When you’re running a small business, keeping a close eye on finances is absolutely essential. If you’re not careful, things could start to spiral out of control and before you know it, all your hard work could be undone. Saving money doesn’t have to be overly complicated, and there are a range of ways you can make some small adjustments that end up making a big difference. Here are just a few ways to get the ball rolling.
Outsourcing parts of your business to outside companies or freelancers has numerous advantages. Not only are you able to save money by not hiring full time employees, you are also able to free up time which could be focused on other areas of the company. The person or company that you outsource the work to will have a lot more experience in that particular field, so your business could benefit from new ideas or innovations that you had not previously thought of. With more and more people out there looking for freelance work, you have a range of talent to choose from.
Market Your Business Online
Traditional forms of marketing and advertising are quickly becoming less and less effective. Everything is now moving online, and it doesn’t have to cost the earth either. Make sure your website has been optimised for search engines so you are able to drive as much natural traffic towards it as possible. Utilise social media and email marketing techniques in order to build a following for your business. Try some guest blogging on other websites in order to further encourage people to visit your site.
Keep a close eye on all your outgoings and work out if there are ways for your business to run more efficiently. Professional accountants such as Baggetta & Co will be able to give professional advice in the ways to do this. Always shop around for the best deals on insurance and other necessary services. Save on the price of office supplies and cleaning products by buying in bulk. Try to make everything you can digital in order to reduce printing costs and save storage space.
Make sure to utilise all the free communication services that the internet has to offer. Emailing should always obviously be your first port of call, but also use services like Skype when you need to speak face to face. Rather than travelling huge distances to meet clients, spending on travel and accommodation costs, arrange your conferences online so you can still exchange ideas in a more personal way than always emailing.
If you are in a position to offer your employees flexible working, this is often valued above salary increases. Treat your staff as your most important commodity and they are more likely to stay with your company, gaining valuable experience while saving you a huge amount on recruitment costs. Utilise affordable online training facilities in order to encourage personal development so they keep bringing new things to your business.
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Vinh Van Lam & Stuart Horrex
Your Coaches CoSydney & ArtSHINE