If you’ve ever been part of a small business or built one yourself, you know it’s a long, difficult road. The process can be grueling at first, and once momentum is earned, you can’t take your foot off the gas pedal.
But aside from effort and willpower, what does it actually cost to grow a small business? Does it really take a fortune to level up a small business online in terms of sales, reputation, and new product lines?
Let’s discover how you can grow your small business in an effective, cost-efficient way that cuts through trial and error.
Key Areas of Growth
Most small businesses put themselves at a disadvantage from the start with one simple mistake – they want to grow, but don’t know how.
This leads to misallocated funds, lost time, and unneeded stress. The answer is knowing the most impactful growth levers and pulling them strategically with smart spending from square one. Here are a few to focus on.
Research and Development
We think of R&D as something only large corporations do, but it’s a vital part of any small business growth plan.
Research is how your business will find untapped corners of the marketplace and create products and services that people actually want. Skipping these steps usually results in unoriginal or half-baked ideas that don’t pan out.
It turns out that competitive advantage is the ultimate growth factor for a small business, and R&D is how you gain that edge every time.
Sales and Marketing
Let’s say your product lineup is flawless, with all the funding and support you need from your team and investors. That’s just half the battle – those products need to be marketed and sold to see sustainable growth.
This is another area where many small businesses are led astray, especially in saturated markets. Customers have more choices than ever before, so marketing and sales strategies cannot be ignored.
There are infinite ways to allocate resources towards these goals, from content marketing and SEO to CRM software and more. It’s your job to pinpoint the weak links in your marketing and sales efforts and reinforce them with the right technology and tactics.
Draw from the wide array of free marketing analytics tools to reveal where your business needs the most help in this department.
People and Process
Some of the most common business bottlenecks are the result of clunky, inefficient workflows and operations. These could be logistics and fulfillment issues, customer support, or key background functions like finance and HR.
These are the “boring” parts of the business that don’t get enough attention. Unlocking more efficient workflows will grant small cost and time savings each day, which compounds quickly for growth and efficiency long term.
The companies that grow the fastest don’t ignore these operations, as they’re the lifeblood of any successful small business.
Is Affordable Growth Possible?
With so many areas to account for, it seems like growth costs would pile up quickly for a business with a limited budget.
This is where owners need to be decisive with how they allocate resources and seize the most cost-effective opportunities available. Here are three methods you can use to spark small business growth more quickly and without spending big.
Smart IT Outsourcing
It’s only a matter of time before your small business faces tech challenges in the form of enterprise software, web app development, data analytics, and more.
Rather than enduring the costly and stressful process of hiring individual tech experts, you can outsource those needs to a readymade team of professionals who can get the job done fast.
IT outsourcing is a key growth driver in the early stages for businesses in all sectors. However, it can also deplete your budget quickly, so use this tactic wisely.
Digital Marketing Agency
The big paradox of modern marketing is having too many options, leaving small businesses confused or overwhelmed.
This is where hiring a digital marketing agency can be so valuable, clarifying the key steps to growth and executing them in the right order.
Content production is just part of it – there are also technical and strategic aspects to marketing that aren’t obvious to small business owners. Marketing agencies can be found across different areas of expertise, so find one that fits your budget and business personality.
Customer Support Staffing
It never hurts to improve your customer support infrastructure to keep your reputation strong. Countless businesses have ignored this fact and paid the price with poor reviews online.
Now that customer support happens across several channels at once, your business needs a comprehensive plan that covers email, phone, text, and social.
Grow without Going Broke
Every small business goes through growing pains, but these tips will minimize the stress and get your brand results. Every dollar spent means something, so focus on what works and turn your business into a growth machine.
