4 Tips To Grow Your Business On A Budget

how to drive more business growth increase profit potency

As a business owner or manager, you realize that when you take risks there is a possibility that you may fail. That is the gamble real business professionals and entrepreneurs have to take. But the flip side of the coin is that you also have a chance to increase your revenue and overall business growth. Just don't lose all your money in the process, it's an expensive world out there for business owners. Here's how to drive more business growth and profit potency in any economy and on a budget. 

4 Tips To Enlarge Your Business On A Budget

1. Venture Into New Markets

Many companies that have succeeded locally find it difficult to venture into new business markets especially if it is somewhere across the globe. Few business owners have the nerve to research and risk their investments in new markets or send their workers to initiate a production unit in another part of the world, yet this is the pinnacle of business growth. The fear is understandable because the risks involved are high, but the truth of the matter is that the higher the risk the higher the returns. This post is mostly directed to business owners and managers who have established themselves locally and have expanded their investments into new markets. The best way to do this is by plunging into it head on. 

When entering a new market, make sure you cause a commotion about your business brand potential and in the same time show how you consider the importance on the new market. This will make the customers see that you value them and that you have come to solve their problems. When starting up a new business venture in a fresh market, it means pumping in your investment even if it means breaking the norms of your business practices. Mainly due to the fact that, for a new business or organization visibility is paramount. 

With visibility then it would be possible to impact the marker hence make sales. As a business owner realize that when you take risks there is a possibility that you may fail. That is the gamble real business people have to take. But the flip side of the coin is that you also have a chance to increase you revenue thus business growth. 

2. Define Your Business Growth Strategy

Business growth is often assumed simply to be increasing annual sales and the size of your business. But it is much more than that. It is not just the concept of getting bigger. Many businesses view growth differently and it is important that you define the type of growth you are looking for. The message is that when your mind turns to business growth, resist the natural urge to think in terms of business growth meaning 'simply getting bigger'. You need to look beyond that. Business leaders need to have a clear view of what growth means to their individual businesses. Even if your business is thriving, chances are it's not as successful or productive as you'd like it to be. You may desire to increase your client base, sales revenue, profitability and income. You may want to grow your network, marketing, selling and presentation skills for the future. You may want to add key pieces to your business infrastructure that you could not previously afford. 

Pieces such as particular workforce positions and employees or specialized equipment that can open up new opportunities in the future. Your ability to persuade and influence others, your leadership capabilities and emotional intelligence are all factors in determining how you would like to grow. Rapid business growth can also be about meeting certain goals that have nothing to do with overall sales or size. What kind of work-life balance are you trying to achieve? Often a business's efforts to grow are wasted. This can be because they are not directed at building competitiveness or are short-term in their perspective, and fail to capture the benefits of compounding by building on what has gone before. Now that may seem a strange thing to say, because surely growing a business is always good and simply means getting bigger and bigger and bigger but it is not just about bigger. 

Determining how you would like to grow means defining the strategy that will help your business to go, from markets and products to channels and market intelligence. Growth is of vital importance to all businesses. But you need to determine what type of growth it is you are looking for? The idea of business growth actually comprises many different ideas and concepts that you should constantly consider. Growth and your personal goals are intertwined whether you realize it or not. They are very much the same thing and need to be considered in that light. Because one will ultimately help define the other when pushing for business growth and profit potency. 

Become laser-focused on your ideal customers ... the people you WANT to do business with ... not the pain in your behind customers, but the juicy ones who appreciate you, pay well and refer you to their networks. 

Be able to clearly articulate your value proposition and hearing people say “We absolutely MUST have what you've got!” Have a system for building relationships with new prospects daily, staying in touch until they say YES! over and over again. 

Grow your repeat business with customers who chase you for your post sale offering, refer their friends, family and business contacts, and keep you top of mind as the expert in your industry. Walk away with a complete understanding of where your business has been going wrong, and know the instantly-implementable strategies to turn it all around for your company.

3. Increase Energy And Potency While Preventing Burnout

It's hard to drive more business growth and profits when you are feeling sluggish and impotent. Owning or running a business can be very stressful and there are negative side effects from that in terms of energy loss, depression, and reduced virility. You can't grow a business to a bigger size when you feel lethargic and unable to find an outlet for your stress. 

This is where work-life balance, hobbies, family, and vacation come in. Activities that increase energy and stamina like exercise or meditation also work wonders. Good nutrition and adequate sleep are essential and not optional. It's important to hustle hard, especially when starting out with your business, but you don't want to burn out. 

If your body and mind fail, your business will fail as well. 

4. Don't Forget About Data

What makes a company profitable? Fundamentally, it comes down to selling things at a greater cost than it takes to make them. No matter how smart or well-funded you are, at the end of the day, if you spend more than you make, you will eventually go out of business. Some of the most successful, innovative companies have figured out how to not only reduce the costs of what it takes to make their products, but in some cases, people will pay them to do it. 

For example, Nzambi Matee, a Kenyan entrepreneur who founded Gjenge Makers, has figured out how to take waste packaging and waste plastic, combine it with sand, and turn it into bricks that are 5 to 7 times stronger than regular bricks. Her costs? The sand and the labor to make the bricks. One of the principal components of her business is so valueless (plastic that can’t be recycled) that people pay HER to take their waste. Now that’s a business model set up to succeed - her company isn’t going to make bricks faster than the world makes waste plastic, so she basically has an infinite pipeline of raw materials to work with. 

You know what else we treat like a waste product? Data. Think about it for a second. How much of the data we collect is actually useful, is actually used? How much of it is just ignored or discarded? Every interaction a customer has with us generates data, and that data COULD be used to generate analysis, insights, and strategic decisions. But in most cases, it’s treated like a waste product. We toss it into giant databases that cost more and more to maintain, that pose huge security risks if the data isn’t stored properly, and that relatively little gets reused or recycled. Then we bring in analytics consulting companies to take our waste product and turn it into something useful. If we were more thoughtful about our data, we might change how we use it. We might choose to collect less of it, as we dug into it and figured out what data was useful and what data was noise. 

We might design systems that used more of the data that was valuable, delivering insights instead of just puking our data back to us in flashy dashboards that no one reads. We might find ways to reuse our data over and over again - a marketing insight is just as likely to be a sales insight and just as likely to be a customer service insight, if we’re truly thinking about the customer. 

Give some thought to how you use data. Give some thought about moving away from single-use data to reusing and repurposing data just like we try to do with consumer goods. If you really dig in, you’ll find that like Gjenge Makers, your data can be converted into something really valuable - and you’ll make a ton more money on it, especially if you’re acquiring your data for free as a waste product now.

Get Going And Growing

Don't waste any more time feeling limp against stiff competition from other top companies and unforeseen expenses. It's time to get going and get growing today with your business on any budget.

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