In today’s economy, growing your business at minimal cost requires perseverance and ingenuity. But it can be done.|
John Sampson began a promotional products company in Minneapolis in 1931, at the start of the Great Depression. Tall and striking, Sampson discovered a way to literally stand out from his competition: by dressing impeccably and demonstrating that appearances matter. Despite economic conditions at the time, his business grew. Today, Sampson-Miller Advertising is in its third generation of family ownership.
How are you differentiating yourself from your competition for long-term success? Consider the following low-cost ideas.
Request customer referrals. A highly satisfied customer is an opportunity to request a referral: “Thanks for your business. Would you be willing to refer me?” Referred leads generate a 60% close ratio, versus 10% for nonqualified leads, according to the book “Sales Prospecting for Dummies.”
Streamline costs. Expenses such as utilities and supplies are the low-hanging fruit of cost reduction. Less obvious: your cost of capital or credit. Consult with your business banker to ensure you’re getting the best deal possible on your money.
Maximize your website. A website is like the axiom for work: You get out of it what you put into it. Is your website providing customers and prospects with fresh and relevant information pertinent to their needs? If not, re-think your site.
Negotiate with vendors. Vendor cost-containment should be a conversation, not an ultimatum. Engage your vendors in exploring ways to reduce your costs, and you may be amazed with the results.
Consult your banker
Never underestimate the power of a fresh perspective. When exploring ways to grow your business, ask your business banking experts at American River Bank for ideas. Also, if you haven’t taken advantage of our REACH Business Blueprint, now’s a great time! Use this free business analysis tool to help you identify key financial ratios and how they’re impacting your business. Contact us today!