There's a mindshift going on in the small-business
community. Owners are finally coming out of survival
mode -- and moving into growth mode.
More small-business owners have plans to hire now
-- 35 percent -- up 9 percentage points compared
with the fall, the American Express Open Spring
Small Business Monitor found. Four in ten are
planning to invest in their businesses, and more than
half say they're willing to take financial risks to do so.
But here's the tricky part -- fears about cash flow are
at an all-time high for the survey -- 66 percent of
owners say they're worried.
Take it all together, and it forms a picture of
entrepreneurs who're still freaked out about the
downturn, but just can't take sitting around anymore.
They're ready for action.
The problem is, taking on debt while you're still
worried about cash flow can be a recipe for disaster.
Companies that grow now without taking on debt will
likely thrive. By contrast, those that borrow to spur
growth are basically rolling the dice with their
business. If their investments don't pay off, the
additional cost could take the business down.
Given how shaky the economy still is, it may make
more sense to find ways to grow with existing
resources. Here are a few ideas on how to grow
without adding new costs:
Make every employee a salesperson. If your
receptionist doesn't know your products or services,
it's time to hold a training session. The more people
who can talk up your brand, the more sales you will
make.
Hire creatively. Consider hiring sales staffers who
work on commission-only, contract laborers on a
trial basis or interns from a local college who need
work experience. Also, try letting new workers
telecommute to save on office rent. While the
economy remains weak, hedge your labor bets until
your strategy starts paying off.
Network more. Invest your own time to spread the
word about your business -- you're always your
company's best spokesperson.
Leverage the Internet. The ecommerce side of
business is dirt cheap to operate at this point. Maybe
you could throw up a new website that targets a
different audience, or add more content to existing
pages to bring in new customers. You can also tap
social media and the power of viral marketing to
expose new customers to what you do, at little cost.
Spread the word. Press releases can be posted on
free sites such as Free Press Release and PRLog. If
you've got some company news, send it out there
and make a few calls to local media outlets -- you
never know who might bite and give you some free
publicity.
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