You’ve probably heard the old adage about spending money to make money. When it comes to trying to grow a business, it’s true that some sort of investment is usually involved. But, you definitely don’t need an unlimited cash flow to see growth.
In fact, there are lots of ways to spread the word about your company and increase its revenue without breaking the bank.
Listed below are 10 great tips that will help you grow your business and save money along the way.
1. Use Apps to Cut Administrative Costs
Are you working with a limited staff and a small budget? There are a number of apps that can help reduce the need for administrative and accounting help.
The following are just some of the many tasks that can easily be managed using apps:
- Payroll and benefits management
- Social media scheduling
- Project management
- Year-end tax accounting
- Shift scheduling
Of course, these apps aren’t perfect; you’ll still want to check in with these programs to make sure everything is as it should be. But, you can eliminate a lot of unnecessary stress by using them. This, in turn, allows you to dedicate more time and revenue to the parts of your business that actually help you make money!
2. Outsource Strategically
Outsourcing is another great way to manage your budget while expanding your business.
If you have a specific project, such as video or blog content, that will help you reach a wider audience.
Working with a 1099 contractor, for instance, can help you save money while getting that project out to potential new customers. Contractors can also often get work done more quickly, which is always good for your bottom line.
When you outsource projects, you don’t have to deal with the extra costs that come with hiring a new employee — there’s no need to worry about benefits, taxes, or insurance.
3. Visit a Trade Show
Trade shows provide a number of benefits to all businesses. They’re especially beneficial for small companies that are still trying to make a name for themselves.
Some of the greatest benefits that come from advertising at a trade show include:
- Create lasting impressions
- Communicate face-to-face with customers and get real-time feedback
- Gain fresh new leads
- Make direct sales
- Experience a level marketing field
Some people worry that advertising at a trade show is too expensive.
In reality, though, it’s totally possible to have a great trade show vendor booth on a small budget. You don’t have to spend tons of money on a booth — there are lots of other ways to draw people in, including offering games and free samples.
4. Utilize Free Resources
There are tons of resources out there that are designed to help small businesses succeed. If you feel like you’re struggling to keep up, some of the best options to look into include:
- Working with a business mentor from the U.S. Small Business Administration
- Visiting your local Small Business Development Center
- Going to your local Chamber of Commerce
It can be hard to ask for help. But, remember that that’s why these programs exist. They offer lots of free or low-cost resources that can help your business grow.
5. Refine Your Online Presence
These days, an online presence is essential for businesses that want to succeed and stay relevant.
If you don’t have an up-to-date website or an active social media presence, now is the time to start.
Online marketing is extremely cost-effective too. If you do it right, you can see major business growth without having to invest a ton of money.
In addition to setting up a website and staying active on social media, make sure your business is listed in local directories. Google My Business, YellowPages.com, and Yelp are great places to start.
Remember to engage with reviewers on these sites too. This will help build credibility and increase your visibility online.
6. Encourage Referrals
Don’t forget to ask for referrals. If a customer is happy with your service or product, ask them to leave a positive review or share their experience with family and friends.
Ask business colleagues for referrals as well. The best way to do this is to offer to reciprocate and give referrals for their business.
This is especially important if you’re running a local business. Community support is always good for growth.
7. Pay Attention to Industry Trends
Stay on top of changes that are occurring in your industry. Things are always growing and developing, and it’s easy to get left behind if you’re not willing to make changes.
Trade shows are a great place to visit to see what’s happening in your industry, and so are conferences and local business networking events. It’s also helpful to join industry-specific online groups and pay attention to what other business owners are doing and talking about.
8. Partner with a Company in a Related Industry
Partnering with related businesses can be helpful for getting your business’s name out there and expanding your reach. Find a business whose message matches with yours and reach out to them about collaborating.
For example, if you sell nutritional supplements, consider reaching out to a local gym or health club to see if they want to carry them and sell them at a discounted price. They might be willing to reciprocate by giving your customers a free, one-day pass or a discount on a membership.
9. Expand Your Target Market
Think about expanding your target demographic. If you sell to college students, consider branching out and marketing to high schoolers too.
Or, if you see products to stay-at-home moms, look for ways to expand to cater to working moms as well.
It shouldn’t be too difficult to expand in these small ways, but it can significantly broaden your customer base.
Finally, make sure you’re networking with other business owners. Whether you’re meeting people at trade shows or online, networking is invaluable to business owners.
Networking might not yield immediate results, but it’s still great for helping you boost your bottom line. After all, the more people know about your business, the greater your chances are of continuing to see growth.
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