Updated: Jul 25
With a potential recession on the horizon, most small businesses, in particular, are looking for avenues to cut costs wherever they can. However, that doesn't mean that your business can't still grow - you just have to be savvy about how you do it. With that in mind, there are a number of ways to grow your business without a significant upfront capital investment that is more than worth exploring. Growing Your Business: Breaking Things Down One opportunity to grow your business that a lot of people don't take enough advantage of comes by way of a vigorous networking and outreach campaign. Experts typically agree that doing so is the best way to build a base for your business - something that you can use to build upon regardless of what is happening with the economy. You don't even necessarily have to leverage in-person events in order to do this. You can use social networking sites like LinkedIn, Twitter, and TikTok depending on the audience that you're trying to reach. If yours is a business that caters to a more professional market, something like LinkedIn would be the prime choice. If you're going after a younger group of consumers, TikTok or Snapchat would serve you well. All of these services offer free accounts and the only real investment is your time. Another way to grow your business involves creating - and verifying - your "Google Business" profile. Keep in mind that even when it comes to brick and mortar stores, the vast majority of all people will discover a brand for the first time via a search engine. Statistically speaking, that engine is likely to be Google given their market share. Therefore, you always want to make sure that your "Google Business" profile is updated and accurate. This includes adding not only your contact information but also your business hours, high-quality photos of your physical location and more. It's a way to make a solid first impression among prospects and it's one that you certainly shouldn't overlook. Finally, make sure to leverage the best practices of search engine optimization (SEO) to your advantage. Again, this doesn't necessarily take an "expert" in order to accomplish. Make sure that you're regularly updating your website with fresh, original content, particularly via your blog. Whenever you post something relevant that you think that your audience would like to see, post it in multiple places like on your social media channels. Make sure to include specific, targeted keywords on each page to give yourself the best chance of ranking highly. The more of these steps that you're able to accomplish, the more likely you are to grow your business without the significant investment that normally comes with it. If you'd like to find out more information about budgeting or managing cash flow during a downturn, or if you just have any additional bookkeeping questions that you'd like to discuss with someone in a bit more detail, please contact us today.
This blog is meant for educational purposes only. Articles contain general information about accounting and tax matters and is not tax advise and should not be treated as such. Do not rely on information from this website as an alternative to seeking assistance from a certified tax professional. Perlinger Consulting partners with certified tax professionals to assist our clients.