You have to spend money to make money, says the old axiom. And this is true to a certain degree — especially for anyone who is trying to grow a business. However, there is no reason to get discouraged just because you don’t have a multi-million dollar budget to invest in your company’s future. There are many affordable and accessible growth strategies that can be used by any company large or small — and this is especially true today in the digital age.
So without further ado, let’s take a look at a few of the smartest and most cost-efficient ways to invest in your company.
1. Create brand advocates
One of the most affordable and authentic forms of advertising out there is customer advocacy. We would all love for our customers to be actively promoting our business, after all!
The problem is that, even though many business owners dream of having customer advocates, very few actually implement concrete plans for developing them. Starting a referral program and (indirectly) encouraging customers to write positive web reviews are both good methods of doing just that. And social media customer promotion is another marketing strategy that is as promising as it is affordable.
2. Become an industry resource
If you offer real value to your potential customers, then a large percentage of them are bound to remember you when they actually make a purchase! Writing an educational industry blog is one of the most popular methods of achieving this goal — though price comparison algorithms, free consultations, and special discounts are all additional methods that have generated success for companies in the past.
3. Hire help — in a non-conventional way.
Growing a business usually requires more work than one person alone can do — which is why hiring help is oftentimes a must. However, bringing on a full-time employee can be too costly for many small businesses to sustain. This is why lean, non-conventional options such as virtual assistants, contractors, consultants, and freelancers are all smart options for small business owners to consider.
4. Tap into a new market.
As a small business owner, watching your larger competitors open new franchises, expand to international markets, or undertake other drastic growth strategies can be rather frustrating. How can you ever hope to compete?
The truth is that expansion does not always need to be flashy or dramatic. The internet allows you to make sales well beyond your traditional geographical reach, for example. Partnering with a distributor in another part of the country/world is another great way of overcoming geographical limitations without breaking the bank. And last but not least, developing a new product or service is a fantastic way of selling to a new market without ever worrying about geography at all!
5. Let someone else finance your growth.
Speak with potential investors. Research government grants. Have lunch with a potential business partner. There are many ways of financing a well-reasoned growth strategy — and not all of them require you to take money out of your own pocket.
Want to learn more about growing your small business? You owe it to yourself and your company to speak with an experienced business consultant! Visit StratIQ Consulting online today for more information!