Connect with us
Krystal Bay Blog

BUSINESS

Business Growth Tips: How To Make The Most Of Your Limited Business Resources

 

You won’t always have all the resources you need to run your business optimally.

Sometimes you’ll be short of money. In other moments, you’ll be lacking the time, technical skills, or technologies to get things done. If you can’t figure out a way to achieve your aims despite these constraints, your business could stagnate, or even suffer losses.


Read more about Business Growth Tips


Perhaps you’re in this situation now, and you’re wondering how to make the most of the limited resources at your disposal. It’s doable. Just take the steps we’ll discuss below, and you’ll be doing a lot better.

Ways to Achieve More With Limited Resources

Here’s how to score more wins in your business even with resource constraints.

Devote More Energy To Productive Aspects of Business

Redirect team energies away from less-productive areas of your business, and channel them towards aspects that contribute the most to revenue generation. Do this if you’re lacking enough manpower to take on all tasks.

If you’re not sure what areas deserve your attention, you might want to do a quick audit of your operations. Find out what processes produce the most for the amount of effort put into them. Consult with your team as well; they could have insights about this that aren’t immediately obvious to you.

Automate to Save Time and Money

Contemporary automation technologies can save you a lot of time and make your work much easier. Some of them will do the job that you’ll otherwise have assigned to an extra employee.

File sharing and processing applications, social media scheduling tools, accounting software, HR and payroll solutions, and email automation tools are just some of the technologies in this category. You can take advantage of them to drive down costs, curb human errors, and streamline work processes.

Work with Accurate Metrics

There’s so much you can achieve if your business decisions are informed by accurate data. It’s similar to having the right coordinates for sea travel—you’re far more likely to reach your desired destination with it than without.


Find our comprehensive listings of businesses in Nigeria here https://businesses.connectnigeria.com/


When you have the correct metrics to guide your budgeting, production, and marketing campaigns, you’ll be able to target very specific outcomes and achieve them with relatively limited resources.

Implement Cost-Cutting Measures

Resource-conservation isn’t complete without a deliberate effort to eliminate waste.

Even if there are no obvious leakages in your cash flow, there may still be items you’re paying for that you can do without. Have a thorough review of your business’s expenditure and see if you’ll spot things that you can forego for now.

Find out more ways to cut business costs in our article 7 Ways to Cut Costs for Your Small Business.

Encourage Your Team to Keep Learning

You will get more out of your team if they are constantly improving their skills or acquiring new ones. Show them how gaining these skills enhance their career prospects. Let them see that their contribution to your business does matter. Be an example to them by sharpening and picking up skills yourself.

This, coupled with excellent human resource management, should lead to an increase in the quality (and quantity) of output from your team.

Final Words

To maximize your limited business resources, you’ll have to deploy them tactfully and with considerable precision. It might take a while to master this, but you’ll get a handle on it if you keep on improving with your every iteration.

Featured Image Source: Krystal Bay Blog


Got a suggestion? Contact us: editor@connectnigeria.com

Continue Reading
Advertisement
Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Did You Know?

Events

Discover Nigeria

Career

Tourism

To Top