Hiring people can be tough, especially hiring the right people on a small budget. Of course, a growing business needs employees, but often you can’t hire the most senior people you’d like in all the roles you’d like to have them in.
The truth is, most growing small businesses just can’t afford to hire a complete, full-time, A-level team. Still, you want to keep growing so that you can eventually afford to hire those people, but how do you grow your business without hiring new employees?
Hire Fractional Experts
Fractional experts are professionals in various fields who provide help and services to different companies on their specific expertise on a very part-time basis.
“A fractional executive is hired by a company to fill an executive role for a “fraction” of full-time work, working more like a consultant and eliminating the costs of long-term commitments, high-end salaries, and all the employee benefits that come with a job.” – LinkedIn
Part-time, fractional experts can swoop in, or even work remotely with you, to focus on exactly what you need them to. Nothing more, nothing less. Do you need help with finances, but can’t afford a full-time CFO? Then hire a fractional expert for a fraction of the cost! Same goes for nearly every aspect of your business. If you still can’t afford to hire someone for the job, then hire a fractional expert until you can! It’s much better than hiring no one at all. Fractional experts are some of the people that are going to help grow your business.
Focus on Networking
Speaking of people that are going to help grow your business, you need to start focusing on networking. Establishing connections with people in your industry is how you learn and get your name out there. Learning from successful people and building connections with them is always a valuable investment for a growing business.
“Networking events allow you to connect with like-minded individuals, many of whom have unique perspectives and insights that can help you grow your business. The connections and relationships that come from attending networking events can be beneficial for years to come.” – Business News Daily
Connect with other business leaders. Both of you can benefit from learning from each other. They’re not your competitors, they’re your peers. They’re the ones who will help you grow your business.
Establish Yourself on Social Media
Nowadays, one of the best marketing strategies to grow your business is through social media. Nowadays, that’s where a lot of advertising is seen. It’s likely one of the most important marketing tools currently if not the most important. If you want new customers, go to social media.
Plus, establishing yourself on social media doesn’t require you to hire an entire marketing team for it. You can outsource it to a social media marketing company — that’s where fractional experts come in yet again.
“Make sure your business is engaged in social media. This helps you stay relevant. Listening to people and reading their comments will give you an idea of how to make them feel more satisfied. You will also understand their behavior and find a way to meet their demands. The best part is that you won’t have to spend a lot of money just to attract new customers. You don’t need to engage in comment wars though. Just keep it positive and make everyone feel that they are heard.” – Small Business Trends
Growing your business doesn’t require you to hire more people than you can afford. Instead, you can grow your business with minimal employees. Then, once you’ve grown your business enough to hire employees, you can continue growing even larger with their help. Start small, start smart, and grow huge!
Do you have any of your own tips on how to grow your business with fewer people? Let us know in the comments below!
If you have questions or would like more information, I’d be happy to help. Please send us an email, and someone from my team will get in touch with you!
Editor’s Note: This post was originally published in January 2018 and has been edited for accuracy and comprehensiveness.