10 Tips For Growing A Small Business On A Budget
Starting a business is not an easy task. You will be wearing many different hats every day just to stay afloat at the beginning, work long hours, and so much more. This fast pace will ease up a bit once your business starts growing though, so it is important to put some effort in that direction. Growth doesn’t have to be difficult or expensive process, it has to be a smart process though. Here are 10 tips to help you grow your small business on a budget:
1. Don’t Fixate on the Competition
Knowing who your competitors are and what the market your company is in looks like is very valuable to any business. But fixating on your competitors and trying to mimic their strategies isn’t the way to go. Instead you should focus your energies on finding out what makes your business unique.
2. Consider Every Cost in your Business Plan
Go over your finances with a fine tooth comb so you are sure you aren’t only considering the core costs of operation but are also taking into account the costs that relate to the growth of your business.
3. Invest in time and cost saving small business apps
Running a small business means having to maximize the skills of your very limited staff. This means you can greatly benefit from automating as many tasks as you can. Today there are a number of apps that can automate anything from office communications to accounting to apps that help you book a meeting room whenever you need one.
4. Build great relationships with suppliers
Your business will depend on suppliers from day one. Building great relationships with them can help you get special perks such as low-interest credit and they will keep a closer eye on your shipments.
5. Figure out where you can cut costs
Make sure to evaluate your costs frequently in order to find those tiny, elusive ones that often add up and end up taking a big bite out of your revenue. One example of this is when you decide to work at your favorite coffee shop thinking you are saving money, while in reality you are spending more than 5 dollars per day on office space. When you realize this you can take measures to reduce those costs such as renting an office that’s fully equipped and better for you in the long run than to keep spending money uselessly.
6. Leverage social media marketing
Social media marketing is one of the most cost effective ways to drive traffic to your business, so make sure you use this tool for your benefit.
7. Increase your search visibility
SEO (Search Engine Optimization) is also a very cost effective tool to drive traffic to your website. There are many websites that can provide you with a free SEO audit to help you determine what improvements need to be done on your website so you can drive more search traffic.
8. Network with other small businesses
Engagement with your community is key to growing your business, so make sure to attend local networking events or host your own! This also means getting out there and making cold calls, sending emails, handing out flyers and doing anything to increase awareness of your business.
9. Offer free seminars
It only takes one seminar to position you as an authority in your sector, which in turn will help you gain your customer’s and strategic partner’s trust and will help you get more business in the long run. You can create the opportunity to position yourself as an authority by offering a free seminar.
10. Delegate Sensibly
There is a limit to what you can do on your own and once you accept this fact, you have to think about the tasks that are your main priority and those that can be delegated. It is important that you choose which tasks to delegate and to whom they should be assigned to. Take for example the easy task of answering your phone. When you are juggling between figuring out your taxes, going on sales calls, writing invoices, and negotiating shipping terms with a supplier, answering that ringing phone doesn’t seem so easy then right? The sensible move here would be to hire a virtual receptionist that can answer the telephone for you, someone who represents your business exactly how you want them to and act as a bridge between your customers and yourself.