15 Ways To Keep Up With Your Business’ Competition, Even On A Budget

Maintaining positive cash flow is crucial for a company to survive. Shortages in cash flow can have dire consequences, from the inability to pay employees to outright failure of the business. However, it’s difficult to stay on top of a tight budget when you’re fighting for your place among the competition – especially in the early startup stages.

Business owners need to identify not only ways to maintain a lean budget, but also marketing methods and operational priorities that offer the best return on investment (ROI). That’s why we asked Forbes Finance Council members how businesses can compete in the marketplace without breaking the bank. Their answers are below.

1. Selectively Invest In Tech

When cash is tight, business owners look for ways to slash spending-and the tech budget is often the first casualty. A better approach is to focus on eliminating manual and/or redundant processes throughout the organization. When tech automates business processes, it’s an investment, not an expense. The key is selecting products that have a demonstrable, positive impact on the bottom line. – Kyle Kamrooz, Cloudvirga

2. Make Full Use Of Social Media

Social media is a potent business builder at relatively little cost. Facebook makes it easy to showcase the “softer” side, posting things like company events, social events related to the business and charity work to engage with your clients and prospects. LinkedIn highlights the professional side, including innovations that set you apart, formal events and training to underscore dedication to quality. – Paul Blanco, Barnum Financial Group

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