How to Stay on Budget While Growing Your Business

Growing your business is exciting and overwhelming all at once. While it’s reassuring to know that your company is acquiring loyal customers and bringing in profit, it can also be a challenge to prepare your processes and personnel for the changes ahead. If you’re already operating on a tight budget, you’ll want to avoid the ” growing pains” associated with scaling your operations in a cost-effective manner. Here are some ways to help your business grow while maximizing your budget:

Reinvest in your business

One of the best ways to keep your business growing is by reinvesting. Make a plan to redirect a portion of the profits back into the business to make improvements in areas such as infrastructure, marketing, customer service, or manufacturing. With a strategic reinvestment plan in place, you can help your business continue to grow and stay on target for long-term success.

Make goals ““  and stick with them!

When you’re growing your business on a budget, every penny matters. Focus on creating a realistic budget and make a commitment to stick with it. Take a close look at every expense and determine what’s really necessary to the success of your business. Oftentimes, this means choosing between what’s ” nice to have” and what is more essential for growing your business. For example, instead of purchasing new office furniture right away, consider allocating that portion of your budget to marketing or sales. Try to delay any upfront costs that aren’t related to bringing in additional revenue.

Outsource wherever possible

As your business grows, you may find that you need to add additional staff to keep up with the rise in demand. If this is the case, consider partnering with a contractor to outsource labor in areas such as packaging, assembly and kitting, and fulfillment services. When compared to the costs of hiring full-time employees, outsourcing is often the more cost-effective alternative, especially if you’re looking to fill immediate labor needs.

Are you interested in the advantages of outsourcing for your business? Ohio Valley Goodwill is here to help! Whether you’re looking for temporary, seasonal labor or a more permanent solution, our Industrial Services Division will provide the expertise and support your business needs to grow. We provide kitting and assembly, packaging, and fulfillment services to some of the top brands in Cincinnati, Northern Kentucky, and Southeast Indiana, helping to enhance processes, improve turnaround, and reduce overhead costs.

Contracting with Goodwill is not just the process of outsourcing, but it’s a partnership as well. By partnering with Goodwill, you’re also supporting our nonprofit mission to put people to work in the local community by providing meaningful employment opportunities to individuals with disabilities. To learn more about what Goodwill can do for your business, contact us today.