It’s no secret that running a business is expensive. No matter how small your company is, you need money to sustain it.
But it’s also a reality that money doesn’t always come into your doors, especially if the market is bad, the economy isn’t doing well or you’re just hit by a slump.
So, how do you keep your business afloat during these rough days? Simple: learn how to save money by following these six tricks:
Go back to good old marketing
Technology may have taken over marketing, but it doesn’t mean that good, old promotions are dead. In fact, with the toxicity of in-your-face online marketing strategies, a lot of consumers are now more interested in traditional marketing methods that will cost you a fraction of your digital marketing budget.
Referral, for instance, remains to be a powerful tool for gathering good leads and converting them into sales. So, why don’t you ask people you know to refer you to consumers who need your products or services? Asking is absolutely free of charge, but the potential revenue you can get from referrals will definitely be worth more than you can imagine.
Join the auctions
A lot of people think that auctions are only for the elite. But in business, joining auctions whether to sell or buy things for your company is a smart decision. If you need new equipment, for instance, but you can’t afford to buy outright from a dealer, you can opt to join an online equipment auction where you can find what you need at a much better price point.
Be a smart buyer
Advices like buying in bulk and tracking prices are heard all over business because they work. Daily expenses may not mean as much on paper, but when you carefully look at them, they can take up a huge amount of your annual budget.
Stuff like equipment and office supplies are business must-haves, but that doesn’t mean you have to spend a lot on them.
Be a smart buyer by tracking prices so you can take advantage of lower rates and discounts. For the items that you regularly need like paper, pens and other office supplies, buy in bulk to save a few pounds. Also, before shelling out cash for anything, make sure that it’s worth your investment. If you’re only going to use equipment for a week or two, it might be better to rent than buy outright.
Get your website up and running
A lot of businesses think that creating a website costs an arm and a leg, but every quid you spend on it is definitely worth it. A website can do a lot of things for your business. It could be a place for branding, selling products and promoting your company, and you will only need minimal investment for it, especially if you know where to look for the right website package solutions.
Implement best practices in your office
Sometimes, it’s the little changes around your office that help you save a huge amount of money on operational costs. For instance, leaving a computer on overnight can set you around £150 in extra energy costs every year.
So, you can just imagine how much money you will save by turning off all 20 computers in your office after work. Implementing best practices around your workplace such as turning off computers, switching off unused lights or even throwing away trash properly will not only help you save money, they will also make your office more conducive for productivity.
Take advantage of freebies
Surprisingly, you can get a lot of things for free these days to use in your business. For instance, you can download free trials, basic versions or freeware of software products for your office computers. If you don’t need the complex, paid versions of these programs anyway, then you don’t have to spend anything for them. You can also download free forms online instead of buying them. Of course, instead of paying for a graphic designer, why not create your promotional items on free design websites?
Whether you’re on a shoestring budget or not, it really pays to know how to cut down those business costs and maximise your revenues. By giving your bottomline a much-needed boost, you will have more freedom to improve your business, expand your horizons and offer only the best to your consumers. All you need to do is take that first step towards becoming smarter about your business money and you’ll surely thank yourself later for all the extra budget you have.