Advertising
Advertising

5 Ways to Improve Your Business With No Additional Capital

5 Ways  to Improve Your Business With No Additional Capital

Businesses come in all sizes. There are corporations with huge capital that they can use, and there are small and medium businesses. For most small business owners, they have no other choice but to either loan or sell some of their properties to generate additional capital for their business.

Unfortunately, not all businesses have the freedom to borrow money or sell their personal properties. To solve this type of scenario, here are some creative ways on how you can improve your business without the use of additional funding.

1. Improve customer service

No matter how small or how big the company is, a negative review can alienate future clients and customers. One great way to boost your business is by improving customer service. By putting importance to your customer’s experience, there is a chance that they will be satisfied and decide to come back, or even recommend to more people to try your business.

Advertising

In order to improve customer service, start analyzing the usual problems and concerns in your product or service. Does it take forever to get a refund? Or perhaps, you don’t usually answer to their inquiries?

2. Take Feedback Seriously

There are instances when your best asset is the honest opinion of both your employees and customers. Employees have a unique insight to what could be improved in your business’ day-to-day operations. Instead of hiring a consultant to notice what’s wrong with your operations, you can rely simply on their suggestions and observations.

There is a chance that you can improve how you run things just by doing this. With their input, you can implement things that can make your overall operations go smoothly on a day-to-day basis.

Advertising

On the other hand, customer feedback can be considered free word-of-mouth advertising if you are doing well. However, keep in mind that it can also backfire. Word-of-mouth advertising is still important today. In fact, it has gone digital. In fact, 74% of consumers believe that word of mouth recommendations play a huge role in making a purchase. In addition to this, 84% believe online reviews made by people who they personally know.

What you can do is to learn from both positive and negative feedback of customers. Here, you can improve on several aspects of your business.

3. Create an Online Community

Another great way to expand your business is by being an active member of the online community. With blogs and social media, you can easily promote your products and services to the right market. And unlike traditional means of advertising, you can either do it for free or just spend a minimal amount of money.

Advertising

Once you have effectively made an online community, there is a chance that your very own market will advertise your products and services for free within their networks.

4. Developing Creative Marketing Strategies

For small businesses going up against large corporations, one of the things that they can do to compete is to be creative with their marketing strategies. Instead of funding celebrities to endorse the product, why not choose an influencer who could even promote the product simply with freebies?

Also, instead of having a TV advertisement, you can simply opt to have an online video to showcase your company. With tools provided by the modern World Wide Web today, you have a number of options to go for.

Advertising

5. Studying the competition

It is important that you study your competition. This is especially true for small startups. Though there are instances when studying your competition costs money, especially if you want to dig into the details, you can still learn a thing or two based on the most observable facts.

For instance, how exactly do they run their online marketing campaign? Do they focus on different products every month? What are the usual things that they do you can adapt to your company?

Conclusion

Running a business can cost a lot of money. However, you have to understand that you can expand and maximize your venture’s potential even with a limited amount of capital. In fact, there are ways on how you can improve your business without spending on anything.

More by this author

The 6 Biggest Mistakes To Make In Fighting Obesity self-confidence How to Boost Your Self-Confidence in 5 Easy Steps lose fats safely 5 Ways to Lose Fats Safely During Your 40s capital 5 Ways to Improve Your Business With No Additional Capital muscle mass 8 Easy Strategies to Build Muscles for Skinny Individuals!

Trending in Entrepreneur

1 25 Important Investment Books Every Entrepreneur Needs to Read 2 How to Start a Startup Fast: 5 Essential Steps 3 10 Simple Yet Powerful Business Goals to Set This Year 4 How to Start an Online Business That Will Grow and Succeed 5 How to Succeed in Business: 10 Skills Every Entrepreneur Needs

Read Next

Advertising
Advertising
Advertising

Last Updated on July 27, 2020

How to Find Your Entrepreneurial Passion and Purpose

How to Find Your Entrepreneurial Passion and Purpose

I wrote a few articles about starting a business based on something you love doing and are passionate about. I received several responses from people saying they weren’t sure how to go about figuring out what they were most passionate about or how to find their true purpose. So I’m dedicating this article to these issues — how to find your entrepreneurial passion and purpose.

