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How to Grow your Business in 2023

Are we in a recession? Depression? Is your business in trouble? With uncertain economic times looming over us, it's hard to think about scaling a business while many are hunkering down to weather the storm. With that being said, there are a lot of ways that businesses can not only survive, but thrive in the coming 12-18 months. Here are some ways you can grow your business with limited cash flow: 1. Refine What You've Got

The obvious way to grow your business without spending much is to refine the material and systems you already have in place. This means ensuring your website is optimized to get clients through your sales funnel and ensuring you have a clear call to action. This also means having a look at your advertising metrics and making sure you are optimizing your ad spend. I also recommend taking a look at your different services/products and focusing your marketing efforts on your highest converting and most profitable services/products. 2. Get More Out of your Current Customers

What's the cheapest customer to acquire? The ones you already have. Find ways to cross-sell your products and services to existing customers. A good way to do this is to build out an email campaign to reach out to these current or previous customers and share the ways you can better serve them. Another way to get more out of your current business is to offer referral bonuses. Your happy clients will likely refer their friends and members of their network to your business in exchange for a referral bonus.

3. Find Cost-Effective Alternatives

Downsizing is unfortunately a reality for many businesses during turbulent times. But before you start with the layoffs, find ways that you can get tasks done more efficiently and reallocate your human capital. While this will look different depending on the industry, some areas to consider are to do with Marketing, Operations, and Sales. Leverage technology and AI to help free up the time of salespeople, administrators, and marketing personnel, then allow them to refocus on higher ROI activities or help with the processes mentioned above. While nobody is excited about the current economic climate, it's a great opportunity for business owners to take the time to refine and reflect on the direction and future of their business and to get creative. For cost-effective ways to refine your online presence, and get more out of your current customers, book a call with me here.

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