Determine the Most Desired OutcomesInnovating a business to make it grow has many notable advantages. However, you and anyone involved in the transition should consider the perks you most want to experience. Consider findings from a 2023 study about how small-business owners and decision-makers utilize digital tools. One takeaway was that 75% of respondents use them to cope with challenging economic conditions. Another 73% reported that such offerings help them increase operational efficiency and save money. Moreover, 65% mentioned that improved efficiency enables them to deal with inflation. About 78% of those polled connected digital tool usage to small-business growth and overall success. In fact, 85% of participants said digital tools were critical for helping their companies grow over the last two years. Narrowing down desired outcomes makes it easier to keep everyone committed to using innovation as fuel to grow the business. Growth doesn’t always happen quickly, but when people stay focused on the desired outcomes, they’ll be more motivated to stick to their plans.
Investigate Financing and Funding OpportunitiesExploring how to innovate a small business can feel overwhelming if funding is a concern. Fortunately, there are practical ways to get around that issue. One is to focus on as-a-service options. They typically allow people to pay fees based on how often they use the respective technologies. Sometimes, the installation is free, so people only start paying once they see evidence of the product working for them. Artificial intelligence as a service (AIaaS) and robots as a service (RaaS) are two examples of products offered on this platform. Searching for grants is another worthwhile opportunity. For example, the Amber Grant Foundation awards $1,000 monthly and $10,000 annually to female entrepreneurs. You can find similar options for businesses associated with other minority groups. There are also federal grants to consider. People from government bodies often recognize that technology and innovation are essential for making the nation stronger and more resilient. A grant application that mentions how you’ll use innovation for small-business growth and includes a detailed plan for how that’ll happen could help you stand out from other candidates. When applying for funding, one best practice is to explain how the technology in question will benefit your company and anyone who interacts with it. For example, will using digital technologies let you increase personalizing user experiences, reach underserved market groups or introduce new products faster? All those things give tangible advantages to your customers.
How has the evolution of ad experience impacted small-business growth in the past five years?
The ad experience evolution past five years has greatly influenced small-business growth. With new advertising platforms and technologies, small businesses have gained more opportunities to reach their target audience. However, it has also become increasingly competitive, making it imperative for them to deliver engaging and personalized ad experiences to stand out. Those that can adapt and leverage the evolving ad landscape have seen significant growth, while others may struggle to keep up.