In the cutthroat world of entrepreneurship, businesses either grow fast or die young. If you have big goals for your small business, here are some surefire growth tips that you can implement in two weeks or less:
1. Offer a promo.
How can your small business attract a new fan base? Incentivize customers with promos and special offers. They won’t cost a lot of money and you can run them for a short period of time, but it will encourage people to try and discover just how great your goods are.
2. Roll out a loyalty program.
Your customers already like your products and services—all you need to do is give them a reason to purchase more with a loyalty program. Try “gamifying” your system, which is similar to how coffee shops give a reward if you purchase a certain number of drinks.
3. Join events.
Events are the perfect opportunity to showcase your goods and services to more people, and they’re also a great venue for meeting potential suppliers, distributors, and perhaps even investors. There’s a fee for being an exhibitor, but the investment will be well worth it.
4. Seek referrals.
There’s no advertising better than word-of-mouth advertising. So why not mobilize your database of clients to spread the good word about you? If they’re truly happy with your service, they will gladly refer you to potential customers.
5. Get more capital
In order to grow your money, you need to invest more into your business. However, capital doesn’t grow on trees—and many entrepreneurs dread the long and arduous process of taking out a business loan.
Fortunately, Maybank seeks to buck the status quo with its innovative Retail SME (RSME) Business Loans, which allow you to borrow P500,000 to P30,000,000 in as little as 10 days.
Looking to expand your business or acquire equipment? Then you may want to consider RSME Term Loan, which has a 20-year loan repayment period. If you need a more modest capital boost to take care of day-to-day inventory management and overhead costs, consider getting the RSME Revolving Credit Line.