How to Grow Your Small Business on a Budget

A small business cannot afford to stand still as it has to grow and evolve constantly in order to be competitive in the ever-changing market. However, growing a business usually requires quite a big investment, and the majority of small companies cannot afford that. The good news is that there are ways for you to expand even if you don’t have much in terms of resources. Therefore, first you need to determine if your business is ready to grow. If it is, you can use any or all of the following tactics to reach the next level.

Tips for Growing Your Business on a Budget

1. Outsource to offer greater service

Today consumers are willing to pay more for getting top-quality service to go with their products. Therefore, by offering exactly that you can attract new customers, which means more money to grow your business in the ‘traditional’ way.

Outsourcing is the easiest way to achieve this goal as today you can outsource nearly any kind of task for a relatively low cost. However, remember that cheap service often means bad service. Therefore, you need to double-check the quality of the company you entrust a part of your work to in order to ensure they can offer the quality of service that will have new customers coming to your door.

2. Hire new employees through a PEO

PEOs (Professional Employer Organizations) can make a huge difference for your small business by reducing taxes while allowing you an opportunity to hire more people. But bear in mind that these organizations differ greatly, so you’ll need to research and compare every available option to pick what will fit your company’s needs best. If it’s too much trouble and if you don’t know what exactly to look for in this kind of service provider, you can use a PEO broker. They will do the research for you and provide a detailed report that breaks down the strengths and weaknesses of every option for your business.

Remember that 23% of small businesses fail because they don’t have the right team (Forbes). A PEO can help you hire anyone, but only if you find a PEO that offers benefits and terms that your targeted professionals are interested in. This means that you need to have a detailed profile of your perfect employee before you start looking for the best PEO.

3. Launch a giveaway campaign

If you only need a bit of cash in order to push your business to the next level, for example to invest in better equipment, you should consider giveaways. Upping your marketing game as a whole is something you should do by default. Be sure to use social media and paid ads for fast promotion.

A giveaway campaign, however, has the power to boost your revenue fast. Of course, it’s not a long-term solution, but you should use it when the opportunity arises. If you can’t give away your products or services for some reason, at least create discount coupons.

You should also use this campaign as an opportunity to attract new customers through referrals. People won’t be able to resist an offer that does not only provide them with a free extra item but also offers a small future discount for referring a friend.

4. Find likeminded business partners

If you can’t grow your business on your own, you should consider allying with other business owners who are in the same situation. For example, you can partner up with a few small online shop owners to rent out a space for your joint brick-and-mortar showroom. Or you can negotiate with a business that already has one and get them to display your products as well.

The opportunities are endless, so be sure to start researching not only your competitors but also businesses that can help somewhat complement your own.