Living Entrepreneurship Blog / Babson Entrepreneurs

Five way to grow in any economy

For a small business new ideas ,fresh engineering approach and original products are the basic pillars of good business even in tough economic times .So what a companiy should do to be fresh and vibrant ,here are five ways. 1.De-emphasize office space Traditional office space like cubicle are not very harnessing place, new ideas can’t come that often in such a close and boring environment.Try some new and open place equipped with wireless internet connection and coffe vending machine. 2.Virtualise your work force. The office space is an unnecessary expence, you can virtualise your work force.By this way you will get rid of lots of expence and simultaneously get talents from different geogrophical areas.Although it’s very effective thing but you need to change your management style and focus shoud be on project expectation and deadlines. 3. Leverage collaboration applications. The relation between your employ and client should be open and there must be no invisible barrier between employees and clients etc.Collaboration application such as google docs which makes virtual conference table are of great use.Skype and msn messanger are also ofgreat use for instant messaging. 4.Use the skill of your current employee. Small but necessary work often comes to every company ,for that company hires new employee .This cost can be saved by just train your current employee for that work this will not only saves you from hiring one more employee but also give a feeling of satisfaction to the current employee. 5. Build cross-functional teams. Finally one of the greatest method of getting innovative ideas is to get contribution from entire work force.gathering your employees who have most expert knowledge will help a lot. Companies should always strive for expansion even in bad economic conditions.Growing while the revenue is stagnant in difficult but not an impossible job . Putting together all these ideas small companies will surely improve and one day become a very big company.