As a small business owner, you know that your resources can be limited. Promoting your business takes time and money, sometimes more than you have to give. Here are three ways that you can work with other small businesses to pool your resources and help everyone succeed.
1. Don’t be scared to share resources: It’s no secret that small businesses have a limited amount of capital. John Silcox, author of 5 Ways to Pool Resources to Boost Your Business, suggests sharing some resources with other local small businesses in order to save. This can include borrowing tools that are rarely needed, sharing staff or renting out extra inventory.
2. Cross-promote with partners: Is there another small business that you partner with regularly that isn’t a competitor? Consider working with them to save money in advertising. “Cross-promotion is an efficient and cost-friendly way to advertise any business and increase sales,” Silcox said. “In a nutshell, it involves publicizing another company’s services or products to your customers in exchange for them promoting yours.”
3. Join a group: There are many small business groups and organizations that have resources available to help small businesses like yours succeed. Networking opportunities, funding assistance and counseling are just a few resources that you can gain by joining. The U.S. Small Business Administration is one example of a national organization to consider joining, while your local chambers of commerce are great resources to have close to home.
John Silcox is the author of 5 Ways to Pool Resources to Boost Your Business. For the complete article, click here.
Telhio Credit Union is here to help with all of your small business needs. Contact our business lender representative today at 614-221-3233, option 6 to learn more about our business services.
Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield and Delaware counties and the surrounding communities including Dublin, Johnstown, London, Orient, Pataskala and Reynoldsburg. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers six branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Additionally, Telhio credit union participates in the highest level of combined federal and private share savings insurance available, insuring deposit accounts up to $500,000.*
* Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.