So, you’ve started a small business, and you’re now trying to grow it. Business growth goes hand-in-hand with recruiting, as you need new skills to expand your market share. While hiring and building an in-house team might seem like the go-to solution, it’s not always a feasible option for small businesses. Ultimately, hiring is expensive, and small business often need to increase their revenues first.
Many describe recruiting for growth in SMEs as a Catch-22 dilemma. You need new skills to grow but need to grow to afford new ones. Can you get the skills and strategies you need for business growth without recruiting? Here are tips for small businesses to pave their way to success without hiring first!
Mergers and Acquisitions (M&A)
Mergers and acquisitions have always been part of business strategies. M&A can help businesses tap into new markets and expand rapidly. It’s also worth mentioning that through a merger & acquisition, you get to combine resources, expertise, and market shares with another company. So, it’s all about growing without needing to find the right skills because you can gain them through a merger.
It’s important to understand that mergers can fail when they are not carefully planned and prepared. As such, businesses must consider an onboarding program for their new team.
Bringing in Fractional Skills Services
How about you bring only some of the skills you need to the business? This strategy is all about using fractional skills services, such as a fractional CTO service. Essentially, it enables you to bring in experienced professionals on a part-time or project basis. They can help fill complex roles in your business for only a fraction of the cost.
Fractional CTOs, for example, can help SMBs with strategic technological insights. So, if you are considering new technologies or a digital strategy but can’t afford to hire a CTO, these services can be a game-changer.
Seeking a Business Mentor
Why should you plan growth alone when you can find a mentor to help you? For small business owner, mentor solutions can make a huge difference. A business mentor can help you identify the skills and strategies you need for growth.
Business mentors bring the experience and business know-how you need. They also have experience handling typical growth challenges in the business world so that they can offer the right level of guidance!
Outsourcing the Skills You Need
Outsourcing has become a popular option for small businesses. You can choose to outsource specific tasks or specific responsibilities to specialists without needing to hire someone. Compared to recruitment costs, outsourcing is a budget-friendly solution that brings the skills you need for growth.
What should small businesses outsource for growth? You could outsource the following services:
- Financial services, such as bookkeeping and identifying financial opportunities
- Marketing campaigns to help increase revenues
- IT services to help with new tech decisions and implementation
There’s no denying that small businesses need to be able to overcome the catch-22 dilemma of growth. Hopefully, these few strategies can give you some new avenues to explore. It becomes essential, however, from a small business perspective to understand not only how to grow without hiring and also when is the right time to hire new skills.
