By IBM Master Class Series
If you are looking for how to grow your business with little or no capital, then this article is for you.
Two years ago, we started a series of discussion with Small business owners in different ways of growing their businesses with little or moderate capital. We talked to them every day, while most of them were indifferent in their approach to business development, a significant number concluded that they were willing to try our method and from the feedback, we’ve received the method has recorded an incredible 89.2% success story.
First, you need to understand that our audience were regular small business owners, some of them had no formal education but they were able to turn their business around with a little adjustment or addition to what they already knew.
If you are familiar with Pareto law, you will agree with us that 80 percent of what you achieve in your business comes from 20 percent of the time you spent on the business. Which means that you need just to maximize that 20% in order to maximize your success and stand. Let’s look at how to grow your business without breaking the bank.
How to grow your business without breaking the bank
1. Stop the excuses
If you need your business to grow, you need to stop giving excuses. Excuses only slow down your growth and open the door of your business to failure. To achieve this:
a. Stop Comparing yourself to others
b. Learn from your mistakes
c. Stop blaming others for your mistakes
d. Take responsibility
2. Grow your network
Reach other to your competitors and learn from them. One thing that kill business faster is lack of collaboration. It’s very important that you build a network not just with your client and customers but with your competitors too, you never know when he or she may run out of stock and need urgent assistance.
3. Become a shameless self-promoter
Don’t be ashamed of promoting what you do. Take every opportunity you have to sell yourself and your business, its pays in the long run.
4. Hard work doesn’t hurt.
Don’t quit, give in your all and you won’t regret it
5. Keep selling.
People will forget about you if they don’t hear from you, as much as you can, keep being in touch with your client, do a follow up, relate and keep promoting your business
6. Build a brand that highlight your values
Let your brand reflect your core values, especially what you love doing most,this will motivate you to do more and grow your brand
7. Honor commitments and value Integrity
As much as you can, keep to your promise, it defines who you are and gives integrity to your business.
Join us again next week for the continuation of this series