9 Ways to Grow a Small Business Without Money
It’s not feasible for companies to remain stagnant if they want to survive. The reality is that competitors will constantly be innovating and growing, meaning stagnation is deterioration. For this reason, growing your business is consistently a necessity. We show you how to grow a small business in a few simple steps below!
However, if your business is new or still reasonably tiny, you may not always have the capital or cash at hand that you can throw around to ensure some form of growth. A good businessperson will see areas for improvement that require just hard work without an unsustainable cash injection. It’s not easy, but thousands of companies the world over have grown from small to medium and beyond just using business nous and a can-do attitude.
Here we have a selection of some of the best ways you can take your company up a gear, even whilst there’s no spare cash to make things easier. These are all ideas that have been employed by successful companies before and shouldn’t take too long to implement. These are the best ways for you to grow a small business without any money.
Grow a small business step 1: Encourage references from customers.
This is a great way to have people who already know about your company to spread the word. Leaving reviews is one thing but even better a ‘coupons for a friend’ system that encourages existing customers to turn other people into new ones. This can be a great way to create a familiar brand name in your geographic or business community.
Grow a small business step 2: Streamline your business
This is how you make your company a more efficient machine. Ensure you’ve disposed of everything that isn’t profitable or takes up too many resources to sell. Use all the data you can collate to make accurate decisions about what needs to be kept around and what doesn’t. You may have to resist being sentimental here and take a cutthroat attitude to turn away from everything that is dragging down your business.
Grow a small business step 3: Up your brand’s visibility
One of the easiest ways to increase your company’s visibility is to utilise the web. You or someone in your team should know some core things to make sure you’re not getting lost in the noise online. Get to grips with SEO (search engine optimisation) to ensure your brand comes up when people search relevant topics. If you have a physical shop, you still have to make time for this area, and you should claim your business on Google as soon as possible. While getting online and optimising this process is essential, don’t become over-reliant on engines and social media timelines, as one tweak in the algorithm might push you steps back.
Grow a small business step 4: Hone your delegation skills
Make sure you’re able to focus on your best skills that bring the most to the company. For everything else, ensure someone better suited is on the job. Taking the time to train others for the attributes outside your field is likely to pay off in the long term. People appreciate help in developing, and it’s a win-win if it means you can focus on shining in your speciality areas too.
Grow a small business step 5: Run giveaways and competitions
These don’t need to be huge prizes that you splash out loads of cash on. People remember when they get small coupons, or there’s a fun competition on display at your front counter. You can get creative with it, but one-time discounts and the like are memorable and make people way more likely to keep your brand name in their head and come and interact with the company in the hope of being a winner in the future.
Grow a small business step 6: Make the most of customer touchpoints.
Customer touchpoints are essential points where your business and a customer interact before, after, and during a sale. A good example is when a review is left somewhere by someone who’s interacted with your service. If it’s a positive one, make sure to say thank you and maybe even flaunt it if you can, and it’s cheerful enough. If someone says they had a more negative experience, then ask them what was wrong and what could be done better in the future. You don’t need to be showy with a negative review, of course. Still, if someone does stumble across it and can see that you’ve been responsive and attentive, they’ll know that your company makes an effort to deal with problems that arise, which is a much smaller worry than thinking your business creates problems and lets them fester. Interact often and interact well!
Grow a small business step 8: Make sure your team is rewarded at the correct times.
The people you’re working with might find the pressure of trying to grow without a budget a lot to deal with. Your business is likely to fare a lot better if everyone there cares about its success and isn’t just trying to wait out the payouts until they think the coffers will run out. If employees are happy, other costs may fall, and new opportunities can arise. Consider whether an encouraging bonus could end up saving you money and cutting costs in another area. As mentioned before, helping them to develop may already have them more emotionally invested. The next step is to learn what else encourages them to give the company their all and treat it as their own.
Grow a small business step 9: Speak with suppliers
Now, it’s essential not to take things over the line here, and it’s always important to respect all signed contracts. But have a word with your suppliers, especially if you have a good history with them, and ask if there’s any wiggle room to hold payments for a short while. If you don’t already have a good relationship with your suppliers, make sure that going forward, you make an effort with them to go the extra mile when you can. This will, in turn, assist you when you call on them in these situations. They’re more likely to be understanding and generous.
Grow a small business step 10: Increase billing speed
It can be tempting to batch invoices, but you want as few things as possible clogging up your cash flow if you’re a small business. If your accounts receivable make up a sizeable chunk of your assets, this can help your company stay above water day today as you try and push it to new levels on a shoestring.
And those are all our top tips for growing your business without spending any extra money. It’s not the most straightforward task in the world, but it’s certainly doable. Pay attention to details and have a focussed look at every area to see what area can be improved. Good luck, and have confidence!
Google has some helpful ways you can grow your small busness online presence which you can read about here
Other useful links from our knowledge centre:
How To Sell Your Small Business
How To Get Into Business Operations
How To Check If A Business Is Registered Via Companies House
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