Ten ways to improve your business without spending a fortune

In the corporate world, progression and advancement should be second nature for successful companies. Those new to the game may find that improvements are difficult to come by, at least not without a significant monetary contribution, so how can you develop your business whilst keeping your outlays as small as possible?

1. Advertise for free

Success is heavily influenced by promotion and the more prolific you are with your marketing the greater audience you are likely to reach. For those who don’t want to spend a fortune on elaborate advertisements, there are plenty of free options. This includes anything from guest speaking on local radio stations to setting up social media accounts for your business and plugging your products and services on the Internet.

2. Diversify your services

Stagnation is the antithesis of every business. Stay one step ahead of the curve by continually developing and diversifying the services you offer. Look for niches in the current market and always ask yourself how you can improve existing products for the benefit of customers.

3. Avoid expensive business trips

Whilst business trips are sometimes necessary, there are times when other alternatives will suffice. Conference calls, for example, can be used in place of face-to-face meetings if attendees are based in different locations and are considerably cheaper, and quicker, than business trips.

4. Invest in customer service

The backbone of your business, your customers should always be your main priority. Invest in high levels of customer service by ensuring clear and fair procedures are in place and offering full training to all staff. This doesn’t have to be expensive and can often be handled in-house rather than using external agents.

5. Start a blog

Once you have established a customer base it is important that you retain it. One way to do this is by keeping your clients updated on any news you have. An easy way to do this is by starting your own business blog which you can then share via an email newsletter or social media feed.

6. Review your staff

Your employees represent your company on a daily basis so it is important they are doing a good job. Always review the number of staff you have and offer regular reviews of their work to help them improve.

7. Set goals

Having clearly defined goals for you and your team to work towards is an easy way to ensure everyone is on the same track. These cost nothing to generate and can be displayed in work areas to motivate your staff.

8. Boost morale

Employees who are happy are usually the most productive – so make an effort to boost morale. Something as simple and inexpensive as offering free drinks facilities can achieve this.

9. Be flexible

Everyone runs on different schedules these days and this means a certain degree of flexibility is needed. Allowing employees to work from home or at different times will prove more convenient for them and could save you time and money on travel costs and expenses.

10. Offer like for like

If looking to expand your business connections, exchanging services with another company is recommended. Instead of paying for their product why not offer access to one of yours in return? This way you get what you want and, should they like your product, you could end up getting their custom and an endorsement.