Ten Strategies To Grow Your Business Without Spending A Penny
As a business owner, if you want to make more money you need to grow your business. However, if you want to grow your business, you usually need more money!
Just one of many frustrating conundrums about running a business.
Here at the Holistic School of Business, we’ve compiled a list of ten strategies you can implement right now to grow your business without spending any money.
- Bill faster. Invoicing your clients is the single task that brings money into your business. Your receivables can count for 40 – 50 percent of your actual assets and almost certainly 80 – 100% of the cash flow. Don’t batch invoice, bill as soon as you can.
- Simplify your business. Weed out the unprofitable (or minimally profitable) products or services and those that are hard and time consuming to sell. The same with clients. If you have clients that are draining your time or resources, you may need to, kindly, let them go so that you have time to bring in more profitable clients.
- Work faster. If you can condense three, four-month jobs into three, three-month jobs, you can do one more job in the year and increase revenues by over 30%.
- Stay healthy.
- Automation. Cut overhead by automating most of the non-producing items like accounting, marketing, invoicing, customer care, voicemail, sales reporting, ordering and record keeping.
- Increase product awareness. Use every available communication method to highlight offers, features, promotions and news. This includes in your email footers, invoices and letter signatures.
- Become an advisor. Go where your audience is on the web. If your potential audience hangs out on forums, such as LinkedIn or Facebook Groups then post to those forums. Become a trusted advisor.
- Referrals. Get your supporters to refer you to anyone in their circle of influence that can benefit from your services. Reward the person that makes the referral and the person receiving it for a huge ‘feel good factor’.
- Become a person of influence. Send your local media a press release every month and become their ‘go-to’ resource for your specialty when they need an expert opinion.
- Utilize business directories. To find directories, Google the name of your town plus “free business directory” and register your business on those sites to improve the ranking and accessibility of your business.
Word of warning, don’t try and implement them all at once. Choose two or three and start with those, when they are up and running, go on to the next.
Add $10,000 - $100,000+ to your monthly income.