3 Mistakes to Avoid When Growing Your Small Business
Updated on November 29, 2019
Updated August 19, 2019
Running your own company presents a variety of opportunities and challenges, especially when you decide how to grow your small business. Although expanding your business involves deciding on a number of significant factors, there are a few important considerations, which you should make sure not to forget about, like your company’s health insurance benefits, online presence, and branding initiatives.
Continue reading to learn about these 3 key areas you should not neglect during the expansion of your small business.
1. Don’t underestimate the importance of highlighting your health insurance benefits
Offering health insurance as a small business can be a significant differentiator for your company, so you should not forget to bring attention to the fact that your business offers this popular benefit. One of the main advantages of offering health coverage to employees is how it may boost your hiring strategy.
According to a recent eHealth survey, 66 percent of small business employers decide to offer group health insurance in order to recruit and retain the best employees. Here’s why:
- Recruitment – Consistently ranking as one of the top employee benefits, group health insurance may be a sign of a strong, supportive, and positive company culture to prospective hires. Creating a package of benefits that employees care about could help your small business stand out from competitors while catching the attention of potential future employees.
- Retention – Retaining key employees means more than just reducing turnover costs: it means avoiding the loss of experienced talent, as well as the time, effort, and training required to find new employees who are the right fit for your company. Offering group health insurance may help keep your best employees by signaling that you care about your workforce’s well-being.
If your small business does not currently offer group health insurance (only businesses with 50 or more full-time equivalent employees are required to offer medical coverage), deciding to provide health benefits may be a worthwhile choice as your company continues to expand.
2. Don’t forget about the Internet
As you focus on growing your small business, be sure to remember to invest some time in building your Web presence. Doing so can make it easier for both current and new customers to find and contact your business while providing an official, up-to-date source of information about your products and services.
Here are a few ways you can grow your company’s digital presence:
- Create a website for your small business if you haven’t already, or consider updating your website if needed, in order to highlight recent progress, relevant developments, or exciting news you want to share with customers. An informative website may also be a showcase, portfolio, or great business development tool that could help acquire prospective clients.
- Social media marketing can be another effective way to connect with your customers. By cultivating a strong following through community engagement, you may be able to expand your company’s reach and ultimately better understand the preferences of your audience. Learn more about easy and affordable digital marketing ideas for small businesses here.
Overall, prioritizing the Internet presence of your small business should definitely serve as an essential element of your company’s growth strategy.
3. Don’t overlook opportunities to build your brand
Given all of the responsibilities you have as a small business owner working to expand your company, it can be all too easy to overlook opportunities to further develop and amplify your company’s brand. Your brand is your business identity, representing what makes your company valuable and memorable. As a seemingly intangible yet crucial idea, your brand communicates what makes your small business unique.
Key factors to consider when crafting your company’s brand include:
- When people think of your business, what qualities should come to mind? In other words, what makes your small business special? Is it a focus on quality, an emphasis on value, a reputation for reliability and consistency, friendly service, or an excellent selection and inventory?
- Your brand should be able to make an impact and leave a positive impression. You can visually communicate your brand through your logo, merchandise, or marketing materials. Socially, testimonials, referrals, and reviews can be excellent evidence of your brand’s strength.
In the big picture, your brand not only serves as an extension of your marketing efforts; it may also help define what your company stands for while providing the foundation for future business opportunities.
Ultimately, investing a small amount of extra time to promote the core strengths of your small business can go a long way toward helping your company grow and thrive. To learn more about group health insurance plans for your small business, visit eHealth.com or speak with our licensed agents today.
This article is for general information and may not be updated after publication. Consult your own tax, accounting, or legal advisor instead of relying on this article as tax, accounting, or legal advice.