Pursuing business growth can be a challenge at the best of times, but there is an assumption amongst most UK firms that opportunities for growth and expansion can only be pursued when there is a significant amount of cash in the coffers. While it helps to have ready money on hand to help finance expansion, it is possible to pursue growth on a budget, too.
Could the right cost-cutting techniques coupled with aggressive marketing strategies help you to experience unexpected growth this year?
Reduce your overheads to increase your budget
Many modern businesses have precious little wriggle room with which to pursue new clients and contracts due to the expense incurred through their existing overheads.
Commercial property rent or mortgage payments, corporation tax, employee salaries, energy expenses and other monthly overheads will all take bites out of your profits, so if you can reduce these outgoings as far as possible you’ll be able to free up liquidity that would otherwise have remained frozen.
Investing in cloud computing services, energy efficient lighting and energy saving software can all help to make significant energy and cost savings over time, while you may find that making the decision to digitise certain processes previously performed manually could also help to save your company money.
Build a strong team around you
All growing companies will expand from a nucleus of just a few, dedicated, hardworking employees; it’s these individuals who will likely propel the company to future success and stay loyal to the cause for years to come.
If you’re struggling with a tight budget and looking to grow your firm this year, it might be time to look at the people around you and ask: ‘are these the best workers to take my company forwards?’
It may be time to recruit some fresh blood, or else cut loose those who refuse to pull their weight. Recruiting may not be the cheapest process, but surrounding yourself with dedicated, talented and hardworking individuals will give you a far greater chance of growth and success in future.
Take advantage of digital marketing
Very little comes free in the business world, but certain aspects of digital marketing will come as a welcome exception. It’s possible to reach thousands of potential customers – for free – using social networks such as Twitter, Instagram and Facebook.
If your company is looking to attract new customers and explore new markets without going over budget, digital marketing may well represent a grand opportunity to do so. While not all aspects of digital marketing will be free, the majority are relatively inexpensive and provide a competitive return on investment when compared with traditional marketing activities.
Viral campaigns, content marketing and digital advertising can all represent inexpensive and lucrative means of expanding your business.
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