{"id":2565,"date":"2023-08-08T19:48:06","date_gmt":"2023-08-08T19:48:06","guid":{"rendered":"https:\/\/solutionsreview.com\/crm\/?p=2565"},"modified":"2023-08-10T19:50:59","modified_gmt":"2023-08-10T19:50:59","slug":"growth-hacks-for-business-owners-how-smaller-businesses-can-grow","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/crm\/2023\/08\/08\/growth-hacks-for-business-owners-how-smaller-businesses-can-grow\/","title":{"rendered":"Growth Hacks for Business Owners: How Smaller Businesses Can Grow"},"content":{"rendered":"

\"Growth<\/p>\n

As part of Solutions Review’s Contributed Content Series<\/a><\/span><\/span>\u2014a collection of contributed columns written by industry experts in maturing software categories\u2014Peter Harris, the Chief Operating Officer (COO) at Pipedrive<\/a>, outlines five ways smaller businesses keep growing amidst an increasingly competitive, uncertain market.<\/span><\/span><\/strong><\/em><\/p>\n

Small to medium businesses (SMBs)\u2014companies with less than 500 employees\u2014play a vital role in the United States economy, contributing to job creation and economic growth. There are approximately <\/span>33.2 million SMBs<\/span><\/a> operating in the country, and these businesses collectively employ over <\/span>61.7 million people<\/span><\/a>. Moreover, SMBs are responsible for generating approximately <\/span>44 percent of the total economic activity<\/span><\/a> in the nation.\u00a0<\/span>\u00a0<\/span><\/p>\n

Despite their significant impact, SMBs face several challenges, including access to capital, competition, and regulatory requirements. Today\u2019s economic <\/span>outlook is uncertain<\/span><\/a> amid financial sector turmoil, high inflation, and the ongoing effects of Russia\u2019s invasion of Ukraine. <\/span>Crunchbase data<\/span><\/a> shows that venture and growth investors in private companies continued to scale back their investment pace in the first quarter of 2023. Given this situation, the question arises as to what concrete measures small businesses can take to fully exploit their growth potential and achieve new company sizes. <\/span>\u00a0<\/span><\/p>\n

Below is a 5-point checklist of possible courses of action that can help SMBs realize their goals and grow successfully.<\/span>\u00a0<\/span><\/p>\n

1) Play the Long Game <\/span><\/b>\u00a0<\/span><\/h3>\n

Heightened scrutiny around investment decisions means venture capitalists will increasingly exercise greater selectivity when allocating capital, choosing entrepreneurs who demonstrate solid economic viability and achievable growth trajectories. Therefore it pays for business owners to adopt a long-term perspective and prioritize fundamental aspects (i.e., profitability, cash flow management, and financial planning) to be well-prepared for future improvements in market conditions and increase their investment potential. <\/span>\u00a0<\/span><\/p>\n

2) Adopt Artificial Intelligence <\/span><\/b>\u00a0<\/span><\/h3>\n

The discussion about artificial intelligence (AI)<\/a> cannot be ignored and will presumably keep us busy well into the future. Companies mainly see it as having the potential to create new revenue models and increase efficiency. These goals have already been successfully implemented in many application areas. Nevertheless, they are often mistakenly rejected by decision-makers in SMBs as costly and complicated.<\/span>\u00a0<\/span><\/p>\n

However, there are numerous examples that show how AI can be successfully applied in practice for SMBs. Some of these use cases include:<\/span>\u00a0<\/span><\/p>\n