While small business lending is slowly easing, company owners still need to be frugal with their resources until the economy makes a full recovery. American Express OPEN Forum recently offered some growth strategies for small businesses looking to expand on a budget.

First, companies should begin looking for bigger customers. The best way to make more money and expand is to find clients who will pay more money for the same services that an entrepreneur already offers.

The source also suggests using more cost-effective marketing strategies. For example, overnight radio ads can cost a fraction of daytime ads while leveraging pay-per-click online ads can help save money compared to ads that are paid per view.

"The good news is that you need not spend a fortune to grow your business. There are plenty of ways to do it. The trick is to take the time, try a few [new strategies] out, see what works and then double down on those," explains American Express OPEN Forum.

Social media marketing is also a cost effective way to promote products and services. Businesses can leverage the social network's self-serve advertising tool, which enables them to show ads at low costs.