Keeping any business afloat these days is no easy task. If you’re running a small business that’s just getting off the ground, you’ll need to keep your costs low. That’s because the money that you earn will be divided between your income and investment in the business. If you don’t cut your costs somewhere, you may not have any money to take home, and eventually the business will suffer too. So, here are some tips for small businesses to save money.
Forget Traditional Advertising
If you’re still printing out leaflets and delivering them door to door, stop it. The amount you spend on printing for traditional advertising, like leaflets, banners or adverts in newspapers can be saved in favour of digital marketing. Using online marketing will allow you to reach an audience traditional marketing can only dream of. Even if you pay for online marketing, like Google Adwords, it would be a fraction of the cost in comparison to traditional marketing.
There will be times when employees will be vital to achieving your goals. When the big workloads come in, you may need an extra pair of hands to meet deadlines. However, there will also be times when employees are an unnecessary expense. Businesses of all sizes tend to go through lulls, so you don’t want to be spending money on someone you don’t need. That’s where outsourcing comes in. Hiring a freelancer to help with administration or maintain online accounts and websites is the best solution to this problem. You can hire a freelancer during busy periods but you don’t have to keep them on when you haven’t got the money. They’re a pay as you go employee.
Get Things Fixed
No business can go without the use of technology these days. It’s likely that you’re making use of a laptop, tablet and smartphone in the same day. However, when these tech devices let us down, it’s tempting to just go out and buy new, especially if you don’t know much about tech. If your laptop is running slow, it may just be a case of a storage overload. Instead of investing money in new devices, you may want to look into mobile computer repair instead. It could save you a fortune on costs if you maintain the devices you’ve already got.
Don’t Accept the First Price
If you rely on suppliers to maintain your business, you need to get the best deal for your money. Many suppliers will give you a standard price knowing that they can do better. But, if you don’t ask, you don’t get. Before settling on a supplier, get a few quotes from different businesses. It’s worth talking to someone over the phone, rather than getting a quote through a website. Ask for the best possible price and make sure they know that you’re looking for a long-term relationship. They’re more likely to offer a discount if they know you’ll be back for more business soon.
There are lots of ways to cut costs in business, as long as it doesn’t affect your professionalism.