Small businesses are not only the backbone of the U.S. economy but are loved by millions, as they are viewed as positive influences on the community due to their integrity and customer-centric philosophy. In fact, according to a survey by the Pew Foundation, 71 percent of Americans view small business more favorably than any other institutions, including religious organizations.

However, just because your operation is beloved and revered in the community as a small business, it does not mean it cannot grow, and reach other markets and communities. In order to leverage your status as a cherished part of the community and to grow your business, follow these five tips:

No. 1: Open a new location, franchise or merge. If you already have a consistently profitable business, why not open another location? This is typically the first avenue of growth for small businesses. If starting a new venture at a new location presents too many obstacles, another potential for growth is to offer your business as a franchise, which alleviates your responsibility of having to manage another location. Additionally, consider merging with another successful small business that is similar to yours, or acquiring it altogether.

No. 2: Boost your social media. Social media can greatly increase brand awareness, which means increased sales. In fact, 75 percent of online Americans said product information found on social media influences their shopping behavior and enhances brand loyalty, and social media is the second most likely way, after television advertising, that Millennials learn about a new product. So if you have little to no online presence, now is the time go forward with Facebook, tweak your Twitter and/or legitimize your LinkedIn. Adding visuals to your social media pages is a good start, as one of the biggest current trends in digital marketing is video.

No. 3: Be different. As a small business, being different is a good thing, as you need to stand out from your competitors. In order to stand out, first and foremost you have to offer unique, quality products and/or services. As a small business, word-of-mouth referral is oftentimes your bread and butter. Additionally, your logo is just as important as your name, and if your logo is bland and antiquated, it’s time to hire a professional designer to breathe some new life into your logo to not only make it stand out, but to be so memorable that the mere mention of your business causes consumers to formulate a mental image in their minds of your logo. Think McDonald’s. If you didn’t see the golden arches in your mind, you must live on another planet.  

No. 4: Target new markets. Despite success in your niche market, there are always others to target, and just as you thoroughly familiarized yourself and researched your target market, you will have to with a new market in order to succeed. But first you will have to identify potential markets, and ask yourself a number of questions, such as Whom do you wish to sell your product or service? What are the demographics? What is the age range? etc. Once you can answer those questions, it is essential to determine if your product or service can meet their wants and needs.

No. 5: Build brand equity. Customer loyalty is crucial, and leads to referrals, which is why brand equity is imperative for any business, large or small. The best way to build brand equity is to ensure your product is reliable. The more brand equity you build, the more sustainable growth you will experience.