Growth is a very important part of any business. In order to keep the business going and reach all the goals that the business is capable of, business owners need to supply the tools that their business needs to grow and succeed. Necessary growth for businesses can range from adding on more staff to the payroll or buying a new piece of equipment to make their production process go faster. No matter what is needed for the growth that the business needs, it is never an inexpensive investment.
This dilemma causes an all too common issue for many businesses, especially for small businesses. The business owners need to invest in something in order to grow and keep their business going, but they cannot afford to make the investments that they need with the business’s current revenue. This is a problem that seems impossible to overcome, but with a little assistance and the right planning, any business can overcome this obstacle and grow enough to achieve all the goals that the business owner has set for it. Here are some ways that small businesses can afford to grow and how any business owner can make it happen for their business.
Try replacing expenses
Every business owner knows every expense that their business has on any given month. These numbers seem to float around and get in front of every other decision that a business owner makes. It is impossible to avoid certain expenses, but it may be possible to reduce or replace some of the expenses a small business usually has to pay. For example, a small business can begin to utilize less expensive forms of marketing, like online marketing, instead of using the most expensive marketing types, like television commercials, to get the same results for the business.
Utilize free money
Even if a small business has used many free money incentives like government grants in the past, there might be some new funds available to a small business looking to grow and expand. Each small business owner will need to check to see what free money their business is eligible for and how they can get that money. Small business owners should also check with nonprofit companies and local governments to see if they offer any assistance to growing small businesses.
Start out small
For any business making big changes, it is a good idea to start small and ease into it. Business owners should tackle small advancements first and work into bigger changes. For example, instead of hiring a few experts in the field to improve a small business, business owners should try to hire the extra non-skilled workers that they need first and work into the ability to hire experts. These transitions are much easier to finance and will still help any small business advance. Another idea is to invest in one new piece of equipment to see how it increases productivity of the business, and then add more of that piece of equipment if it is successful.
Take advantage of a balance transfer credit card
Balance transfer credit cards have been a great tool for helping individuals get out of debt and create a balance financial state in their lives. The same can be done for a small business looking to advance and grow.
“The options for small businesses today are outstanding; the small business no longer needs to fear credit,” says Jeffrey Weber of SmartBalanceTransfers.com.
For businesses that have debt that is keeping them from investing in the business’s future, they can use a balance transfer credit card to pay off those debts faster and create a stable financial base for the business to grow on.
Hire strategically
Every small business will need to hire new staff in order to grow. However, the cost or hiring a new employee is expensive for any business. In order to be sure that hiring is a good idea for a small business, the business owner needs to be sure that the employee’s value will match the new expense. Hire a new employee only if it can be determined that the employee will create enough revenue for the business that can pay for twice that employee’s salary. This is a good rule to follow at any stage of business.
