with sustainability. It is important to align with eco-friendly practices wherever possible to enhance your reputation and attract the growing segment of environmentally-aware consumers.
There are many sustainable initiatives available for things like:
If you incorporate these initiatives into your operations, you can demonstrate a strong commitment to social responsibility. Beyond ethics, sustainable commitments can also lead to cost savings, operational efficiency, and a positive impact on your bottom line.
10. Make Use of Video Content for Marketing
Video content is remarkably popular in 2024, so there is a lot of untapped potential if you are not already leveraging it. Create engaging videos that showcase what you do or produce, or use them to tell your brand story and deliver valuable insights. Platforms like TikTok, YouTube and Instagram offer excellent and varying opportunities to connect with wider audiences, so start investing in them.