Close this search box.
Blog » Business Tips » 4 Quick and Affordable Ways to Grow Your Business

4 Quick and Affordable Ways to Grow Your Business

competitive edge

Okay, i’ll admit the title of this article is a bit misleading. Truthfully there is no such thing as growing your business overnight. Scaling a business is tough. It takes a considerable amount of effort and dedication. That all said, there are a ton of growth strategies you can quickly implement that will sustain long-term growth.

Here are four quick ways to grow your business:

Identify Your Opportunities

First and foremost you need to identify which opportunities make the most sense for your company. You need to understand things like distribution channels, potential partners, direct competitors, and even foreign market opportunities.

Sit down with your team and really analyze your options. There are dozens, if not hundreds of opportunities out there. Before executing make sure you take the time to identify all the opportunities available to you.

Build a Customer Loyalty Program

Customer loyalty programs are a fantastic way to increase your bottom line. Studies show that it costs about three times more to acquire a new customer rather than sell to an existing one. Some estimates even have that number up to ten times more expensive, depending on the industry.

Regardless what statistic you want to go with, customer acquisition is just more expensive. That said, it’s worth your while to invest some resources into building a customer loyalty program.

Create clear incentives with actionable goals for your customers. If your program is successful, there’s a good chance word will pass on to new customers as well.

Find Your Strategic Partners

It’s often worth it to join forces with others and share in the reward, rather than going after it yourself. This is why strategic partnerships exist. Now for the tough part. How do you identify who would make a strategic partner?

In order to identify your potential partners you need to do a bit of planning. To keep things simple, lay out a basic six month to a year long roadmap. What products do you plan to roll out? Which marketing channels do you want to pursue?

Once you have your roadmap, you should look for companies that can compliment each action item. For example, if you’re a food truck ready to launch in a major city you can look for an event partner to fill your schedule. Quickly analyze the costs vs. the benefits, if it checks out go ahead and contact them.

Study Your Competitors

If you’re a new business going to market, there’s a good chance there’s someone out there with a similar business. In fact, I can almost guarantee there’s more than one.

These are your competitors. You need to know them inside and out. Platforms like Similar Web and AdBeat provide competitive intelligence data on other businesses. In addition there’s a lot you can find just by snooping around online.

You need to find out what advertising strategies worked best for your competitors. If it worked well for them, there’s a good chance it’ll work well for your business too.

To sum things up, it takes time to grow your business. However, there are a ton of strategies you can implement right away that will produce results. The four growth strategies above are only a handful of those out there, but are proven to work wonders.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

Former CTO at Due
I’m Chalmers Brown and former CTO of Due. I’m a big fan of technology and building financial products that help people better their lives. I have a passion for financial products that help people. I build complex financial infrastructure protocols that help scale financial companies. They are secure and support millions of customers worldwide.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.


Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More