How Resourcefulness Can Drive Your Small Business Success

How Resourcefulness Can Drive Your Small Business Success

Spirit, perseverance and resourcefulness are among the most valuable assets a business leader can possess. These become even more essential when the business you’re leading is small to midsize, with limited financial resources. While your larger counterparts may be able to simply tap into their budgets when an opportunity or a challenge arises, you may need to explore more creative options — finding ways to “do more with less,” as the saying goes.

Enterprising business leaders welcome this challenge, viewing it as an opportunity to develop innovative solutions that help their companies become more successful and resilient. But where do you start? How do you effectively master the art of creatively leveraging the resources at hand to give your company an edge? These ideas may help.

Cultivate a culture of creativity

When a challenge comes your way, don’t think of it in terms of the limitations you may have; instead, look at the situation from a different angle. Maybe it’s a competitive issue — your biggest competitor is making huge ad buys your budget can’t match, for example. Rather than trying to beat them at the advertising game, take a more unconventional approach. You can supercharge your marketing with creative ideas that don’t have to cost a fortune. Brainstorm with your team. You may be surprised at the great ideas you can bring to life.

Put on your researcher hat

If you’re facing a challenge in an area where your expertise is limited, see what kind of information — educational videos, expert podcasts, white papers, etc. — you can find online. Make sure the sources you use are reputable and verify the accuracy of what you’re learning by consulting other sources. Online research may not make you a subject-matter expert overnight, but it could be enough to get you through the challenge at hand or to give you a foundation of knowledge on which to build.

Make the most of your network

If you don’t know the answer, don’t hesitate to ask others you trust for advice. The people you know — professionally and personally — can provide a wealth of information, insights and connections to support you. Tap into your social networks to identify those with relevant expertise and then reach out to them for a one-on-one conversation. Remember that you’ve got knowledge to share, too, in your own areas of expertise; make sure you’re accessible when others need guidance. The strongest relationships are built on give-and-take.

Check into nonprofit resources

Keep in mind there are government agencies and other nonprofits that offer small business leaders a range of free or low-cost support. Explore what’s available through the U.S. Small Business Administration (SBA) and its partners:

• SCORE connects business leaders to experienced mentors at no cost. (The organization has found that small business owners who receive three or more hours of mentoring report higher revenues and faster growth.)
• Small Business Development Centers (SBDCs) provide counseling, training and informational tools to support business startups and expansion.
• Women's Business Centers (WBCs) are part a national network of entrepreneurship centers designed to help women start and grow small businesses.
• Veterans Business Outreach Centers (VBOCs) offer entrepreneurial development services and resources to active service members, veterans, military spouses and family members interested in starting or growing a small business.

Local community resources may be helpful as well: Many local chambers offer area businesses free advice and peer connections, while libraries host business workshops and provide access to market research databases and other resources. Other organizations may offer free mentorship, coaching and connections. See what’s available in your area, and leverage those resources to your company’s advantage.

Consider broadening your hiring practices

If a big project or other circumstances require you to have more people in place, full-time employment isn’t your only option. Today, many professionals choose to freelance their services on an as-needed basis. This gives you the flexibility to leverage talent for just the time period you need. While contractors may command a higher hourly or project rate for deliverables than you’d typically pay in-house team members, you don’t incur the overhead costs — benefits, payroll taxes, workers’ comp, etc. — that are built into the compensation of full-timers.

Inspire maximum productivity

Doing more with less means that small businesses need to make the most of every employee on their teams. A supportive culture is vital to employee well-being, which drives consistently high productivity.

• Share your vision, set clear expectations, and create an environment where employees feel free to contribute ideas and voice their concerns.
• Give team members the autonomy to make decisions in their areas of expertise.
• Provide opportunities for professional and personal development.
• Encourage friendly competition and reward exceptional performance.
• If possible, offer remote or hybrid work options to help ensure a healthy work/life balance.

Remember: Your people are your greatest asset. When they believe in your vision, and feel valued, respected and empowered to achieve their own success, they will be motivated to drive the collective success as well.