As a business owner, one of your goals is to grow your business. But a major obstacle is that I can be expensive. Even with the steady profits of a company, you might still need more money. This shouldn’t limit you, though. There are ways you can grow your business without spending too much.
Here are some of them and how you can use them:
Hire For Potential
One crucial part of business expansion is adding more people to your team. The trouble is that the best people will often ask for bigger salaries. The reason behind this is that you are paying for all the experience that they bring to the table. But that is not the only way you can get a quality employee.
The other method is to hire a person for their potential. For example, experienced public sector recruitment consultants don’t often have experienced people signing up for public sector work because of low pay and other circumstances. What they do get are fresh graduates and those looking to work in public service. These consultants look at what skills these applicants have and what sort of attitude they have.
As a business owner with limited funds, you should use the same hiring approach. Hire people because of their current skills and their passion for the work. You can teach them additional skills, and they can develop them on the job. Be especially on the lookout for fresh graduates that look to be high performers. This can mean you might get a prize employee for a fraction of the cost.
Free Tools are Everywhere
It might surprise you, but there are free business tools that you can use as your business grows. Instead of paying for software or advice, there are various sources for what you need. If you need business advice, there are several business associations where you can network and ask for help. Even your local chamber of commerce can help. Sign up for it and you will be able to connect with other local entrepreneurs who might be able to help.
Besides advice, you can also get free software and more. Instead of spending money on Microsoft Office, get the free LibreOffice. It has most of the essential functions and works just as well. Other tools can allow you to manage your finances and even keep track of your customers.
Get Rid of the Office
One major expense that happens when you expand is moving to a new office. But you don’t have to. Thanks to modern technology, a lot of jobs can be done virtually. You can keep your current office space as the core of your business, but the expansion team can work anywhere. You can have them work-from-home, which is becoming an increasingly popular choice nowadays. If you have to keep track of them, there are various project management apps available that will ensure your people are working.
Maximize a Small Trade Booth
Attending trade conferences are unavoidable. They are also important since this is how you create relationships with business partners and customers. You have to attend, but you shouldn’t splurge. Get the smallest trade booth but send your best representatives. This allows you to get more bang from your buck. With good people at the conference, you can maximize your investment in the trade booth.
Minimize Personal and Extra Expenses
As the boss, it is always tempting to get a bit of special treatment. But if you want to grow your business, it is time to tighten your belt a bit. Instead of buying a new car or even a new phone, your money is better spent on the business. This carries over to the business expenses you might have. Unless you are eating a business lunch, you should eat the food you prepared, instead of charging it to the company.
Develop Supplier Partnerships
Your supplier is essential in keeping things going in your company. If possible, you should develop your business relationship with them. If you become a trusted customer, then you might be able to ask a favor or two. A discount on bulk orders can be a big help while allowing you to delay payment for 30 to 60 days is massive. That would be equivalent to a major business loan, depending on what they supply you with.
Building up a business doesn’t need to cost much. But you do have to make some sacrifices and take chances. The results can be worth it when you see your business expand to its new size.