When I work with a new client, the first thing we talk about is lifestyle design. I ask each client, “What do you want your life to look like?” If you designed a business without answering this question, you could create a nice, profitable business that is completely incompatible with your goals in life. You’d be making money, but you’d probably be miserable.

When you’re looking for your life purpose, lifestyle design isn’t a crucial component. However, since we’re talking about entrepreneurial purpose, lifestyle design is indeed crucial to building a business that you’ll enjoy and truly be passionate about.

For example, say you want to spend more time at home with your family. Would you be happy with a business that kept you in an office or out of town much of the time? On the flip side, if you wanted to travel and see the world, how well could you accomplish that goal if your business required your presence, day in and day out, to survive? So start by getting some clarity on your personal goals and spend some time working on designing your life.

Advertising

At this point, you may need a little prodding, and you may want to hire a coach or mentor to work with you through this process. Many people are very used to the idea that there is a particular way a life “should” be. There are certain milestones most people tend to live by, and if you don’t meet those markers when or in the manner you’re “supposed” to meet them, that can cause some anxiety.

Here’s how to find your passion and purpose:

Give Yourself Permission to Dream a Little

Remember that this is your life and you can live it however you choose. Call it meditation or fantasy, but let your imagination run here. And answer this question:

“If you had no fears or financial limitations, what would your ideal life, one in which you could be totally content and happy, look like?”

Advertising

Once you’ve figured out your lifestyle design, it’s time to do a little more soul-searching to figure out what you’re truly passionate about. This is a time to really look within and look back.

Specifically, look back over your life history. When were you the happiest? What did you enjoy doing the most? Remember that what you’re looking for doesn’t necessarily have to be an entire job, but can actually be aspects of your past jobs or hobbies that you’ve really enjoyed.

Think About a Larger Life Purpose

Many successful entrepreneurs have earned their place in history by setting out to make a difference in the world. Is there a specific issue or cause that is important to you or that you’re particularly passionate about?

For some, this process of discovery may come easily. You may go through these questions and thought experiments and find the answers quickly. For others, it may be more difficult. In some cases, you may suffer from a generalized lack of passion and purpose in your life.

Advertising

Sometimes, this can come from having suppressed passion in your life for too long. Sometimes, it can come from eating poorly and lack of exercise. But occasionally, it may have something to do with your internal chemistry or programming. If the latter applies to you, it may be useful for you to seek help in the form of a coach, mentor, or counselor.

In other cases, not knowing your true purpose may be a matter of having not discovered it yet: you may not have found anything that makes your heart beat faster. If this is the case, now is the time to explore!

The Internet is a fantastic tool for learning and exploration. Search hobbies and careers and learn as much as you can about any topic that triggers your interest, then follow up at the library on the things that really intrigue you. Again, remember that this is your life and only you can give yourself permission to explore all that the world has available to you.

How Do You Know When You’ve Found Your True Entrepreneurial Purpose?

I can only tell you how I knew when I had discovered my own — it didn’t hit me like a ton of bricks. Rather, it settled over me, bringing a deep sense of peace and commitment. It felt like I had arrived home and knew exactly what to do and how to proceed.

Advertising

Everything flowed easily from that point forward. That’s not to say that I found success immediately after that moment. But rather, the path ahead of me was clear, so I knew what to do.

Decisions were easier and came faster to me. And success has come on MY terms, according to my own definitions of what success means to me in my own lifestyle design.

Dig deep, look within, and seek whatever help you need. Once you find that purpose and passion, your life — not just your entrepreneurial life, but your entire life — will never be the same.

More About Passion And Purpose

Featured photo credit: Garrhet Sampson via unsplash.com

Read Next