Small Business - 3 Ways to Work Smarter, Not Harder to Grow Your Bottom Line

Every small business reaches a point where you are maxed out on production and are forced to make a decision on how you can continue to grow. For most, it means hiring more staff, working longer hours or investing money to expand your business. There are alternatives you should consider that will allow you to continue to grow your bottom line without having to lay out more funds for staff or expensive equipment.

Sell your knowledge.
No matter what market or industry you are in, as a small business owner you possess a wealth of knowledge. That knowledge is valuable to those who do not have it. If you have an established internet presence, you can turn your knowledge into a marketable product.

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This might take the form of an instruction video, an operators manual, or an e-book of expert tips and tricks of the trade. You can go as big or as small as you wish by writing the product yourself or going all out and hiring a production company to create a video series.

The beauty of this type of product is that you invest a small amount of time or money once to create the product and then it generates ongoing residual income that requires little or no work to maintain. In other words, do the work once and then get paid for it over and over again.

Drop shipped products.
One of the easiest ways to sell more products without having to manufacture them yourself is to find complimentary products from other companies to sell to your existing customer base. Use your connections within your industry to your benefit or spend a little time sourcing out companies who want to increase their sales in new markets.

Most businesses are looking to make more sales. They will be interested in giving you a discount if you are willing to find those sales for them. This will allow you to set your own price for the goods and turn a profit. All you have to do is take the orders, receive payment and then forward the orders to your supplier. In turn, they will ship the products directly to your customers.

Use another company's resources to manufacture more goods.
If your demand exceeds your supply, but you do not want to expand your business or hire more staff, you might consider contracting another company to manufacture some of your products for you. Outsourcing some of your production to another company may mean a little less profit on those goods but it also means you do not have to buy more equipment, find a larger facility or hire more staff.

You will need to sign a legal agreement with the company to protect your ownership of the product and the terms of sale of the product.

These three alternatives can take your business to the next level by adding new revenue streams to your income without tapping into your resources. You will not have to work longer hours, hire more staff or invest any money. You will be working smarter, not harder. In many cases, you can actually work less and make more.

Small Business - 3 Ways to Work Smarter, Not Harder to Grow Your Bottom Line

Grow Calendar 2011