Expanding your small business is probably one of the things that is high on your agenda. Without growth, your business will stagnate, and you will find it hard to maintain your profit margins or compete with other companies in your industry, so it really is very important.
If you’re bootstrapping your business or you’re on a rather tight budget, you could be forgiven for thinking that expansion is out of the question, but you’d be wrong. It really is possible to grow your business on the tightest of budgets if you put some thought and effort into it.
To get you started, here are just some of the strategies you can use to expand your business:
Team Up with a Complementary Company
If you don’t have a lot of money to spare, but you want to expand your small business into new areas and increase your customer base, one of the best things you can do is identify a company that complements your own, which is also looking to expand, and team up with them, That way you get to cross-promote and sell your products to a wider range of people and expand your offerings for very little. A good example of this would be a web design company teaming up with a content writing company so that they can offer a more comprehensive package and cross-sell to individuals who are more likely to need their services.
If you need new equipment to expand your operations, you might think that the cost is too prohibitive to make it possible. However, if you look for search for used office equipment online or auto auctions near by, you can significantly lower your costs and access the equipment you need. Even if you aren’t on a tight budget, attending auctions and looking for used equipment is sensible because you can find some real bargains that are every bit as good as the new versions and keep more of your capital on hand for where it’s needed the most – in growing your business.
Invest in Cost and Time-Saving Apps
If you can free up some of the time and money that you and your employees are plowing into your business, you can use it to expand your business without really spending much more money because your operation will be as productive and efficient as it can be, That’s why you may want to consider investing in apps and software bundles that increase productivity and minimize wastage. They are generally not all that expensive, and they will pay you back tenfold if you use them correctly.
Improve Supplier Relations
If you have a supplier, then you should work hard to build deep and friendly relations with your supplier by always paying on time and getting to know them as best you can. Why? Because once you’re on good terms with them, you are in a much better position to negotiate better terms on supplies, If you can cut the costs of your materials by even just one percent, that will free up a lot of cash that you can use to invest in new products and services, or other measures that will allow you to expand your company.
Do you have an even better strategy for expanding your business on a tight budget? Please do share it.