Do You Want to Grow Your Business With Minimal Investment? Here is How You Do It
With a potential recession on the horizon, most small businesses, in particular, are looking for avenues to cut costs wherever they can. However, that doesn't mean that your business can't still grow - you just have to be savvy about how you do it.
With that in mind, there are a number of ways to grow your business without a significant upfront capital investment that is more than worth exploring.
Growing Your Business: Breaking Things Down
One opportunity to grow your business that a lot of people don't take enough advantage of comes by way of a vigorous networking and outreach campaign. Experts typically agree that doing so is the best way to build a base for your business - something that you can use to build upon regardless of what is happening with the economy.
You don't even necessarily have to leverage in-person events in order to do this. You can use social networking sites like LinkedIn, Twitter, and TikTok depending on the audience that you're trying to reach. If yours is a business that caters to a more professional market, something like LinkedIn would be the prime choice. If you're going after a younger group of consumers, TikTok or Snapchat would serve you well. All of these services offer free accounts and the only real investment is your time.
Another way to grow your business involves creating - and verifying - your "Google Business" profile. Keep in mind that even when it comes to brick and mortar stores, the vast majority of all people will discover a brand for the first time via a search engine. Statistically speaking, that engine is likely to be Google given their market share.
Therefore, you always want to make sure that your "Google Business" profile is updated and accurate. This includes adding not only your contact information but also your business hours, high-quality photos of your physical location and more. It's a way to make a solid first impression among prospects and it's one that you certainly shouldn't overlook.
Finally, make sure to leverage the best practices of search engine optimization (SEO) to your advantage. Again, this doesn't necessarily take an "expert" in order to accomplish. Make sure that you're regularly updating your website with fresh, original content, particularly via your blog. Whenever you post something relevant that you think that your audience would like to see, post it in multiple places like on your social media channels. Make sure to include specific, targeted keywords on each page to give yourself the best chance of ranking highly.
The more of these steps that you're able to accomplish, the more likely you are to grow your business without the significant investment that normally comes with it.
If you'd like to find out more information about budgeting or managing cash flow during a downturn, or if you just have any additional questions that you'd like to discuss with someone in a bit more detail, please contact this office today.
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“Bernard and his team at BR tax group are top notch. This is my first year using them after switching from a different local CPA and I didn't realize how much tax info I've been missing. His communication is great. The additional information he provides to maximize tax savings is something I didn't get from my previous CPA. Thanks Bernard”
Frequently Asked Questions
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You can prepare your taxes yourself, especially if your business is simple.
But once you have contractors, employees, business loans, equipment purchases, mileage, mixed expenses, or growing revenue, things get more complex. At that point, tax preparation becomes a way to make sure your business is reported correctly, your deductions are handled properly, and your records can support what you file.
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Send anything that shows what your business earned, spent, bought, paid, borrowed, or changed during the year.
That usually means your income records, bank statements, credit card statements, payroll reports, contractor payments, loan documents, mileage records, and prior-year tax return. Also tell me about anything unusual, such as buying a vehicle, hiring someone, opening a new location, or taking out a business loan.
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Messy books can slow things down. If expenses are in the wrong categories, transactions are missing, or personal and business spending are mixed together, your tax return may not show the right profit. We may need to clean things up before filing, so your return is accurate and easier to support.
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Possibly, if it was truly for your business and you have proof.
Still, it is much better to avoid this when you can. A separate business bank account and business credit card make everything cleaner. They save time, reduce confusion, and make your records much easier to defend if anyone ever asks questions.
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Most small business owners can deduct ordinary business expenses like software, advertising, supplies, insurance, rent, payroll, contractor payments, professional fees, travel, and some vehicle costs.
The question I usually ask is simple. Was this expense clearly for the business? If yes, we can look at how it should be handled. Personal expenses should stay personal.
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