Yesterday, we talked about how you can continue to help your business grow even when you are working with reduced costs. While yesterday’s post was all about advertising, we thought it might be important to point out that there are many other ways to continue growing your business when times are tight.
If you see budget cuts and cost cutting techniques in your future, consider some of these approaches to cost-friendly business growth.
- Negotiation can be a huge help in times of financial crisis. You can speak with suppliers or partners about getting potential discounts. Many suppliers will be more than happy to work with you on payments and terms if they fear they might otherwise lose your business completely. Just let them know that you’re really feeling the crunch and need to save money everywhere you can.
- Look into co-branding and new partnerships. If there is someone you know within the industry that you trust, try working together on a few projects. By splitting the costs of things like production, marketing, and so forth, you both save a little coin and are fostering a new business relationship that could help out further down the road when things have improved.
- Forget about slashing prices or offering steep discounts. While this may be rewarding for an initial period of time for anyone looking for a great deal, it is only a temporary fix—temporary enough where you likely won’t see enough fruit to make any impact during your hard time. Anyone that comes to you for your amazing discounts only will more than likely never walk through your doors again. Some people are simply out there looking for the best deal and have no intention of remaining loyal to any one single brand.
It’s important to stress that there is no real reason to t stressed out over the need to cut costs. If anything, it enhances your resourcefulness and keeps you on your toes. And if you can find ways to grow your business even in a recession, you’re a much better business owner that you give yourself credit for.