You have probably heard many times that you need to invest in your business if you want it to grow. What options do you have, however, if you don’t have much to invest? Can you still grow your business?
The answer is yes, by working smarter and running your business in a more efficient way. As well as growing your business, it will also improve it overall giving you a more solid foundation for future growth and investment.
The tips below are some of the things you should think about if you want to grow your business without investing huge sums of money.
Understand Your Business
The starting point must be ensuring you have a full grasp of your business, including the numbers. Things to be particularly aware of include cash flow forecasts, your balance sheet, and your profit/loss statement.
In addition, you will need to know the specifics of what makes you money, so you can follow the next tip.
Focus on What Makes a Profit and Jettison the Rest
You will have products and/or services that make you money, but you may also have others that don’t make money or that don’t make very much. The same applies to customers – not all of them will be profitable.
In many situations, spending time with customers, products, and services that don’t make money will hold your business back, so you should stop. This will simplify your business and give you time and resources to focus on what does make you money now and what could make you money in the future.
Optimise Your Accounting Practices
The way you manage accounts in your business could also be holding you back. Here are some tips to optimise the process. The benefits of doing so include saving you money as well as giving you a greater insight into your business to facilitate better decision-making.
- Send invoices faster
- Make sure you meet all tax and other deadlines from the Revenue
- Automate manual processes using cloud software
- Get an accountant that will save you money and help you plan for the future
As a business owner, your job shouldn’t be to do all the work. This may have got the business to the stage it is at now, but there comes a point in all businesses where you hit the limit. Business owners that delegate so they can focus more on the big picture (i.e. growing) see greater success.
Be More Visible in the Market
The above four tips are changes you can make internally in your business to prepare you for growth. This tip and the next is about finding those new customers that will generate more revenue and profits.
One way to do this with minimal investment is to be more visible in the market. You can do this physically by, for example, attending networking events, joining local business groups, or participating in industry organisations.
You can also be more visible digitally. Having an active blog and engaging in email marketing are two examples. You can use social media too, contribute articles to websites in your industry, or participate in discussions on platforms like LinkedIn.
If your business is B2C, you can use some of the above tips plus you can offer discounts, loyalty programmes, sales events, and more.
Use Your Existing Customers
The final tip is to utilise your existing customers more. One option is to get testimonials from these customers that you can publish on your website and social media, as well as showing to clients at presentations.
Another option for using existing customers is to ask for introductions to other businesses who might be interested in your products or services.
Finally, make sure you always do a fantastic job for your existing clients. When you do, they will recommend your business without you even asking.
For more help or advice with running or growing your business, please contact a member of the Gilroy Gannon team today.