Growth strategy for your small business
One of the ways in which small businesses can grow is by leveraging partnerships. What does this mean? You can partner with other organizations and play in the "big league."
For example, you run a fast food business and want to be able to deliver your food to customers on demand. As a small business, you probably don't have the money to buy vehicles, hire drivers, etc. However, this does not have to stop you. You can partner with a delivery company and suddenly your business appears as a "big business." You are not investing too much money, but you are able to scale your business using infrastructure and expertise of another company. Look for those partnerships, they are all around you.
Before thinking about investing in a new machine or any other asset, first think about whether there's a less expensive way for you to get what you want by forming a partnership.
What is the best way to approach this?
Understand what you would like to do in your business
Identify potential partners
Think very carefully about what you can do for your potential partner before approaching them
The third step is the most crucial. If you don't have money, you need to offer value for the partnership to work.
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