As your business grows and transitions from a small to a medium-sized firm, it can be an exciting and challenging time. However, one of the most challenging hurdles many businesses face is ensuring they have enough liquid capital to invest in technology, people, and whatever else that’s required to take their team to the next level. When your business is getting itchy feet and it’s time to expand, take note of these five tips for expansion on a budget.
Re-Evaluate Your Premises
Leasing business premises can be one of the most significant costs your business faces. When you’re looking to trim the fat in your budget, it’s worth considering relocating your firm to serviced offices. Serviced offices are fully furnished spaces that are designed to cater to your every business requirement. Instead of battling with the many bills that appear each month, you only pay one monthly payment and enjoy a range of convenient services such as Wi-Fi, a professional receptionist, a cleaner, and more.
Invest in Time and Cost-Saving Apps and Software
Time is money, and when your time could be better spent making money, it’s a good idea to invest in apps and software that can cut down on labor. The more time you’ve got for coming up with ways to expand your business, the better. Therefore, software suites that are designed to handle both online and offline activities like accounts, relationship management, team collaboration and a myriad of other functions become crucial to everyday operations.
Build Rapport with Suppliers
When you’re looking to expand your product or services offering, which may require bringing new suppliers on board, getting them on-side is critical. Ensuring that you pay on time, submitting orders correctly and fostering productive relationships with your reps can make the difference when it comes to negotiating price breaks, credit terms, or get product delivered in a pinch.
You could spend thousands of dollars on billboards and costly TV advertising which may work, or you could tighten your belt and spend less on forms of marketing that allows you to minutely monitor and analyze results. Social media and Google advertising are not only more cost-effective ways of marketing, but they also enable you to see what’s working. What’s more, you can grow your business on a shoestring budget by minutely targeting specific demographics with a new product, service or promotion. Close to 50 percent of Google Adwords clicks come from smartphones, so it’s also worth considering creating ads specifically for mobile users.
Offer Perks When Wages Are Low
Paying your staff what they’re worth is a fundamental part of maintaining a motivated and satisfied workforce. While you might know how valuable your team is, the costs of expansion can make it challenging to ensure commensurate wages growth. Communicating your appreciation of your team’s commitment can be achieved in other ways. You can offer shares of the company, treat your staff to regular lunches, or even provide discounts or free products and services. Equally as important is sharing the health status of the business. Over 30 percent of employees said more transparency would help them to understand their employer’s goals better.
Growing your business on a budget can take its toll on both you and your team. The key to survival is being 100 percent transparent with what you’re doing so your team understands your goals, and work smarter not harder.