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Growing your small business on limited funds

Once you have started your business, the next big step is to grow it. What can you do to increase revenue? Here are seven keys to expanding your business with limited funds.

KEY 1: Know your customer

It is important to have a clear definition of who your customer is and which marketing channels they use. By knowing who buys from you and what their needs are, you will be better positioned to satisfy their requirements. Furthermore, it will ensure you do not unnecessarily advertise on the wrong platform.

KEY 2: Know your unique value proposition

The next aspect to identify is what value does your brand add to your customers’ lives. By identifying your unique value proposition and highlighting this in your marketing material you will be well on your way to increasing your sales.

KEY 3: Give educational and original content

By educating your customers and helping them resolve their problems, you will be able to grow your business. In addition, your customers may advocate your brand to people they meet who need your services or product. By solving a problem instead of punting your product, your customer will be more eager to purchase your solution.

KEY 4: Build an email list

By creating an email list and submitting weekly or monthly email newsletters to your customers, you will be able to grow your business. Make sure that the content is shareable and you will grow your prospects list extensively.

KEY 5: Bill faster

By insuring that you invoice when the job is done, you can ensure that you get paid faster. This will in turn make it possible for you to grow your business more. By delaying invoicing you could create a situation where you run out of money because you are waiting for people to pay their accounts. So ensure that you invoice promptly.

KEY 6: Join a business community

Look up your local small business forum and join it. This will give you a great chance to network and you could meet people who would like to collaborate with you. By joining forces with a complementary service you could increase the sales of your products. We see this with the collaboration between McDonalds and Disney. Disney approached McDonalds with the idea to add figurines to their Happy Meals. When children had a Happy Meal they would ask their parents to watch the movie or hire the DVD, or they would see the movie and then ask their parents to go for a Happy Meal so that they could collect the figurine.

KEY 7: Give something for free

By offering a free 30-minute consultancy or a free guide to people who visit your website you will be able to grow your customer base. By doing this you obtain an opportunity to build relationships with new potential customers.

By following these seven keys you will be well on your way to growing your empire. Go out there and spread the word to all who are willing to hear.

Proudly brought to you by the NSBC.

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