5 Low-Cost Business Growth Tips to Scale Your Company
From brainstorming workable business ideas to creating an effective business plan, you’ve done the legwork needed to get your small business up and running. Now, it’s time to expand your operations.
Growing a business often requires substantial upfront costs, but there are plenty of ways small business owners like you can bootstrap operations, save money, . With that in mind, here’s the Canadian entrepreneur’s guide to growing a small business on a budget.
1. Review every expense, no matter how small
First, you need to understand how your business is currently spending money. Take a look at all of your monthly expenditures and see if any cuts can be made. Do you have any recurring subscriptions that can be nixed? Are you overpaying for supplies or other materials?
2. Take advantage of small business apps
When your modern business has a need, there’s a strong chance an app exists to fill it. Apps can help you manage your time, keep your inbox uncluttered, streamline marketing, and so much more. The following articles are a
You can even search for apps made specifically for your business or industry. For example, ShopKeep offers a powerful point of sale system with software that has been specifically designed to help retailers.
3. See if your company is eligible for small business financing
Canadian companies can access grants, loans, and other types of financing. For an overview of the options that may be available to you, be sure to read this quick article on securing small business financing in Canada.
However, note that government grants are relatively rare in Canada. When available, they are generally reserved for companies operating within very specific industries and/or provinces.
4. Partner up with other companies in your industry
Collaborating with other businesses is a great way to build your portfolio of clients and contacts without spending extra money. Community engagement is especially important if you’re based in a small or medium-sized city.
Together, you can share marketing costs, run mutually beneficial promotions, gain access to a larger network of prospects, and more.
Some businesses opt to team up with companies that are already in their network. You can also seek out new partnerships at networking events, on LinkedIn, or at a virtual office space.
5. Rent a virtual office space
Many small business owners build their companies from a home office, which can be a surefire way to save money in the early stages. Not everyone can work from home effectively, though.
For entrepreneurs who need access to a dedicated office space to do their best work, a virtual office is an affordable alternative to an office lease. The membership terms are flexible, so you only pay for the time and space you need. At Intelligent Office (IO), every virtual office is equipped with fast internet, professional furnishings and decor, printers, scanners, coffee, and other tools needed to get work done. You’ll also be surrounded by like-minded professionals who are working to grow their own enterprises, so expanding your network will happen organically.
If the benefits listed above could help your business, learn about your virtual space options at IO locations throughout Canada here.