Tested Advice on How to Grow Your Business on a Small Budget

In starting a business, your vision may be clear. From the smallest of product details to your brand color palette, you’ve got it all figured out. And most importantly, you know the “why”—the source of motivation propelling you forward.

Even with passion and a detailed small business plan at your disposal, what lies on paper doesn’t always translate to reality. In these moments of doubt, stop comparing yourself to the competition and start doing.

Take a step back and remember that everyone has to start somewhere, even if that “somewhere” is scrappy. With a small budget in hand, here’s how to put it to use in growing your business.

Share a Workspace (or Make it Remote)

In breaking from the traditional, take a similar approach to how you think about workspace. A coworking space can offer ample benefits in terms of both environment and networking opportunities.

Alternatively, maybe it makes sense for all of your operations to be handled remotely. If this is the case, set reasonable expectations around how you’ll manage yourself and any staff you might have from afar.

Focus on the Quality of Your Relationships

As a new business, what you lack in profit, you can make up for in the quality of your relationships.

It doesn’t take much on your part to build a friendly rapport with your suppliers, develop a customer experience that goes beyond the physical product you have to sell, or give recognition to your staff. The more you give back to the people supporting your efforts, the more likely they’ll be to return the favor.

Optimize Your Organic Presence Online

While it’s becoming increasingly difficult for businesses to attract customers online organically, there’s no reason why you shouldn’t be optimizing the ways in which you can. Learn about technical SEO, generate content, develop your social media presence, and encourage referrals and reviews among customers. Create an organic strategy that works in tandem with advertising spend to further amplify your potential reach.

Pay Attention to the Right Growth Metrics

If you’re not paying attention to the right growth metrics, it’ll be hard to allocate your budget in a strategic way. You have to dedicate time to the numbers, even if you’re not a “numbers person.” And if it’s something you feel as though you simply can’t manage, invest in the right software or personnel that can.

Take Advantage of Free Resources

The good thing about entrepreneurs is that they’re often happy to share their know-how. Take advantage of free local resources for business development. Go to events, ask questions, and make the most of what’s already right in front of you.

Break from the Traditional Workforce

You may only be a one-person show at this stage of the game. But when it’s time to hire help, keep your options open. The freelance workforce is growing with plenty of expertise available for just about any departmental need you might have.

By Staples Canada

July 14, 2020

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