“New” Ideas for Your Small Business in 2024

Now that we have gotten through all the mandatory “resolutions” in January, how can we take a clear-eyed look at the state of our business today to guide us in moving forward?

Here are 5 good perspectives to apply to your business in 2024, none of these are actually new, but they may encourage you to take your business in a new direction:

1. Talk to your customers.

Keep learning. Complacency can be dangerous for a business, especially a small one or a new one. Sustained success doesn’t always mean sustaining the status quo. How many times have you seen a business start, and at first it is new and interesting to customers, and that will be enough for people to give it a try? New bars and restaurants will almost always generate a curious crowd at the beginning. Recently, a new pizza parlor opened in the place of a coffee shop in our area and for the first couple of weekends the lines were out the door, and people seemed happy to wait. After a few months, the crowds calmed down. How can you keep the idea and the offering compelling to drive continuing success beyond the novelty of “new”?

Make sure you are collecting information about your customers, give them a reason to share their contact information—promotions and discounts. New customers can be hard to come by, but the loyal customers can be easier, you already have a relationship. Ask them about their customer experience with your company. Was it what they expected? More than expected? Did you make them happy with their trial? What innovation or new wrinkle would they hope to add to your product or offering, or what might they want you to change about what you do already?

2. Track the sales.

What is working and what is not? Keep records to recognize patterns. Is there a popular draw that can become a loss leader—that you can sell at cost? Can you afford to make your most popular product or service the greatest value as well? Identify what you do best, what you will be known for and make that your most powerful selling point. Look to build small margins into the convenience and complimentary offerings. Are there things or services that you should look to discontinue?

3. Engage your teams.

Encourage your staff to be more than order takers but also ambassadors and reward them for getting to know and listen to your customers. When customers experience your frontline or customer service staff, they see the face and identity of your business. Their enthusiasm for enhancing the customer experience will not only be fruitful in information gathering but in community building. Their enthusiasm is a function of the leadership’s enthusiasm, show them your passion. Allow them flexibility. Almost everyone that tries your business out for the first time wants you to succeed. Encourage your staff to empower them to empower you.

4. Build in more “new”.

Generate a calendar of new service or product introductions or promotions based on customer research, observations, and staff ideas. Be creative. Automate everything you can. Keep your digital presence fresh—web and social. Communicate every day. Innovate in service and product delivery. Take seasonality into account in your pricing and promotions. Use your physical location as a selling point—if you have one. Study the local and category competition, network, and study. What gaps are they leaving for you to fill? What trends can you take advantage of? How can you effectively monetize all new approaches?

5. Make people your product.

Whether you are in the business of selling slices of pizza, bathroom remodels or in-home healthcare, you are likely in a commoditized category and what your customers will make their loyalty decision on is going to be based largely on attitude. Are your people invested in your success, have you shared your goals? Have you created an environment where they feel valued and see the success of the business as a reflection on themselves as individuals? Give them authority. In our new world of “friction-less” business, customers will respond to the kind friction of humanity and personality in its delivery. Maintain your own brand of personal touch. Success should be fun—for everyone.

It's good to track data, receipts, revenue, growth and return on investment, but your greatest investment return will always be rooted in people. The three Ps of a business are people, process and product and people always come first.