What is the cheapest way to expand my business?

Dear Aunty B,

What is the cheapest way to expand my business?

Cheapskate

Dear Cheapskate,

I see that you are cheap with words as well. But hey, I’m cheap too so my staff tell me. So who better to give you some good advice?

Let’s flip the question just for fun. What is going to cost you an arm and a leg if you expand your business?

First: people. You need bodies to do the work and more people to manage them. Secondly, processes and systems to cope with the growth. Third, all those incidentals like travel, offices, IT and desks.

So how do you limit these costs and expand at the same time without access to a magic wand?

You sell more products to the marketplace than you already have. Yes, there is some cost involved in that. But you already have systems set up to support this and people who have the networks and skills who can train new staff and manage them. You understand what you are doing, which means less risk, less mistakes and less waste of resources.

So from one cheapskate to another: expand your existing products into your existing marketplace. Not sexy, but cheap usually isn’t.

Good luck!
Your Aunty B

 

To read more Aunty B advice, click here.

Email your questions, problems and issues to auntyb@smartcompany.com.au right now!

 

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