Owning and operating a business for yourself is a dream job, in a sense. However, it’s still a job when all is said and done, and small business owners face immense pressure and high stakes. Even a handful of minor mistakes can snowball, leading to bankruptcy. This is why the majority of small businesses fail within less than one year’s time. This also presents a logistical problem for small business owners, because the need to grow your business is also important, and expanding too rapidly can create an untenable situation. Here are some tips that can help your small business grow without breaking the bank.

Installing Solar Panels

One of the most consistent overhead costs for any business is the electric bill. By necessity, businesses use far more power in a day than private citizens, because they depend heavily on technology such as computers and lighting throughout the duration of the workday. Solar panels can help to reduce this cost immensely. Solar panels themselves are fairly affordable, minimizing the initial investment, but they also provide a more cost effective monthly cost, as well.

Embracing this clean, renewable energy source will help to keep the lights on without tanking your budget, but there is one important caveat to keep in mind. Solar power is necessarily generated only during the day, and even that can become complicated by inclement weather. By installing a solar battery backup can allow you to store excess energy for ‘round the clock usage, but you’ll also need to install additional panels in order to guarantee the necessary surplus. Solar batteries are typically much more costly than the panels themselves, so consider using a hybrid system if your budget is stretched thin.

Investing In Marketing

While cutting costs is often a great way to make your business more sustainable, it’s important to keep in mind the importance of investing more money into the growth of your company. A prime example of this is the importance of marketing. While it represents additional costs, marketing is an essential tool for any company, big or small. This is because it serves as the primary vehicle by which a business can attract new customers.

Perhaps even more importantly, marketing is also vital when it comes to generating brand loyalty that will turn one time shoppers into lifelong supporters, and a robust base of loyal customers is the most effective way to sustain a business. It’s also important not to shortchange yourself with subpar marketing techniques. Hiring a marketing firm or a qualified professional marketing team will pay for itself relatively quickly by increasing the net worth of your company.

Managing Your Supply Chain

Every business model has needs of various supplies, and that means that every company needs a supply chain. Retailers have the most pressing need for a supply chain, because the supplies they need are the products that they sell to consumers but do not typically produce for themselves. However, things such as office supplies are integral to just about any business model. While the supply chain is a necessary evil for any company, there are ways to reduce the costs of those supplies using effective supply chain management.

When building or refining your supply chain, you can compare prices between all of your available options to find the best deal, but those low costs can’t come at the expense of the quality of the products and services offered. A reliable supplier is essential, so the best strategy is to find the best possible balance of both low costs and dependable service. Supply chain management software can simplify this process immensely.

Starting your own company can be freeing on one hand, but building a successful business is not guaranteed. Every business owner will face many obstacles, and each one poses an existential threat to small businesses that lack the safety net of their more successful counterparts. These tips will help your business survive those trials and tribulations in order to grow.