9 Of My Best Tips To Grow Your
Small Business On A Budget
The following 9 ideas have helped me and will help you
grow your business on a limited budget when you apply
1. If you don’t have a journal, I would suggest that you
purchase one at your local Staples. If not grab a sheet
of paper. It doesn’t matter what your business is, write
down this question at the top of a sheet: ” How can I
personally make my clients’ lives better?”
This is a very powerful question. Think about it. How
many companies you know of, both offline or online,
apply this model?
Most of them are out to get the sale and then move on
to the next “prospect.” Can you imagine how effective
they could be if they actually considered how they
could help your life be better.
For instance, I spend a lot on educational material for
my grandchildren, and I never hear from the businesses
after I make my purchases. If they remembered the
above quote and thought about how they could help
me and my grandchildren have a better life, they would
realize that they could offer me products to help us, and
probably offer them on a monthly basis.
I’m sure you’ve experienced this at some point in your
life. Think about how this applies to your business and
what you can do.
2. Create your Stadium Pitch. Someone once told me,
“What would you say to a group of 50,000 people if
they were in a stadium and you had 30-60 seconds to
convince them about your offering?” How can you get
your point across so convincingly that they would feel
like idiots to say “no”?
Plus, consider the fact that any one of them can leave
at anytime during your pitch. Would your message
change? What can you say to make them stay? What
can you say to make them buy? Some call this an
Keep refining your stadium pitch (elevator pitch). A
great one can help you generate many new customers
on a limited marketing budget.
3. Look for valuable lessons in everything that you do,
hear, or experience. No matter if what you are doing
fails or succeeds, write down what you learned from it in
Every person you meet, every person you listen to, has
a lesson you can learn. I try to teach with each blog
and marketing tip I create. ..just for you. But the
lessons you learn from them are up to you; the insights
you gain are up to you. Whatever the lessons/insights
are, write them down in your journal before you forget.
I carry my journal with me always.
With a large repository of ideas it’s easier for you to find
ones that readily meet your budget.
4. Read your” Lesson Journal”. Find out what lessons you
can apply today to your next project or problem. Then
do it. Find a way to apply and use that lesson today.
Now record your results.
As you consistently apply ideas and track the results,
you will produce bigger and bigger results with
whatever money you have budgeted.
5. Referrals are one of the most important tools you can
use to grow your business. There are probably
hundreds of ways to generate referrals. Two of them
are: pay for them per lead; bribe people in a fun way.
If you haven’t done your job on making your clients
happy, you shouldn’t ask for a referral. The key is to
start writing down the ideas you get, and then start
Referrals are the least expensive way to grow your
business on a budget.
6. Barter. Learn how to barter.
Attend your local networking events, look around at the
people you work with that need what you have to offer
and you need what they have to offer. What types of
products or services do they need to make their lives
easier? Where can you find those products or services?
Apply this principle to people you want to work with and
by helping them they will help you.
Bartering allows you to grow with a minimum of cash
7. Dare to do what no one else does.
Giving yourself permission to do what hasn’t been done
before allows you to find new inexpensive ways to grow.
8. Ask what you don’t want in life and in business. Then
decide what you do want (What you want is the
opposite of what you don’t want).
Knowing what you want shortens the journey to getting
there, and therefore also lessens the expense.
9. Get rid of the “box”. Forget about inside or outside the
box thinking. Don’t put parameters around your
This is a variation of no. 7 above. By removing
parameters from your thinking, creative ways to use
your budget open up.
The key in all of this is to be systematic and consistent.
By systematically and consistently applying these ideas,
you are sure to see compounded results.
When I was in secondary school, my economics teacher used to say that the number one reason why most small businesses fail is because of lack of adequate capital. I believed my teacher like most of us did. Why not? He was my teacher and he knew it all. There was no way I could…
Question His Authority.
What I have found out over the years since I’ve been in business is that while having adequate capital is vital and essential, it is not the biggest reason why most people do not make money with their businesses. I’ve come across a lot of business owners that had access to a lot of money but their businesses still struggled in the market place.
So, was my economics teacher lying to us?
I won’t go that far. He was innocently passing across what some other people passed across to him. He had never done any kind of business so all he taught us were mere theories.
From my experience in business and consulting for other small business owners, I’ve since discovered that the reason why most businesses do not make money and fail at the end of the day is simply because…
They Do Not Sell What People Want To Buy!
Are you surprised? Don’t be. You see, the truth about business success is that once you offer people what they WANT to buy, your business will make you more money than you can ever spend. Lack of adequate capital will not be an issue as customers and investors will literately beg you to take their money.
Before you launch out with any kind of business, you must ask yourself: do people really want my product or service? If you cannot answer that question with a straight face, then do not bother to start the business.
Do not make mediocre assumptions like most people do.
Assumptions like “Every human being must eat so I will sell food” or “every human being must drink water so I will sell water”, or “every human being must wear clothes so I will sell clothes”.
Yada. Yada. Yada.
Don’t get me wrong.
I’m not saying food, water and clothes will not make you money. What I’m saying is that you should not follow general assumptions. Have you asked yourself if people actually WANT the kinds of food you want to sell? If you have not, you must have a rethink.
I remember a lady telling me years back that because we must all use salt to cook, she would make millions selling salt. I laughed really hard because I do not know the volume of salt she would sell in her shop to make millions. Come to think of it. If you organize a big party, you cannot finish a bag of salt!
If you want to make a lot of money, you should sell what people WANT to buy and not what people NEED to buy. Products people need to buy will make you decent money but products people want to buy will fly off the shelves…
Faster Than a Texas Tornado.
For those that are wondering what the difference between a product people NEED to buy and a product people WANT to buy is, kindly give me an opportunity to explain. There is a colossal difference between the two and I will explain with an illustration.
Let’s assume you’re a mobile book seller and you have just taken stock of two new books. One of them is titled “How to easily pass WAEC and JAMB” and the second is titled “How to inexpensively relocate to Canada”. Let’s also assume you are about to market the books to group of secondary school leavers.
Before we go any further, let me ask you this: if you have a son that has just completed his secondary school education, what will you advise him to do at that stage in his life? Pass JAMB and go for his university education or travel abroad to work? The obvious answer is to pass JAMB and go to a university because that is what he NEEDS at that stage of his life.
I want you to imagine a situation where you can gather 100 teenagers that have just completed their secondary school education. Ask them what they will prefer. To pass JAMB and go to a university of to travel abroad? I can guarantee it that 90% of them will choose to travel abroad. Why?
Because that is what they WANT!
Are you getting the picture? You have a bigger chance of success when you sell wants. When it comes to wants, human beings do not make their buying decisions based on common sense. We tend to buy emotionally.
Why do you think sports newspapers sell more than business newspapers? We NEED business news, but what we WANT is sports news. We don’t care that these footballers we religiously follow their careers are already multi millionaires.
The lesson is simple: before you start that business, make sure the product or service you want to offer the public is what the really want and not what they need!
Michael Abiodun A
PS: I’m sure you learnt something powerful today. I mean something practical you can apply to your business right away. If you didn’t, it’s not because I did not share a powerful lesson. We have to come to the conclusion that you are simply…
Beyond All Hope.