More with less: 5 tips to securing growth in turbulent times

By Artti Aurasmaa, Staria's CEO

We no longer live in a time where money is almost free. Companies are looking for ways to improve their operations but lack the resources to invest in new initiatives. With limited resources, the entrepreneurial mindset of doing more with less is becoming popular again.

We've listed 5 key areas for you to think about in order to secure growth during these turbulent times.

1. Focus on your core business

Doing more with less requires companies to strategically focus on what's best for their core business. So our first tip is to focus on your core: 1) Know what your core profitable business is and 2) Get rid of areas that don't bring value to your core business.

This will help you grow during uncertain times, and will also help you take market share more quickly when things stabilize.

Think about which areas of your business are important to keep inhouse, and in which cases you would benefit from outsourcing. You won't be surprised that in many cases we recommend outsourcing your financial administration operations to a partner like Staria in order to free up your finance team from routine tasks to instead focus on more value-adding work. This guide shares concrete tips and examples to find the right way to outsource your financial administration.

"When you stop growing, you have already started to decay"
William S. Burroughs (1914–1997), American writer and visual artist

2. Mutually beneficial customer relationships

Once you've identified your core business, know which types of customers you bring true value and benefit to. To create mutually beneficial customer relationships, you should only work with customers whose needs align with your product.

Figure out who your ideal customer really is, what benefit you bring, and ensure your messaging towards them is crystal clear. Be clear on what your company offers, how you're different from other alternatives, and demonstrate value to your customers.

As for marketing activities, do more with less by focusing on choosing core activities executed with higher quality, setting goals and measuring your impact. Learn from everything you do. Gone are the days of spreading yourself too thin trying to do too much at the same time.

Your existing customers are more important than ever. Think about how you serve them throughout their journey with you. Understand how each of the touch points the customer has with your company benefits the customer. You're bound to mess up at some point of the journey, but it's how you deal with the mess that defines how the customer perceives you. Listen to them, fix things, and focus on building trust. That trust is the foundation to long-term fruitful relationships.

"The seeds of your future growth are planted today"
Frances H. Burnett, author of the novel The Secret Garden

3. Mutually beneficial partnerships

Start by identifying your core partners and focus on getting more done with less parties. The decision on who you don't work with is just as important as deciding who you work with. Business partnerships are unique in that they boil down to both parties making money. It's better to have a few strong, mutually beneficial partnerships than to spread yourself thin with numerous weak connections. By focusing on building strong relationships with your core partners, you can maximize the value you bring to each other and create a solid foundation for long-term success.

Remember, partnerships are a two-way street. It's important to not only focus on what you can get out of the partnership, but also on what you can bring to the table. By approaching partnerships with a mindset of collaboration and mutual benefit, you can create a strong foundation for growth and success.

As with all our tips, now is a time to focus on quality over quantity.

4. Product Development

When it comes to product development, now is a good time to "quit startting, and start quitting" new initiatives. It's crucial to prioritize quality over quantity in order to achieve success. When it comes to product development, it's important to assess which initiatives align with your core business and cater to your most important customers. Distinguishing between what is nice to have and what is a must-have can help you allocate resources effectively. Additionally, measuring the results of your developments and evaluating the ROI will provide valuable insights for future decision-making. Remember, it's not about starting new projects, but rather focusing on the ones that will drive the most value for your business.

You've guessed it: only focus on your core.

5. People

Especially in times of uncertainty people value honesty. Tell bad news as soon as you can, don't keep people in the dark. When making changes and choosing focus areas communication on direction is crucial. Your whole team must understand where you're going, and why, so they can make the right calls in how to get there.

“Treat people like adults, and they tend to behave like adults.”

Be sensible with your cash use, but don't skip important People-related activities. Take good care of your people, do things together, but think about what you can afford.

Remember, your team is your most valuable asset. Investing in their well-being and development will ultimately benefit your organization in the long run. Encourage open communication, provide opportunities for growth and learning, and show appreciation for their hard work. By treating your team with respect and transparency, you will foster a positive and productive work environment. Remember, a happy and motivated team is key to achieving success. So, prioritize your people and watch your organization thrive.

By following these tips and embracing the entrepreneurial mindset of doing more with less, companies can navigate turbulent times and secure growth even with limited resources. We know it's easier said than done, but now is the time to prioritize and focus on what truly matters: Identify the key areas of your business that drive growth and profitability. Focus your resources and efforts on these areas to maximize impact today and tomorrow.