If you have a smaller business, you can often find that you don’t have the money for some of the big moves needed to build your business quickly. However, that does not mean that you aren’t able to build and grow at all. You just need to make sure that you are choosing some of the more cost-effective ways of doing so.
Outsource Where Possible
Though it might not seem like the right path, you should think about outsourcing tasks where possible. There will be a cost to this, of course, but it can be insignificant compared to others.
For example, you could outsource some of your media and content production to LNP Media Group who are a full-service digital agency. They’ve secured strong results for their clients, so if you utilise their expertise your business could be next. If you were not to outsource, you could end up having to divert time away from a staff member who should be focused on another job. They might not be too pleased about this, as the content production could not be their specialty. As a result, they are left confused and end up spending far too much time on the project instead of the work they were hired to do.
This is also a far more cost-effective option compared to hiring a full-time member of staff for the role. Recruitment can be a very expensive process and there a lot of fees to pay on top of just a normal, monthly wage. Paying a retainer fee to someone you are providing work to outside of your company might be a much better option overall for the finances of the company.
Build a Social Media Presence
There are so many ways that you can build a social media presence that does not require you to spend a lot of money on advertisements and other ways to expose your business online. The first thing you should be doing is regularly posting on your platforms. Business models that rely on visuals – like furniture, clothing, etc – need to make sure they are showcasing their goods on Instagram. Likewise, you need to use Twitter and Facebook to interact with customers. Finally, a LinkedIn profile is needed to help connect with people in your industry and others.
Try to find out some of the best ways for you to introduce your brand to others online. Hashtags are bound to be a key part of this. Many social media platforms now use hashtags to better sort their content and link it with people who are searching for it. You might want to find some of the most relevant hashtags for your industry and make sure that they are sprinkled around your content on these platforms for the greatest effect possible. Doing so should help you to connect to as many people as possible without having to pour too much money into your social media budget.
Of course, this is also just one way to build your social media presence. You can run small competitions or repost your followers who use your products. There are so many ways to steadily build an online presence that does not rely on paid ads.
Reassess Your Strategies
If you are struggling to build your business without paying a lot of money, you might find that it is your current strategies that are holding you back. It is always worth taking a look at your current practices with a critical eye to find out if there is actually something that is holding you back. There are so many small things that could actually be draining your resources instead of helping you build things up.
Take the time to sit down and work out which practices are not working as efficiently as they should. You might have to be brutal here – potentially cutting an underperforming product or service. However, it could save you a lot of money in the long-term. You might even decide to strike out in a new direction.
Don’t just focus on what you are doing as a business when looking at your current practices. By taking a look at what other people in your industry are doing, you might be able to find some interesting ideas about where you could take the business next.
Take Your Time
It is rare to have a business explode in popularity overnight. While the media tends to focus on these businesses that see this meteoric growth, most businesses instead need to grow slowly over a few months or even years. It might take you a while to find the right formula for your company, so you should make sure that you explore and monitor as many different options as possible in this time. Though it might take more attempts than you thought, steady and healthy growth is definitely possible for your business. Take a look at your business now, and start plotting a path to growth that is cost-effective today.