As your company grapples with the economic fallout from COVID-19 shutdowns, you need to find ways to expand your business. These steps cannot cost too much money, because you are low on capital and few investors are willing to take risks right now. Use the following tips to guide your low-budget plan for expansion.
Focus on What You Already Have
You don’t need to buy new equipment to increase your company’s production. Instead, focus on maintaining the machines you already have and have service performed on them regularly. Do not skip your appointment with a Lakos separation and filtration system service Jacksonville. Keep up with your meetings and invest in the extra services suggested by maintenance professionals.
Talk to Your Employees
Usually, you call in experts to discuss ways you can improve your efficiency, asking them to analyze your sales and production data and identify areas of waste. However, these consultations cost more than you have to spare right now. Thankfully, you have a whole team of people who are ready to give you their opinions: your employees. Visit each of your employees personally, or, if you have too many employees for that, hold several town hall meetings with each department. Begin by praising their efforts in the midst of this trying time, and then ask for their feedback. If people are reluctant to talk, send out an anonymous survey using Google Forms or SurveyMonkey. Offer low-cost incentives such as extra breaks, free lunch, or coupons to people who participate.
As you look for ways to make your company bigger and better than ever before, look inside your company for new ideas. Remember, if you plan carefully, prioritize efficiency, and value the feedback of your employees, you don’t need to ruin your entire budget to increase your production and sales.