Are you looking for a way to supercharge your startup or small business without having to borrow a ton of money or perform a small miracle? Even in a down economy that’s headed straight into recession territory, there are several tactics that can bring just about any independent company out of the doldrums. It’s important to remember that there are no quick fixes or magic cures in the world of commerce. However, there are commonsense ways to revamp your operations and get things moving again.
Whether your entity was hit hard by the recent pandemic, suffered at the hands of the supply chain crisis, or is feeling the effects of rising inflation, take solace in the fact that you aren’t powerless. In addition to teaming up with other entrepreneurs and working to develop cross referrals, you can invest company capital into real estate, leverage the power of low-cost marketing tactics, outsource core business tasks, and connect with the local chamber of commerce. Here’s how to get moving before the holiday season arrives.
Rediscover the Power Breakfast
Remember power breakfasts? They’re making a comeback, but this time as a networking tool. The basic idea is to collect five or more people, all of whom have different professions. Arrange for them to meet up once per week for an early meal, with the goal of exchanging referrals for business. This cross referral method is highly effective at driving customers to your group members and maintaining a high level of attention to generating new business leads.
Invest In REITs
It’s wise to set aside a portion of your capital for investing. For a number of startup founders, that means taking advantage of the diversification potential or real estate investment trust shares. Not only can investors create a stream of dividend income, but they also have the chance to build capital appreciation for years to come. Plus, REITs (real estate investment trusts) come in all shapes and sizes, meaning some are more profitable than others. For that reason, it’s imperative to do your due diligence and check on the company’s dividend history, financial statements, the kinds of property behind the shares, the location of the properties, the effectiveness of the management team, the dividend yield, etc. To make things simple and avoid hours of research, review a helpful guide on the year’s best REITs, all of which have excellent records of financial success.
Outsource Without Fear
For far too many founders of small businesses, the idea of outsourcing essential tasks makes them uneasy. If you fall into that category, make the decision to move ahead with hiring outside service providers for whatever jobs you aren’t an expert at doing. That often means hiring local companies to help with accounting, digital marketing, IT, website creation, financial planning, and more.
Use the Chamber
One of the most under-utilized business resources is your local Chamber of Commerce (COC). Sometimes there’s a modest fee to join, but doing so can mean having the chance to build an extensive professional network, getting free advertising through chamber events, and making worthwhile contacts every time you attend a monthly COC meeting.
