{"id":4454,"date":"2018-06-26T10:30:16","date_gmt":"2018-06-26T14:30:16","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=4454"},"modified":"2026-02-12T05:21:34","modified_gmt":"2026-02-12T10:21:34","slug":"expand-business-without-investment","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/expand-business-without-investment\/","title":{"rendered":"10 ways to expand your business without extra investment"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tGrowth & Customers<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\t10 ways to expand your business without extra investment\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tVictoria Ferrer<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

Business ideas without investment<\/h2>\n\n\n\n

It\u2019s the dream scenario: expand your business without having to pour more money in. But is this possible?<\/p>\n\n\n\n

The short answer is yes \u2013 but only by ensuring that every aspect of your organization is geared towards promoting and supporting expansion. We take a look at ten measures that can help you achieve this:<\/p>\n\n\n\n

1. Hiring a skilled and diverse workforce<\/strong><\/h3>\n\n\n\n

Effective people are the key to any successful business, so it’s vital that you have a clear view of everyone’s role and skill set<\/a>. Before you go to the expense of recruiting new people, assess your needs and look in-house first. Dedicated HR software<\/a> can help you do this via detailed list functions that outline positions, as well as previous experience\/recent training.<\/p>\n\n\n\n

You may be able to cut costs by engaging specialist freelancers for some projects, too. Whenever you are recruiting, keep your long-term goals in mind and look to secure people willing and able to step in to help you achieve these goals.<\/p>\n\n\n\n

2. Using the right business management software<\/strong><\/h3>\n\n\n\n

Software is key to growth because it offers you an all-encompassing view of your business \u2013 from the financials and stock levels to customer behavior. Opting for Software as a Service (SaaS)<\/a><\/p>\n\n\n\n

ensures you have the right tools in place without incurring the usual expense. Make sure that any software you use can scale with you and is operating at optimum efficiency by automating as many processes as you can \u2013 introduce automatic billing, for example, and regular reporting.<\/p>\n\n\n\n

Review your use of software solutions such as your accounting, payroll or customer relationship management software to ensure that your business is getting the most from it. You can assess your business with a few simple questions to see how you could become more efficient.<\/p>\n\n\n\n

3. Boosting cash flow<\/h3>\n\n\n\n

It\u2019s the bane of businesses both big and small \u2013 the world over. Keeping the cash flowing is vital to the well-being of any business, but when you\u2019re looking to scale it\u2019s also a potential resource that will save you having to apply for additional funds elsewhere.<\/p>\n\n\n\n

Maximizing your reporting functions will give you a clear picture of the financials \u2013 highlighting any late invoicing or late payers, as well as identifying where resources are being tied up in stock management. Cashflow-boosting measures to consider include are offering early bird discounts for customers who pay invoices before the due date. The right business software solution<\/a> can bring everything together, your accounts, better cash flow and easier ways of working.<\/p>\n\n\n\n

4. Good planning<\/h3>\n\n\n\n

Left unchecked, growth can easily have a detrimental effect on a business \u2013 with your current infrastructure simply unable to meet this new demand. This could put you in the very risky position of disappointing existing customers in favor of the new. It\u2019s vital then that any expansion is recognized and carefully monitored \u2013 this is no time for a \u2018let\u2019s see where it takes us\u2019 mentality.<\/p>\n\n\n\n

Update your business plan to ensure that you have a good grasp of the effect a booming product could have and account for it. Understand where you want to be in the long term and put together a decisive roadmap to get you there. This includes a regular review of market trends to highlight the relevant opportunities for your business.<\/p>\n\n\n\n

5. Talking with customers<\/h3>\n\n\n\n

Your customers are in a unique position to be able to give you the feedback needed to grow your business \u2013 so make sure you continue the conversation with them<\/a>. Research shows 68% of customers<\/a> will leave a review if asked. Build \u2018touch points\u2019 into your marketing and online presence and make giving feedback quick and easy for them.<\/p>\n\n\n\n

This kind of conversation will not only provide you with some crucial pointers on how well you\u2019re doing but boost their confidence in your commitment to them and encourage referrals. Consider putting together a referral email\/testimonial that satisfied customers are able to pass on with very little effort. Don\u2019t make it a one-way street either: wherever appropriate, refer your own customers \u2013 it will strengthen the relationship.<\/p>\n\n\n\n\n\n

6. Getting online<\/h3>\n\n\n\n

Chances are you’ve already got the website and mobile technology <\/a> in place, but are you harnessing it to full effect? Done properly, content management is an excellent way of updating customers about products and reaching out to new ones. Explore what could work for your business and devise an appropriate strategy.<\/p>\n\n\n\n

This could include having a regular \u2018surgery\u2019 for customers to post questions to your company experts, as well as product alerts and targeted discounts. Embrace the negative whenever necessary and use it as a way of repairing relationships and impressing upon potential customers that you will listen. Whatever platforms you go with, make sure you jump in with both feet. If there\u2019s one thing web users are able to sniff out in the space of a page impression, it\u2019s a half-hearted post.<\/p>\n\n\n\n

7. Opting for the cloud<\/h3>\n\n\n\n

Running your business from the cloud<\/a> offers flexibility and cost efficiencies. With software, access and secure storage all available as and when required, this is an excellent option for companies who want the ability to scale without the burden of having to commit to costly new hardware or software. Running a cloud-based infrastructure that utilizes accounting software<\/a> will also help reduce your employees’ reliance on office-based systems and provide opportunities for working on the go.<\/p>\n\n\n\n

8. Build an email list from the start<\/strong><\/h3>\n\n\n\n

While having a social media presence can be a great way to reach people en masse, capturing customers\u2019 emails from the start can be a great way to encourage repeat business. A Harris Interactive study indicated that customers are more likely to make additional purchases due to emails based on prior purchases and behaviors. Building an email list of customers can alert them to special offers, building a lasting relationship.<\/p>\n\n\n\n

9. Leverage your existing customers for growth<\/strong><\/h3>\n\n\n\n

Piggybacking off of building an email list from your existing customer base, those emails can include incentives to share your products and services with others. Let customers know you value them and would appreciate them offering honest recommendations of your offerings on sites such as Yelp, Angie\u2019s List, or Google Reviews. Your existing customers may be able to offer word-of-mouth recommendations to people they know, as well as reach others they\u2019ve never met before if they\u2019re inclined to share reviews of your products or services online.<\/p>\n\n\n\n

10. Educate your customers<\/strong><\/h3>\n\n\n\n

Building a loyal clientele isn\u2019t just about giving them more products to purchase. Educating your customers can go a long way toward building trust and nurturing a healthy relationship. Giving them insights and ways to use current products or more general, seasonal tips with their well-being in mind can keep you top-of-mind as a leader in your space.<\/p>\n\n\n

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