Growing and developing your business on a Budget
In the real world of business and commerce, it is extremely difficult for independent ventures to plan long-term growth. With a number of political and economic challenges facing firms, many are preoccupied with consolidating their position and bottom line profit for the near-term future. The indications for a global recession in 2016 are also causing concern for business-owners, nevertheless there are viable ways to expand your business without incurring huge, debilitating costs.
How to grow your business venture on a Budget
In fact, some of these methods even offer your business the opportunity to save money over a prolonged period of time. For example: –
Investing in virtual office Spaces
Increasingly, firms are creating productive workforces that are driven by freelance talent. Not only does this reduce annual salary costs, but it also negates the need for huge office space. If you still wish to retain a physical address for your business, you can invest in a virtual office space from reputable suppliers such as London executive offices. Resources of this type also enable you to host virtual meetings too, the creation of a virtual address is crucial for entrepreneurs that wish to associate their ventures with specific, iconic regions without having to pay excessive overheads for a physical office space, liability insurance, allowing you to save money to grow your business in other areas, and still maintain a corporate image.
Outsource work on the basis of Specific Projects
We have already touched on the concept of hiring independent contractors for short-term project work, and this is something that can underpin your firm’s growth plans. While you should retain a strategic core of permanent employees, you can hire specialist skills from a global talent pool on the basis of each individual project. This will help to optimise productivity and drive a higher standard of work over time, while also reducing your annual salary bill. This needs to be trialled in the short-term, however, to ensure that you can easily manage out-sourced projects and communicate effectively with freelancers.
Cutting Operational Costs
In business, there are two types of costs. These are strategic and non-strategic, and while the former relates to costs that have a direct impact on the profitability of your business the latter are associated with operational and functional measures. While both of these costs help to drive commercial growth, you should give special priority to those that enable you to increase the Return on investment (ROI) of all marketing and sales campaigns. By reducing base operational costs (where possible) and reinvesting this capital into strategic measures, you can grow organically without spending more.