For any business, keeping your business spending under control is very important. Being savvy with your spending and your saving will help your business to grow effectively. Follow these top tips to save some serious cash for your business.
- Shop around for deals before making any purchases. Pair up with other businesses to get partner discounts, and keep an eye out for discounts with your suppliers to save some funds.
- Save by integrating your satellite billing. Combining other services in with your satellite communications can reduce your invoices and improve cash flow through the business.
- Embrace free methods of advertising as part of your marketing mix. Attending local networking events can be a great way to bring in potential customers without spending any money. Network online too on LinkedIn. Get savvy on using social media for advertising. Interact with customers on Facebook and Twitter, and use them to advertise your services or products.
- Instead of hiring a full-time employee and committing to paying a salary, benefits and sick pay. Instead, outsource to an agency or use a freelancer for tasks like marketing or copywriting. This also saves on office costs too.
- Instead of buying expensive specialist software, look into cheaper or free alternatives that you can use online. Cloud based solutions are a great option for keeping costs down. Accounting or customer data can be all be managed with cloud based software.
- Don’t spend the money on operating an office, and telecommute instead. Allow your staff to work from home for big savings on rent and utilities.
- Make contact with any local colleges and take on students who need internships for their course. Tasks like admin, posting on social media and writing blog posts are great for giving to interns, and taking the load off your full-time staff.
- Regularly assess your business expense and see if there’s anywhere you could save a little money. Are your bills going up? Is a supplier charging more than you think their services are worth? Do you have any subscriptions active that you aren’t using?
- Instead of ordering office supplies like stationery and printer ink from a company, save a large chunk of cash by buying these items direct from a bulk buy warehouse yourself. Without a middleman, these items are much cheaper, especially when bought in large quantities.
- Make small changes that make your business more environmentally friendly. Being energy efficient is not only more green, but can reduce your energy bills. Save power and power at the same time.
- Encourage your customers to spread the word about how great you are for some free advertising. Ask customers to leave reviews and customer testimonials on your website or on your social media channels. You could offer customers a reward if they bring in new customers.
- Be smart when you hire. Could you take on someone with good skills who will learn fast, but is newer to the industry? Staff with less experience can be just as effective when properly trained, but are usually much cheaper to take on.
*This is a contributed post