5 Ways to Grow Your Small Business
The mood of American business owners has changed. After simply hanging on these past few years, hoping to survive the worst recession in decades, small business owners are now seeing movement and growth all around them. If you’re running a company in this environment, sitting back and waiting for new customers to come to you will not cut it. There are others in your industry taking a more aggressive approach, going after what they want instead of hoping it walks through the door. Here are a few tips on how you can do the same:
- Take advantage of years of high unemployment: The job applicant pools are filled with talented individuals who haven’t been able to find work since 2008. Don’t wait for them to come knocking on your door. Start a recruitment drive right now. You can begin by checking your job applicant tracking database for those who may have already applied and been turned away. Some of those folks could still be looking for work.
- Keep interviewing after you’ve filled all positions: Don’t plan just for the present; think to the future. There are dozens of top candidates looking for employment right now that you can screen and store in your recruitment tracking system for use later on when you expand again. There’s always a growth spurt after a recession. Be ready for it.
- Try to eliminate credit lines and pay cash: This is a defensive move and one that will give you more leverage in the immediate future. Credit and lending markets took the biggest hit in the past few years and the crisis isn’t over yet. With the US hovering at or near the debt ceiling, financing and subsidies may not be available. Don’t rely on them. Pay cash whenever possible and offer incentives for others to pay you cash.
- If you’re going to outsource, do it domestically: Stimulating the US economy by outsourcing to domestic manufacturers and distributors will benefit you more in the long run than saving a few pennies by sending your work overseas. The recent financial woes have shown us what a collapse on a national level can do to all small businesses. If you’re doing well now and expanding, try to keep the money flowing inside the country.
- Look for clean, renewable, or green technology in new offices or factories: If you’re going to invest in new real estate or office space, look for new energy technology that is clean, renewable, or green. This will help you be more self sufficient and decrease our overall dependency on foreign oil. You’ll also be adding jobs in other industries – local industries that will help make the overall economy stronger.