7 Strategies To Grow Your Business With Less or No Investment
Lack of funding is one of the most significant challenges businesses face. You can borrow money from lending institutions, but this also has challenges. Most of these institutions charge a high interest rate or require collateral before lending out.
Therefore, as a business professional, you need to find other ways to grow your company with less or no investment. Below are some vital strategies you can integrate to grow your business.
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1. Have an Engaging Website
Ensure that you have an engaging website that showcases the products and services that you offer. You can ensure your website and blog are SEO-optimized so that they rank on the first page of the search engine. It will enable you to get a high volume of organic traffic.
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2. Use of Social Media
Most of your clients already use social media platforms, such as Facebook, LinkedIn, Twitter, Instagram, and Pinterest. So, why don’t you leverage these platforms to grow your business? You can easily reach a large customer base for free or at a low cost through the sites.
Use these platforms to listen to your customers. You’ll learn what they need, how they perceive your business, and what you can do to increase your sales. Furthermore, you can get first-hand information about your customers’ purchasing behavior and changes in market trends. These factors will all enhance customer satisfaction. In this way, you grow your clients base and business.
3. Understand Your Customers
One of the best ways to grow your business with less or no investment is by ensuring you understand your customer base. Get to know what they need and their prospects. Customize your products and services to suit their needs. You can apply PKI training in your company to make the process better.
Take your time to research your customers to understand them well. You can use surveys, questionnaires, and other research tools available to you. Also, ask them for honest feedback on what they want or how you can better serve them.
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4. Excellent Customer Experience
Focus on giving quality customer service to all your customers, and exceed their expectations. It will motivate them to tell their friends, colleagues, and families about your business.
Offering after-sales support, discounts, and quick service delivery can enhance customer experience. Ask how they think you can improve your service delivery and ensure you implement their suggestions where possible.
5. Leverage The Existing Customer Base
The cheapest method to market and grow your business is through your existing customers. Use these simple tips to leverage your current customers.
- Ask them to write reviews about your business. They can write them on sites like google business page, Facebook, and your website. Send them links to sites where you want them to post the review, to make it easy.
- Appreciate your customers. Show them you value each of them. You can do this by sending out a thank-you email to all new customers and existing ones at specific intervals. Also, you can add new customers to the business social media groups.
- Ask them to refer your business to others. Ask your existing customers to refer you to other potential customers through an email. Include the referral code with rewards in the email.
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6. Attend Networking Events
Through these events, you’ll be able to build a network with other like-minded people. You will also be able to gather the best strategies that will help you grow your business.
Also, through these connections, you can form partnerships that will enable you to expand your business to other territories. You can also ask them to introduce your organization to potential customers.
You can also host your networking events with your existing and target customers. It will help you build a relationship with them and encourage new customers to do business with you.
7. Track Cash Flow
To grow your business, you need to know how cash flows in your company. It will help you understand what you spent on, how much money the company makes, and who owes you. Know which customers are slow in paying their debts to avoid having a lot of outstanding payments. If you have overdue payments, your expansion plans will slow down, as you will have less money to use. You can encourage your customer to pay on time by:
- Offering discounts to those who pay in advance
- Pursuing diligently those who are yet to pay
- Have a tight payment policy for new customers
You can use online apps and software to help you track your daily cash flow.
Conclusion
Businesses take time, effort, and resources to grow. However, don’t let the lack of money slow you. Streamline your accounts and inventory records to ensure the business does not lose money on unnecessary expenses and unpaid debts. Also, explore alternative methods mentioned above to grow the company.
