You have to spend money to make money – Do You?

You’ve heard the old saying , “You have to spend money to make money.” And while this holds a certain degree of truth, there’s no reason to be discouraged because you don’t have a multi-million dollar budget to invest in your company’s future.

There are many affordable and accessible growth strategies that can be used by any company – large or small. Let’s look at a few of the most cost-efficient ways:

Create brand advocates: One of the most affordable and authentic forms of advertising is customer advocacy. Starting a referral program and encouraging customers to write positive web reviews are both good methods of doing just that.

Become an industry resource: Offer real value to your potential customers to increase the likelihood of them remembering you when they are ready make a purchase decision. Position yourself as a resource by creating educational industry content, providing price comparison algorithms and offering free consultations.

Hire help in a non-conventional way: Growing a business usually requires more work than one person alone can do — making hiring help a must. Use lean, non-conventional options such as virtual assistants, contractors, consultants and freelancers.

Tap into a new market: Expansion doesn’t need to be flashy or dramatic. Using a digital savvy approach, exploring partnerships and developing a disruptive product or service are all fantastic ways of expanding your market share. 

Let someone else finance your growth: Speak with potential investors. Research government grants. Have lunch with possible business partners. These are all ways of financing a well-reasoned growth strategy that don’t require you to take money out of your own pocket.

While these general tips are helpful, most business leaders find it advantageous to create more defined growth strategies with their specific goals in mind.

Write to ask@akulmach.com to book your free consultation session with the expert. During your session, we’ll discuss your values, vision and business goals. You’ll leave our meeting with a research-driven strategy that gets you where you want to be.

Author: Chandra Kant

Akulmach specialise in supporting small and medium sized businesses, helping them to fulfil their true potential. We are passionate about business with a genuine desire to help others. We have developed a business growth model delivered with a no nonsense, jargon free approach, designed to help you to achieve your vision. Whether you are starting a new business from scratch, looking for a succession plan or you want to build the value in your business, we can help!

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