Is It Possible To Expand On A Shoestring Budget?


There are times in every company’s life where money is a little too tight for comfort. Cash flow may not be as smooth, and resources may seem a little more sparse. There may even be a nervous buzz within the office as sales have seemingly plateaued and the momentum to grow has diminished. While you have a mindset of continually striving to grow and expand, it appears that your finances are holding you back. They don’t have to. Although trickier, you can keep your business expanding even on a shoestring budget rather than simply watching your company become stagnant. Take a look at the strategies you can employ.

Competition 

It’s vital that you continue to move in an upwards trajectory to ensure that you don’t fall behind your rivals. Every industry, even if yours is relatively niche, is competitive in the twenty-first century. You need to find a way to emerge head and shoulders above your competition. Search for initiatives that don’t generally require an injection of cash. If your online presence is looking a little shabby, make your posts on Facebook and Twitter more relevant, sharper and regular. Don’t post once every six weeks; instead, ensure that you’re posting twice a week, linking to informative articles and your company blog. Every extra visitor you entice to your website is a potential new sale.

Stick To What You Know 

By remaining focused on your core customer base, you aren’t spending money to conduct further market research or attempting to implement a new marketing strategy in a time of economic restraint. You need to stick to what you already have in your company armoury, and that is to encourage your already established customer base to buy more of your products or utilize more of your services. You can also encourage them to market for you, using offers and discounts as the carrot on the end of a stick. 

If you run a martial arts class or art courses, why not initiate a refer a friend scheme, incentivizing your loyal customer in the process. If you are an electrician or a plumber, give your customer a discount should they write a testimonial for you on one of the many review sites that are staple fodder for those looking for a decent and honest tradesperson. 

If you have clients coming to your place of work, ensure everything is in order. Install the best fixtures, furniture and equipment that your budget will allow. There’s nothing worse than trying to secure a lucrative contract, inviting the potential client to your offices and them having to sit on wonky chairs at a scuffed up table surrounded by old tower computers from the late 1990s. Ensure the environment in which you entertain clients is of the highest quality. 

Growing your business doesn’t have to mean opening up another physical store, launching a new range of products or branching out globally. Even the tiniest of baby steps, when moving forward, are solid indicators of growth and can be achieved even on a shoestring budget.





I hope you enjoyed this article about whether it's possible to expand your company on a shoestring budget.

Interested in more articles about bootstrapping your business?

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Published by Michael J Schiemer
Owner of Bootstrap Business
Money - Marketing - Motivation
Digital Marketing | SEO | Social Media
Mike Schiemer Builds Better Business

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