It is a problem that every business faces at some time: it needs to grow but there isn’t more money or space available. Sure, when you have more stock, you can sell more items and grow your turnover, but you need to invest first. So, here are three ways to help you expand and grow your business even when your resources are limited.
Need more time? If you have a small team or are a one man band, lack of time can hold you back and stop your business growing. Think smart and work out whether you are the ideal person to do all the jobs that you do. If there is a job that you hate, or something that you are slow at, or simply something straightforward that you could delegate, it’s time to take on help. Taking on staff can be costly, however, so think again. Are there administrative jobs that you can outsource via sites like Elance or Fiverr? You only pay for the work done.
Need more space? If you have a warehouse and think you need more floor space, think again. Increasing your footage costs, every month if you are renting. Instead think about what you can do with the space you have. If you have a storage space, could you turn it into space that generates income? If you have a tall building, can you install a mezzanine? If you need more desk space, can you redesign the layout? And if you are working from home, something as simple as a desk in a cupboard can help create the fold away space you need.As well as physical space, digital space can also be an issue. Many businesses will have software downloaded that’s not properly optimised, or used at all! Businesses such as 1E specialise in aiding businesses to reduce their digital space, and overall to save you money.
Need more products? If you have an online store there could be a way to increase your product range without holding stock. Have you thought about drop shipping? This means that you offer items via your store, the customer pays you, but they item is sent direct from the manufacturer or via another business. This can help you increase your takings without further investment, and works particularly well with large items, bulky and high cost products.
Making your business grow is all about thinking smart – what other ways could you stretch your current business resources and increase profits?