Contrary to popular belief, a small business can grow without costing a fortune. It comes down to the investments an entrepreneur makes in the business, making sure that any new effort is about building and nurturing relationships and delivering value.
As business experts, the members of gotechbusiness.com Business Council are familiar with the actions required to grow a small business affordably. Read their recommendations below to determine which low-cost methods work best for your business.
gotechbusiness.com Business Council members share low-cost methods for growing a small business.
Photos courtesy of individual members.
1. Execute a Marketing Strategy
Grow a small business by implementing a deliberate marketing strategy that includes three daily activities. First, a marketing activity where if you do it today, you get paid today. Second, an activity where if you do it today, you can get paid today or next week. Finally an activity where if you do it today you will get paid at some point in the future. These activities provide direct revenue and scalability. † Carson Porter† REV Agency Syndicate
2. Talk about your business
I think it’s important that you really talk about your business. You may be very good at what you do, and your product or service may be top notch, but if no one knows about it, you and your product or service don’t exist. Speak out. † Michael J. Polko† Polk Properties / Matrix Properties
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3. Join Community Groups
Join some local community groups on Facebook and recommend your business. Invite your past customers there too, so that they become brand ambassadors for your company. If you have a referral program, it increases the chance that previous customers will do their best to promote you! † Michael Stearns† Ascend Digital Agency
4. Feed your current customer base
Retention, referrals, and reviews are key to supporting small business growth. Acquiring new customers is more expensive than retaining existing ones. Nurturing the existing clientele throughout all touchpoints is key to growing a small business economically. † Marilisa Barbieric
5. Use Social Media
An inexpensive way to grow a small business is to use social media to reach a wider audience. Social media allows businesses to connect with potential customers for free and build relationships that can lead to sales. In addition, companies can use social media to create content that can help them rank higher in search engines, which can also lead to more website visitors and sales. † Matthew Ramirez† reformulate
6. Share useful content
Publish useful and interesting content on social media. You build your brand and at the same time establish yourself as an expert in a certain area. † Jo Stephens† Law Firm Sites, Inc
7. Leverage Customer Referrals
Try to exploit network effects. How can you create excitement among your early clients or adopters by telling friends and family? Hyperfocus on these customers and make sure they are 100% satisfied. They go far ahead of you in referrals and positive word of mouth. † Ed Beltran† Heavy Conversations
8. Automate repetitive tasks and processes
Use technology to automate business systems and processes. Too many entrepreneurs try to do all the work themselves. Repetitive tasks in marketing, operations, and sales processes can often be automated, giving the business owner more time to focus on prospecting, selling, building relationships, and personally expanding the customer base. † Amiee Ball† JAB Advisory Group
9. Strengthen your brand through merch
Creating brand awareness is key to small business growth. A cost-effective way to get noticed and stay top of mind with potential customers is to include branded items in marketing programs. Build merchandise into almost any campaign, from grand opening parties and outreach marketing programs to customer referrals and even employee recruitment events to increase visibility and maximize ROI. † Valerie Hayman Sklar† Corporate Specialties LLC
10. Collaborate with Influencers
Collaborate with micro-influencers. Depending on your industry, you can trade with micro-influencers for a low-cost promotion in exchange for exposure and growth of your brand’s products or services. More often than not word of mouth is one of the most effective ways to market and grow your small business. † Aidan Healy† Healy Consultants Group PLC
11. Take advantage of public speaking opportunities
If someone invites you to speak at events or podcasts, say yes! Then build relationships from there. People will know what your expertise is and how valuable it is. At the same time, you can provide assistance if needed, such as a quick consultation if they need it. It’s also a great way to build referrals. † Lane Kawaoka† SimplePassiveCashflow.com
12. Reach Out To Your Network
Search your network for others who have successfully started and grown a small business. Contact them for advice and mentorship. It’s amazing what can come out of a focused conversation with someone who’s done similar work, even if it’s just 20 minutes on the phone. † Andy Zhao† Ark7
13. Diversify your customer base
Look for opportunities to diversify your customer or customer base. Customers are not a homogeneous group and small businesses should view them as ‘market segments’. Is what you sell attractive to women and men? Is how you sell as attractive to people of color as it is to white people? How do you connect with an LGBTQ2+ audience? Not everyone has the same needs. † Michael Bach† CCDI advice
14. Be customer-oriented
It all starts with serving one customer. If you focus on delivering value to the people who trust your product or service and do it consistently, your business will grow. Be customer obsessed because if your customers get a “wow” factor and get more value for their dollars, they will be your walking billboard. † Brandon Pena† 787 Coffee
15. Focus on the customer experience
Focus on pleasing your customers. Referrals are the best way to attract other talented employees and find people who could benefit from using your product or service. † Aaron Painter† name tag
16. Conduct Thorough Research Before Making Decisions
Low costs means managing time well. Talk to people who have gone before and use books, podcasts and articles on leadership, strategy, culture, alignment, operational excellence and customer service. Learn how to avoid precious blind spots and capitalize on opportunities by connecting with strategic allies to make the right decisions. The biggest expense is cleaning up unnecessary mistakes. † Jerry Cahn† Brilliant old
