The growth playbook: 5 power moves to grow your business

As trends develop, they create new growth opportunities for small and midsize businesses (SMBs) willing to lead the way through strategy and action. Here are five emerging trends and steps to maximize them:

SMB owners are generally optimistic, with revenue forecasts trending positively. Steps to drive growth include:

• Seek regular feedback from customers, employees and suppliers to identify improvement opportunities and market gaps.

• Track customer preferences and reward loyalty to deepen customer relationships. Customer surveys and reviews can give you trend insights. 

• Consider new products, services, markets or delivery models to diversify revenue. 

• Test new initiatives with pilot programs to manage risk. 

As technologies such as connected devices, artificial intelligence (AI) and other tools help make businesses more effective and efficient, consider where these investments make sense for you. To optimize results:

• Maximize your data by identifying where data is lacking or bottlenecks are occurring and invest in fixing those issues.

• Explore how AI-powered tools can streamline existing processes.

• Monitor trends from industry sources, customers, competitors and sites like Trend Hunter and Exploding Topics.

• Consider tools like Google Trends or Google Keyword Planner to help you gain insight into what customers are searching for. 

Shifting labor markets are making high-level talent more available and affordable. Look for creative ways to scale your business with top performers. Start by:

• Defining the skills your company needs to grow, both now and within the next few years

• Determining whether you need full- or part-time employees or help from independent contractors

• Exploring options like fractional professionals and participating in industry-specific networks to recruit the right expertise

• Vetting candidates properly by reviewing portfolios, checking references and offering a probation or paid trial period

Digitally enabled small businesses are better prepared to pivot and reap the benefits of enhanced speed and flexibility, especially during challenging times. To get started: 

• Look for areas of your business that can be conducted digitally, such as services offered through websites or apps, informative chatbots or other digital options. 

• Automate time-consuming manual processes—invoicing, email marketing, social media posting, etc.—to allow staff to focus on higher-value work.

• Use digital tools to improve personalization and enhance the customer experience by creating special offers or loyalty rewards.

• Look for ways to improve data collection and analysis for better market and customer insights. 

A renewed American focus on cultivating the country’s manufacturing sector is creating new opportunities. As the business landscape changes, stay ahead of these shifts to spot opportunities. Here’s how: 

• Track industry, policy and technology shifts, such as reshoring incentives or AI breakthroughs, to spot early opportunities.

• Streamline operations and decision-making so you can pivot quickly when new trends emerge.

• Train employees in digital tools, automation and AI applications relevant to your business.

• Team up with local suppliers, universities or tech firms to access innovation and skilled talent faster.

Stay curious and open-minded as you explore new business opportunities, but always consider whether each move is right for your business. 

As you adopt new processes and tools for your business, Capital One Business credit cards may be a resource for purchasing or funding them. Visit Capital One Business cards and check for pre-approval—with no impact on your credit.