(ThyBlackMan.com) Starting up a new business venture, or expanding an existing one, can make you feel like a kid in a candy store. All of a sudden, you have a bit of money to play with, and you want to go crazy with it. However, it’s essential to be sensible and manage your growth responsibly. Otherwise, your venture can fall flat on its face. Here’s how to spend wisely on growth without blowing your budget.
Get Smart with Location
Bricks and mortar tend to be one of the most expensive parts of starting and growing your business. The more you do and the more workers you have, the higher your costs tend to skyrocket. Start looking outside the box with serviced office solutions or even virtual offices. A traditional office lease is not your only option.
A serviced office has many benefits, including a single cost that incorporates utilities, furniture, WiFi, reception services, and more. Instead of trying to juggle several different bills, you’ll only have to manage one.
Alternatively, you can cut costs even further and maintain a professional image with a virtual office. You can work from anywhere, with a prestigious business address and mail forwarding service.
Avoid Shiny Object Syndrome
Shiny Object Syndrome, while not a recognized medical condition, is a cause for concern all the same! It’s when your bank account starts to look healthy, and you celebrate by buying a whole heap of things for your business you don’t need. Put down the espresso maker and instead think of ways to use that money to grow your business even further.
Smart Staffing
At least 43 percent of American workers do some of their work from home. The digital age has opened many different doors for how you can work online, and what you can do. If you want to save money, consider hiring virtual workers for some of your tasks. You can save on infrastructure costs while broadening the pool of possible candidates from only the United States, to the entire world. Like this China PEO at Sky Executive, that will help you outsource virtual workers from China.
Have a Business Plan
Not everyone thinks a business plan is necessary, but it can be your recipe for success. If you want to manage growth without blowing out your budget, you have to know where your business is heading and how that relates to where you want it to end up. If you have no ideas for your future, you can end up throwing your money into anything that looks mildly promising for growth. This can be disastrous.
Haggle Pricing
Only about half of all small businesses will reach the five-year mark, with many succumbing to the pressure of growth, struggling finances, and competition. If you want to be in the successful half, then never accept someone’s first price as their only one.
When you try to grow your business, you may need to call upon other companies for products and services. If the prices they offer don’t leave much cream for you, tell them. Every business has a bottom dollar, but you have to be willing to haggle if you’re going to find it.
Starting, growing, and managing a business is no easy task. It takes hard work, dedication, and a lot of effort. You also have to know how to handle things when you’re going from strength to strength without letting your finances get out of control.
Take note of the five tips above. Be smart with your location, savvy with your staff, build a business plan and be frugal with pricing. Before you know it, you’ll be growing your business and your bank account at the same time.
Staff Writer; Greg Love
