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How to Grow Your Business Without Driving Up the Cost

  • April 3, 2020
  • 0 Comments
  • Issac Qureshi
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Growing a business isn’t rocket science, but it’s not an overnight feat either. Perhaps the tricky part about growing your business is successfully doing it while mitigating risk and costs. Growth and cost trajectories can become positively correlated if an entrepreneur doesn’t know how to organically and sustainably scale. Here are four tips to help you:

 

Improve Customer Service

Good customer service is key to retaining your existing customer base while at the same time adding to it. Offer different methods for your customers to reach you, such as phone, email, and even fax. If your customer needs you and they can’t get ahold of you after dozens of phone calls and hours wasted while you’re put on hold by an automated message, you are sure to lose that customer’s business.

 

Be Active on Social Media

Social media platforms play as a low-cost solution for user engagement and marketing for businesses, yet few actually capitalize on it. Use Facebook, Twitter, and Instagram to promote your brand and, consequently, gain valuable insight as to what your audience thinks of your brand and what changes they want to see. Direct message users and groups, start surveys and polls, and comment on other posts that are relevant to your business.

 

Network Nonstop

Attending networking events can bring new business connections and leads that can be converted into paying customers. Business conferences, TED talks, conventions, and other social functions are great places to meet like-minded people who you can partner with, hire, or sell to. Transportation and a few nights at a hotel are usually the only costs you incur.

 

Perfect Your Product/Service

Your product/service won’t come out without any issues. Even after dozens of refactoring and tweaking, your offerings can always use more improvement. Whether it’s a more ergonomic handle or better quality materials, find something that can be upgraded. That being said, be careful not to mess with features that are already working. Gather data from customers regarding what features they like/don’t like.

There are many more ways to grow a business without driving costs up. Cutting on costs, hosting events, and getting involved in outreach programs are all good ways to grow your customer base and boost sales.

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