Many small businesses start off strapped for cash and have to get creative to increase consumer knowledge about their brand. While there are plenty of free and inexpensive methods to get the word out about a business, it is up to small business owners to regularly set aside time for in-depth strategic planning in order to develop out-of-the-box ideas. They must establish both their short-term and long-term goals and use analytic tools to determine whether their financial strategies align with these objectives. Only by accounting for all of the below strategies and their expected costs and benefits, can a small business have a better picture of how these techniques will affect their bottom line.

Join up with complementary businesses

Small business owners are constantly looking for ways to get people to learn more about their business. One way they can grow their customer base is to form a partnership with other businesses that provide complementary products and services. These partnerships often results in both companies including the other's products or services in their promotional material. Both businesses benefit because customers are able to see how they can use the products of each company in accordance with one another.  

Incentivize referrals

One of the best ways businesses can promote their product is through the positive experiences had by other customers. Creating a place on a company website or social media page where customers can write reviews about a product or service can demonstrate to potential customers the type of experience they should expect when engaging in business with a certain brand. Many customers will be more than willing to write a review if they are provided with some type of compensation. A coupon or store credit will get customers in the door again, as well as help spread the word about a business.

Take advantage of ad space

Developing a financial strategy for purchasing ad space is crucial for a small business. Yet, many smaller companies, whose finances are spread thin, neglect to create room in their budgets for ads. Small businesses that have not planned for buying ads can still do so, it will just have to be on a smaller scale. Being consistent in a few different publications can show readers that a brand has staying power, making it more reputable.

As the company's reputation grows, more often than not, so will its revenue. With an increase in funds, a small business can reassess its budget and determine whether it now has enough resources to upgrade its ad campaign to go from a few publications to many, from small ads to larger spreads.

Businesses with limited resources have to be meticulous in their financial planning and use all the budgeting software at their disposal to ensure they can get the most out of the resources they have. Increasing brand awareness is key, but in order to accomplish this goal, small companies should develop sound and realistic strategies.

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