Build, move, improve, the three golden rules when it comes to growing your business, but is it possible to seek this growth and still manage to keep costs down? The straight answer is yes, it most certainly is possible, but you are going to need a smart plan in order to achieve this feat. The benefits of growth and balancing your costs are remarkable and could very easily be the difference between your business surviving in the industry, and thriving by eating up the market share.
The first thing to point out here is that your costs will rise somewhat, and there is no magic pill which can be taken to prevent that if you want growth, however, there are some ways that you can keep costs down.
Hiring more staff is going to be costly, not only in terms of employee contracts, bonuses, vacation time and sick days, but also because it will create the need for more infrastructure such as office space in which to house your team. Should you decide to grow your operation, the best course of action, at least in the first year, is to look to outsource many aspects of the business. We live in a world with more freelancers and individual specialists than ever before so make use of these services, doing so means you can count on lower costs overall, and a far better ROI.
New premises, outsourcing, bigger marketing investment and higher rates of production, these are all aspects of growth where being cost effective only goes so far. In order to keep costs down during your growth period then, you need to be looking at a far lower level. Stationary, office supplies, computers and any other work tools should all be reviewed in terms of how much they cost the business and how you and your team can seek to minimize spending on such items. These small components of the business really add up and in reducing your spending on items like this, you can cover some of the additional investment which you’ll be making in non-negotiable areas of the business.
The biggest key to your success in both growth and balancing the books, will be in how much you are willing to invest in the planning stage. The more time that you can give to planning your growth, the smarter you will be able to do it. Occasionally, a business must grow before it is ready, in order to meet demand, if you are not in a situation like this then you should be looking to invest at least 6 months into meticulously preparing how each aspect of the business will cope with growth, where the extra investment will be needed, and which branches of the company can be trimmed. Plan well and you can ensure to keep costs as low as possible during your period of growth.
Minimizing spending can be tough at the best of times, let alone when you are trying to push for growth of your business, with this being said, it can most certainly done with the right approach.