Once you’ve gotten your business up and running, you want to see it grow and flourish. Expansion is the goal of most businesses, but it can be a challenging task to undertake. Fortunately, you can still grow your following without spending a lot of money to do so. Here are five important tasks that are excellent for business growth while staying within your budget.
No matter if you’re running your business out of your home or if you have a separate facility, you want to pay close attention to your competition. If you’re looking to separate yourself from the other similar businesses, find a unique way to garner attention. You can grow your list of email candidates by offering a special giveaway. For the people who sign up and register their information, you can give them a freebie in return. Make sure the item holds significant meaning to your business, and it’s of use to the consumer. This could include mouse pads with the company information, letter openers or colorful magnets. You could take the giveaway to the next level by upselling it and offering items that are related to the freebie.
Business Line of Credit
This is a great time to establish a relationship with a team of skilled professionals in the finance industry. Mulligan Funding offers flexibility and control with their business line of credit programs. Although you may have money coming in, your bills, payroll and other costs can’t wait. A line of credit allows you to borrow the money and pay it back in a short amount of time without having to pay exorbitant fees. If you pay down your loan and decide to borrow more at a later date, you have easy access to the allotted funds.
Establish an Online Presence
If you haven’t implemented a website for your business, there’s no time like the present. There are programs available that allow you to handle the task on your own. You can also hire a firm to put together an Internet site. Once you’ve mastered your online presence, it’s up to you to keep it updated. This includes adding new products or services the instant that they are available to your customers. Use your emails that you’ve collected over time and share any news or updates. You can also write blogs and newsletters then link them to your website. The information you pass on in your blogs and newsletters should be industry related and helpful to the consumer.
Offer Incentives for Early Payment
If you have limited resources to work with, your battle to grow your company can be challenging. But in order to grow financially, you want to encourage your customers to pay early. If your normal invoice payment terms are net 30, offer a 1% 10 net 30 discount. For customers with large invoices, this could be substantial savings in the long run. People like a bargain and any incentive where they think they’re getting a deal can be a boost to your business.
Become Social Media Savvy
Social media is a huge marketing tool for today’s businesses. Without having to shell out money, you can get your business the right attention and business growth. Start with Facebook posts on your product or services. As your followers respond to the posts, answer back with words of thanks and praise. If they have an issue, address it immediately and in a professional manner. Twitter, YouTube, Pinterest and Instagram are other beneficial social media sites you want to look into.
Although there’s no magical potion to help grow your business overnight, patience and diligence will be greatly rewarded. With the above five tips, you should be able to effectively market your business without breaking the bank.