Business Growth Strategies You Can Use When You’re Broke
Because of the worsening economy, it’s becoming quite common for entrepreneurs and business owners to avoid business investments because of lack of money. In some cases, the objection is legit. Some businesses have lost half their revenue. Others have oppressive amounts of debt.
But the reality is this: You’ve got to figure out how to grow your business fast — or face the ugly alternative of closing up shop. And since I’m guessing you want to stay in business, let me share with you some business growth strategies that can be implemented with almost no money out of pocket.
Strategy #1: Determine What Marketing Resources You Already Have and Actually Put Them to Work
How many marketing tools, courses, and resources do you have gathering dust on your shelf — or your computer hard drive? If you’re like most entrepreneurs, it’s probably a lot.
Do you realize that by actually using the resources you already have you could quickly grow your monthly revenue by thousands of dollars? This is true for almost any business in any industry. The key is implementation.
Strategy #2: Invest “Sweat Equity” and Hustle for Business
Do you need a cash infusion in your business? Then you need to learn to hustle. You can’t mope around and focus on how bad things are. You need to get off your butt and take massive action.
* Call up past customers, thank them for supporting your business, and give them a coupon or incentive to order again.
* If you don’t like calling people, or you find you’re getting a lot of answering machines, try sending out thank you notes instead.
* Find complimentary businesses nearby who will agree to let you place a one-page sales flyer near where customers check out.
There are literally hundreds of inexpensive techniques and strategies you can use to jump-start sales. The only thing that’s required is some creativity and a little sweat equity.
Strategy #3: Referrals, Referrals, Referrals!
Probably the best source of new prospects and customers comes in the form of referrals. Who better to order from you than friends of customers you already have? And the best part is, referrals usually don’t cost you anything.
So why don’t more entrepreneurs ask for referrals? Frankly, they’re afraid. They’re embarrassed. Something holds them back. My advice is to simply ignore how you feel and start using referrals as soon as possible. Once you see the new customers coming in, you’ll actually be eager to implement a formal referral program.
All three of these business growth strategies can be implemented immediately with almost no money out of pocket. Implement one of them today and see how quickly you can generate new sales in your business.