It is a common misconception in life that the more you spend, the more you will get back. In some cases, this is true. For example, if you spend more money on a mobile phone, the chances are it will have more bells and whistles than a cheaper model. That’s not to say that there isn’t a way to get around this as cheaper brands may even have better specs than their more expensive counterparts. However, a challenge that many business owners (from small to large businesses) find is that in order to grow, they must spend, spend, spend. This is not the case, and we will analyse some ways you can grow your business without having to pay for it.
Make sure you are making the most of what you have
Many businesses often run without being aware that they operate under capacity, and they do little to rectify this. They assume that they must spend money in order to make more money, and this is really not the case. For example, allocating more cash towards advertising may lead to more sales, but making your current processes more efficient could yield the same results, with little or no outlay.
You may have an office with meeting rooms that are not organized efficiently, and this can give the impression that there is a lack of office space. However, implementing technology such as room scheduling software can be extremely useful in helping you make the most of these spaces. No longer will you find yourself or your employees running around trying to find a vacant meeting room, and neither will you need a secretary or receptionist to dedicate their time scheduling these rooms. Instead, right in the palm of your hands, you will be able to view which rooms are available, book them, and invite participants. This in turn leaves you time to focus on more important matters, thus simplifying and improving your operations.
Do your marketing yourself through social media
The cost of signing up to Facebook? Nothing. Instagram? Nothing. Twitter? You guessed it, nothing! But your audience can be huge, and these platforms have already matured to the point where they do most of the work for you. You don’t need to allocate a chunk of your budget for marketing when you can also sign up for lessons on how to utilise social media to grow your business through websites such as Skillshare and Lynda.
By doing the marketing yourself through such platforms, not only will you benefit your business on the marketing side, but you will also learn valuable skills that will constantly be of help. Who knows, you may even learn enough to help other businesses and profit from that! Consider it adding to your repertoire at no cost other than your time and effort.