A small business can be the pride and joy of your life, and it is most likely something you have nurtured right from the very beginning. No doubt, there has been a lot of sweat and tears invested in ensuring your company takes off. But, while running a small business can be incredibly rewarding in your career, it can also often mean that you’re working with a small budget which can be quite frustrating, especially if you are looking to expand.
That’s not to say it cannot be done! Taking your company to the next level can be difficult regardless of budget size, but can be achieved in spite of financial limitations. After all, it’s not about how much money you have, it’s about what you do with it.
We’ve outlined below a number of ways you can facilitate growth in your small business by being money-savvy with your funds.
We live in an increasingly digitalised world, so being without a website or an online presence of sorts is absolutely unacceptable. Having a website will expand your reach beyond imaginable measures, and bring in customer traffic in a manner that simply cannot be replicated by just word-of-mouth.
It doesn’t stop there; it’s not enough to just be online, it’s about making sure you use appropriate online tools (which often tend to be quite affordable) to maximise reach. Search engine optimisation (SEO) practices, like having your company’s name and details explicitly stated in the majority of phrases, will allow clients to find you organically, and having fresh and original content on each of your pages will allow your website to rank highly on Google.
Make full use of social media channels as well, to increase accessibility and relevance from a digital-perspective. Not only will it boost your business’s reputation and perception, but platforms like Facebook and Instagram will allow your company to appear established, potentially getting you more customers through the door.
Updating online platforms does not have to be expensive at all, and something you can do by yourself even if you have full access and control of the backend.
As the saying goes: “two heads are better than one,” meaning that when problems arise, it’s best to seek the help of others to resolve the situation, before letting it escalate. In the case of business, it’s no different.
There are a plethora of resources available for small business owners – in particular, from small business associations – which equip you with the tools and support necessary to tackle financial, legal, and tax issues should you have any. Your local Chamber of Commerce can also be contacted for business-related advice.
More often than not, these associations are free to join or charge a small annual membership, but its future worth will supersede its initial cost.
In comparison to hiring in-house staff, taking on board freelancers is a far more financially-efficient option, especially if your budget is small to begin with. A freelancer can bring all the necessary skills to the table at a fraction of the cost of a full-timer and can be contracted on an as-needed basis to allow you to spend your budget on different parts of the business when required.
By providing you with that flexibility, a freelancer is a great way to boost your business’s services for the sake of expansion when and if needed. Just remember to vet them as you would any regular employee!
Expanding your own network can work alongside expanding your business, so get networking! You never know where opportunities may arise, and you definitely won’t know until you engage in conversations with people in your industry.
You may be an industry expert yourself, but talking to others can inspire new and creative ways of doing things which can aid your expansion goals. Networking events are held across the world for minimal prices (some are even free) and give you just that platform to learn, engage, and grow.