Ways to grow your business on your budget

As a small business owner you want to get as much growth for your business without having to break the bank. Merely surviving is not good enough for small business owners, especially in a shaky economy. SMEs need to continually look for ways of growing their businesses.

Growth OPPORTUNITIES

• Don’t rely on success. Many small business owners come up with one or two excellent ideas that prove successful. True entrepreneurs know that diversity is the key to growth. Look at your business model and see where you can expand within your market. Can you offer your clients something a little different? Growth in a new direction may even have a spin-off effect on your existing business. Don’t be afraid to try something new.
• PR for Free. If you’re looking for the cheapest form of advertising, have a look at your PR. Publicity about your business will always help cement your paid marketing efforts. Is there anything newsworthy about your business or about yourself as an entrepreneur? Encourage other people to carry your message for free. PR can be time consuming, but if you have something exciting happening in your business, let the world know.
• Marketing Madness. You do NOT have to spend a massive amount of money to reap the rewards of an effective marketing strategy. The use of social media, online networking and web marketing can be handled in-house. You could consider using ‘Pay-per-click’ advertising if you’re looking for targeted traffic to your site. It’s a manageable expense for many businesses.
• Recruit Right. If you’re looking for growth within your business, especially after a recession, you need to hire the right people to boost your bottom line. Invest in a good recruitment software package to save you a huge amount of time and admin during your hiring process. If you really want to expand, but cannot afford to hire a salaried employee right now, then consider hiring a sales person who works on commission only.
• Client Consolidation. You won’t grow by doing the same amount of work for your existing clients. You need to actively seek new clients to promote growth. More importantly, you need to look for bigger clients, with greater needs and larger budgets.