Create Growth Without Adding Capital
There are a number of things businesses can do to accelerate growth in spite of access to limited capital. Here are three proven approaches to maximize your growth while minimizing costs.
1. Create Focus
Focus the resources and investment dollars you do have on the highest-priority and most likely avenue to capture sales. Work with the sales team to perform customer, vertical, and competitor assessments, to learn where you're winning and why. Create tailored strategies with this information.
2. Create Quick Wins
One you've created focus, it's crucial to become more strategic in building customer relationships. Become more selective in taking on new work.: complex, non-strategic deals don't generate the near-term revenue streams you'll need to grow.
3. Maximize Resources
Price: Evaluate scenarios (outright purchase, leasing model, SaaS) to align customer budgets and purchasing ability.
Product: Identify additional target markets that would desire a simplified product. "Dumbing down" the solution makes it easier for the customer to purchase and the sales team to sell.
Organizational structure and operating model: Explore a number of different sales channels (partners, direct-to-end-users, etc.) to determine which are the most profitable, and therefore, which ones to align with.
While limited resources can be frustrating, it shouldn't prevent a company from achieving the growth targets it desires. By staying focused, using the resources you do have, and pulling the right strategic levers, you can overcome the shortage of investment dollars.