How to Get Big Business Performance Without the Expense

Your business might one day be considered one of the big players in your industry, but in the early days, that’ll be more of a hope than a reality. When you’re still getting a foothold in your industry, it’s tempting to become a little jealous of the big players with whom you’re trying to compete. Not only do they have the market share that you aspire to, but they also have deep resources that allow them to maintain their position. For many entrepreneurs, the main obstacle that prevents their business from reaching its full potential as soon as possible is a lack of capital.

With that said, there are ways for smaller, younger enterprises to tap into big business performance even if they don’t have a massive budget. In this post, we’ll run through a few of the most effective strategies, which, when all combined, can make a huge difference to your prospects. 

Build Partnerships

Your industry’s big names will have entire departments dedicated to their legal, marketing, HR, and other key business operations. As a budget-conscious startup, it’s unlikely that you’ll have the money to create your in-house departments for any of these, let alone all of them. This is where partnering with specialized firms can come in to help. They can take control of some of your key — and time-consuming — activities, at a cost that’s highly affordable.

Bring on Board Executives

Big businesses don’t get to or maintain a top position by accident. They get there by hiring the best talent and letting them get to work. Unfortunately for developing businesses, it’s just not realistic to think that they’ll bring on board a full-time CFO. They’ll get results, but they’ll also cost $200,000 a year in salary. 

Yet there are ways to get all the expertise and experience of a top-level executive without breaking the bank. Hiring a fractional CTO on a part-time or project basis can be a game-changer for growing companies, allowing them to tap into expert knowledge at a reasonable cost. It’s a perfect way to plug the gap between your need to have a CFO on board and having enough cash to hire one full-time. 

Work in a Top-End Coworking Space

Great companies need a great space in which to do great work. For developing companies, renting a swanky, aspirational office simply isn’t realistic. Still, it’s worth thinking about where you work. A great office is about much more than visual appeal and style. It can also set the tone for how you’ll work.

If developing your own office isn’t budget-friendly at the moment, then consider working in a top-end coworking space. This option, which is much more affordable, can actually be recommended even if you can afford an office. By working in a quality shared space, you’ll also naturally come into contact with other leading brands. 

Improve Hiring Processes

Finally, look at making your business more appealing to top talent. Offering hybrid work, creating a great company culture, and offering benefits are effective ways to make up for slightly lower salaries.