Crucial to any business owner is the chance to outgrow their competitors and penetrate new markets. This doesn’t usually come easy considering that fueling growth requires vast amounts of resources and, most of all, confidence in knowing that the business will prosper as it grows into a full-fledged corporation. It’s easy to feel confident, but ambition has its limits.
That doesn’t mean your business will remain where it is. You can still chart the path toward greater expansion using whatever resources you have on hand and however less. It’s only a matter of using the right approaches that make a difference. Here’s a quick guide to help your business grow even if you have little left in the bank:
1. Tap into your networks
For growth to happen, you need a solid support system. Regardless of how much you can spend on improvements, your business won’t go far if you don’t have allies within and outside your industry. They are the key to opening up opportunities for exponential expansion if you know how to nurture your relationships with them.
Within weeks of launching your business, start building a solid network of key people in both the private and public sectors. If you play your cards right, these individuals and the organizations they lead could provide you with the tools, influence, and skills you need that cut the costs of executing your growth strategy.
2. Seek out alternative funding sources
When it comes to finances you will need to look for other ways to raise capital for expanding your product line or bringing your brand across borders. Your profit margins may not be enough to fuel the expansion, but you can always seek out other sources such as small business loans.
A good funding strategy may also consist of pitching your business to venture capitalists who might be interested in developing your products. If that isn’t possible, you can start a crowdfunding campaign on platforms like Kickstarter or Patreon where people can actively contribute to see new products come out into the open.
3. Delegate to offshore services
Another crucial aspect of growing your business is recruiting more people to your team. You wouldn’t want to hire individuals who lack experience and expertise, but strong candidates come with a huge cost, especially if you’re hiring locally. Your best option to reduce personnel expenses is to delegate certain tasks to offshore service providers.
If you’re a tech business that needs to operate a 24/7 customer support arm, you can enlist Absent Answer to deal with after-hour issues. When it comes to marketing, opt to hire a virtual assistant with digital marketing skills to manage your social media and content marketing activities. With this strategy, you will have more money to attract and retain people serving supervisory, technical, and business development roles.
4. Empower your most loyal customers
Business expansion is supported by customers who exhibit immense trust and reliance on your brand. This may also entail a desire to refer your products to people within their social circle. You will then build a valuable referral pool that constantly supplies your business with new customers and enhances your brand’s reputation.
Accomplishing this would mean incentivizing customers to bring in new people. You can also go beyond that by establishing communities where brand advocates can discuss your products and encourage each other to promote your business in their unique way without you having to spend heavily on promotions. As your customer base grows, new growth trajectories open up.
Endnote
Expanding any business may come at a high cost but knowing the right approaches will help you realize that growth doesn’t have to be expensive. Keep these tips in mind and give your business the boost it needs.
