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Low-Cost Ways to Maximize Your Business Success

In today's economy, growing your business at minimal cost requires perseverance and ingenuity. But it can be done.

John Sampson began a promotional products company in Minneapolis in 1931, at the start of the Great Depression. Tall and striking, Sampson discovered a way to literally stand out from his competition: by dressing impeccably and demonstrating that appearances matter. Despite economic conditions at the time, his business grew. Today, Sampson-Miller Advertising is in its third generation of family ownership.

How are you differentiating yourself from your competition for long-term success? Consider the following low-cost ideas.

• Request customer referrals. A highly satisfied customer is an opportunity to request a referral: "Thanks for your business. Would you be willing to refer me?" Referred leads generate a 60% close ratio, versus 10% for non-qualified leads, according to the book "Sales Prospecting for Dummies."
• Streamline costs. Expenses such as utilities and supplies are the low-hanging fruit of cost reduction. Less obvious: your cost of capital or credit. Consult with your business banker to ensure you're getting the best deal possible on your money.
• Maximize your Web site. A Web site is like the axiom for work: You get out of it what you put into it. Is your Web site providing customers and prospects with fresh and relevant information pertinent to their needs? If not, re-think your site.
• Negotiate with vendors. Vendor cost-containment should be a conversation, not an ultimatum. Engage your vendors in exploring ways to reduce your costs, and you may be amazed with the results.

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