The strategy, “Scaling up without a budget,” aims to expand a company using three main approaches. First, leveraging existing resources involves maximizing underutilized tools and cross-training employees for multiple roles, thereby cutting costs while enhancing efficiency. For example, utilizing open-source software can help reduce expenses. Remote work, coupled with negotiating better supplier terms, serves to lower overheads further.
Secondly, forging strategic partnerships focuses on collaborating with complementary businesses. By creating win-win situations, co-marketing opportunities, and joint ventures, companies can share resources and expand their reach. For instance, collaborating on events can access a wider audience without additional financial outlay.
Lastly, seeking innovative funding opportunities encourages applying for grants, engaging in crowdfunding, and exploring investment avenues like angel investors. Running pre-sale campaigns or participating in startup competitions can also attract funds and resources.
The strategies
⛳️ Strategy 1: Leverage existing resources
- Identify and maximise the use of underutilised resources
- Cross-train employees to fill multiple roles
- Utilise free or open-source software to reduce costs
- Encourage remote work to reduce overhead expenses
- Negotiate better terms with existing suppliers
- Repurpose existing content for marketing purposes
- Implement energy-saving practices to cut utility costs
- Utilise current customer base to gain referrals
- Organise regular team brainstorming sessions for innovative ideas
- Monitor and analyse resource allocation for inefficiencies
⛳️ Strategy 2: Forge strategic partnerships
- Identify businesses with complementary services
- Create win-win situations for mutual growth
- Pursue co-marketing opportunities with partners
- Share technological resources with partners
- Organise joint ventures for new projects
- Become a guest contributor for partner platforms
- Barter services with partners in exchange for their resources
- Leverage partner networks for increased exposure
- Collaborate on events to reach a broader audience
- Conduct regular meetings to ensure partnership alignment
⛳️ Strategy 3: Seek innovative funding opportunities
- Research and apply for relevant grants
- Utilise crowdfunding platforms for new campaigns
- Engage with angel investors through networking events
- Explore peer-to-peer lending options
- Conduct pre-sale campaigns to raise funds
- Participate in startup competitions with prize opportunities
- Offer equity in exchange for strategic investment
- Conduct a business asset audit for monetisation opportunities
- Utilise social media to attract interested investors
- Engage employees with a profit-sharing or equity scheme
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
