Efficiency is the key to keep pace in an increasingly competitive world for a small and medium sized business with limited resources. Running a business with limited resources is a challenge but it is not impossible.
10 creative ways to think outside the box and perform entrepreneurial activities successfully even with limited resources:
1.Focus on the core activities: One should not forget the aim of setting up a business in order to expand and grow through acquisition of companies with a different objective only to discover that that it does not work well. Sticking to the core business would lead to the growth of the company with limited cash.
2.Keeping a minimal staff: Hiring a full-time staff for small business activities is overrated and costs a whole lot of money. Outsourcing can prove as a better option for the things which cannot be done by the existing staff members and paying freelancers for the extra projects important for the growth of the company.
3.Making it easy to work together: Smooth collaboration with between employees, partners, suppliers, and customers is a sure shot to boost efficiency while reducing cost.
4.Reducing Unproductive Travel Time: Time spent on the road is time lost. A networked phone solution that offers video calls and Web Conferencing helps reducing time and expense of travelling to offsite meetings and training sessions. Technology can be used to save time as well as resources.
5.Effective Planning: Effective planning is the key to managing slimmer resources. Thinking outside the box with a possibly fewer staff and stretched resources is a must for drawing out productive strategies.
6.Being more communicative: Inspite of having a clear goal, a good communication strategy within the company brings people along utilizes the limited resources to the fullest and efficiently.
7.Maintaining a Budget: With a tighter budget, every rupee counts. Loose controls will cost money that could be spent on other projects.
8.Judicious Use of Resources: Thinking smartly with finite resources becomes a necessity. There is no room for wastage, so one needs to plan carefully to put the resources to their best use to have a maximum effect.
9.Keeping the Workplace lean: A successful image in every area of the business needs to be maintained for the purpose of customer-facing. On the other hand, companies with limited resources would do well to keep the office as lean as possible so that valuable capital can be invested where it is most needed to enhance customer experience.
10.Giving full information access to the employees: It helps saving time and cost to reach out for information from a far away source. The cost wasted in acquiring such information can be put to alternative purposes resulting in growth.
Many businesses have sustained in the market even without the access to unending supply of resources. Having limited funds does not need to be the death nail of the business, if one knows how to manage it well.