How To Grow A Business On A Budget
Company growth is always at the center of a business owner’s objectives. But without significant investment, expert resources or a viable business strategy, scaling your business can be a hard task. Fortunately, there are several ways that you can encourage company growth without breaking the bank.
Only invest in low-cost and high ROI advertising channels
Before the dawn of digital advertising, the go-to medium for promoting products and services was by running expensive television, radio and perhaps billboard ads in high footfall areas. Without good tracking in place, it was and still is difficult to monitor the effectiveness and viable return on investment of these types of advertising.
Now, businesses are able to circumnavigate catch-all net of traditional advertising by using mediums that are specifically targeted at a demographic. Digital marketing through social media, paid search advertising, and display advertising can help to reduce marketing costs and drive a higher ROI because the ads can only be shown to your customer profiles.
Like most marketing opportunities, paying for digital media does come with the risk of being expensive for some industries. However, with the capabilities of Facebook’s Pixel or Google Adwords, tracking and optimising your ROI has never been easier. Through the global uptake in a variety of social media platforms, you’re able to access your target market cheaply.
Ensure You Have A Fast And Effective Website
Although developers are still sorely needed for many businesses, creating a suitable website without the need of a web designer has been greatly simplified through many platforms. Companies like GoDaddy or even Mailchimp have made it easy to build a functional website without any coding skills.
Many customers will not take a business seriously if it does not have a website, so it’s important to get a domain and start to build an online presence. The most popular platform for building a website on is Wordpress, with over 455,000,000 using it. Wordpress allows you to use plugins, which allow you customise the way your site works. Many of the best and essential plugins will allow you to add contact forms, an online store, customise the design of your site, and even add tools like live chat.
Having a website also allows you to begin to get a presence in Google’s search engine results. This is important because you will want your business to show in the search results for queries related to your products and services. As your business grows, SEO will be an important channel for attracting new customers.
Reward your staff for exceeding expectations
It’s vitally important to not only have staff that are skilled, but also to have people that are dedicated to working towards your businesses goals. Instead of shelling out more money on office space, perhaps you could offer flexible home working to some members of staff?
Offering your employees a generous incentive for exceeding their expectations is far likely to be more cost effective than employing more members of staff to reach your objectives. You should encourage your colleagues to come up with ideas and calculated risks– sometimes it only takes one of these to secure a major revenue stream.
Leverage your connections
The chances are, you will have one phone number, Linkedin connection, or possibly a friend of a friend who can help you grow your business. Even if it simply means they share your business with their own connections, the wider spread your business is, the higher the chance you will receive business.
Join all the local business networking groups that are relevant. Sometimes the best way of attracting business is simply being a part of the conversation. If there is a group of businesses that are linked but not direct competitors, why not agree to cross-promote your companies?
You could make use of website links, social media posts, or even promotions by including your partner’s products and services. Collaboration with partners can introduce your company to a completely new customer base.
Make use of small business finance options
Having a creditor may sound like a terrible way to produce growth for your company, but if your budget is simply too small for achieving your target, there are plenty of helpful finance options available. Many Government backed lenders offer loans alongside free business advice and support.
The Government website has a list of schemes, grants and loans across the UK that allow businesses to get access to finance.
Other business finance options that you could consider:
Business Loan: A traditional loan whereby you are given a lump sum that must be repaid on a monthly, weekly, or even a daily basis with fixed interest rate.
Line of Credit: A lender can give you a credit limit for you to use. You can then use this credit as you need it and only pay interest on the amount you use.
Business Credit Card: Some business credit cards offer introductory 0% APR interest rates for an initial period, making this a very cost-effective way to borrow money for your business.