How can you increase your profits and grow your business when you're on a tight budget? This article provides 17 free methods for driving growth, and many of these can be successfully adapted for your business. Here are five of my favourites:
1. Bill more often. Most of our clients send all their invoices out in a batch at month's end. If you send out your invoices earlier, you can chase them earlier, too. Get that cash flowing by sending out an invoice as soon as you finish a job.
2. Look for areas that are dragging down your profits. Weed out unprofitable customers, products and services. Many companies have customers, products or services which are high-maintenance and low-profit - getting rid of these can make life easier for everyone.
3. Become a spokesperson for your specialist area. Journalists like to call people who are keen to talk, easy to get hold of and will speak freely - get to know your local journalists and establish yourself as a quoted expert in your field. This is free marketing which gives you industry recognition.
4. Charge for changes. Once scoped, a project can gradually grow bigger and bigger, creating more work for you without any additional income. Be specific when you outline what you will be providing and make it clear that changes to the project will incur extra costs.
5. Get referrals from your best clients. These are a fantastic, free marketing tool that really works. Or what about asking for a testimonial? You can use them across your website and social media - a genuine testimonial from a named person can carry real weight with prospective clients.
These are great examples of how business growth doesn't have to involve a massive investment of money. By trimming costs, reaching new customers and improving your cashflow, you can drive profitability for your company in the most cost-effective way possible.
By Vinisha Kaba