Are you grappling with different strategies — trying to save money on one hand and grow your business on the other? There is good news. You can do both. For a small business, the idea of saving money while expanding may sound contradictory. How is it possible? Use the key strategies that will help you focus your attention on your unique strengths, hire experts, and track results. Let’s dive into the best strategies to consider for your business.
Identify Your Core Strengths
What is it that you are best at? If you’re a solo entrepreneur, you most likely have been juggling all the aspects of your business to get things off the ground. But when you look in the mirror at midnight, you know the truth. You’re great at some things—but not at others. This is human. It’s natural.
For instance, you might be a big-picture thinker, but diving into the details of a spreadsheet makes you dizzy. You could be a true people person, but data automation isn’t your strong suit. Instead of trying to do it all, identify your core strengths. This may not be easy or pretty. However, it is extremely valuable information. Once you identify, declare, and own your strengths, you’ll be positioned for success. Why? Because you’ll focus on maximizing your strengths.
Build Your Team
Since you’ve been candid and direct about what you do best, it’s time to build your team. Your team needs to have smart people who excel at areas that you don’t do well or don’t enjoy doing. The best people will see how to save money while growing the business. If you aren’t sure of what to look for in a team, work with an experienced business professional. He or she can advise you of the qualities and characteristics to look for while interviewing and hiring.
Use Expert Consultants
Not every aspect of your business requires an in-house person or team. Some parts of your business can be dealt with by working with expert consultants. These professionals can help you do complex tasks such as evaluating your third-party logistics, negotiating contracts, and streamlining ongoing work with worldwide fulfillment partners. If you need help with knowing how to reduce transportation costs, work with a reputable outside firm to evaluate your current spending, provide options, and track data.
As the CEO, this is the last place you need to be spending your precious time and attention. However, it is one of the first and best places to focus attention. A savvy expert can identify ways to reduce transportation costs. This will help you save money, reduce spending, and have long-term profitability. Transportation is one of the great hidden areas where many businesses just do what they’ve always done. Because you’re smarter than that, use your strategic thinking to hire an expert to evaluate your transportation spend—and help you reduce costs while growing your business.
Grow Strategic Partnerships
Just as you have core strengths, and your team has specialized abilities, the same holds for your entire business. This is why it’s so useful to focus on collaboration and grow strategic partnerships. Look for collaborators who offer complementary services, products, or solutions to your target audience. For example, you may have a technology solution for small businesses—but don’t offer service consulting. By partnering with a service provider, you can both expand your customer base and provide peace of mind for your clients.
Boost Internal Communications
Your employees, teams, and partners have ideas for how to save money while growing the business. They have direct contact with prospects and customers. They’re hearing peoples’ concerns, requests, complaints, and wishes. That’s why it’s so important to increase internal communications. The front-line employees often hear requests that could easily lead to innovative solutions. Sales personnel know what clients are seeking.
By increasing collaborative dialogue, you may find fresh ideas, products, or services to add value to your business offer. In addition to innovation, open communication is a quality for a rewarding culture. This is the kind of environment where you can find new ways to reduce costs, boost profits, and increase the attractiveness of your offer.
As you start, grow, and expand your business, keep looking for creative ways to reduce costs and add value. This kind of approach will help you build a high-performing team, rewarding partnerships, and a successful business.