– This article was last updated on 16 July 2021-
Running a business can be costly, and making sure that the cash is flowing and the books are balanced should be a priority for business owners. Here are six tips on how your business can save money.
1. Go Paperless
Seeking out ways to reduce a business’s reliance on paper-based methods of documentation is one of the most important things it can do to save money. Some studies have shown that close to 40% of paper for copying is thrown away within 24 hours of being printed on. This is an incredible waste. The ExpenseIn business expenses app is just one of many great ways to reduce paper and ink wastage.
2. Creative Incentives for Staff
Bringing in the talent can be a challenge, so be creative about your incentives. Flexible hours and working from home can prove invaluable to a company that lacks the financial resources to compete with the salaries that large corporations can offer. Also, consider offering leadership opportunities. Giving talented staff ownership of a project may be a very attractive opportunity for ambitious individuals.
3. Piggyback Advertising
Effective advertising doesn’t have to be the major investment that it once was. Client birthdays, national holidays or just a plain old invoice are all opportunities for promotional material to be added in with correspondence at no extra cost.
4. Engage in Social Media
Everyone does it, but not everyone does it right. Great imagery is very shareable, so take great photos, have an opinion, and regularly update your social media feeds to help generate interest in your brand, product and/or services.
Crowdfunding campaigns are amazing opportunities for a startup or project to get essential financial support that doesn’t require a prohibitive degree of risk. Just make sure that any attempt to generate investment is carefully planned and executed – there is plenty of competition and no guarantee that your campaign will be one of the successful ones.
6. Website Services
If you haven’t got the budget for a professional webdesigner, platforms such as Unbounce and WordPress are very affordable and reliable ways for your business to establish a suitably professional-looking internet presence while at the same time reduce spent.
By keeping a look out for simple, contemporary digital solutions, your business can reduce spent through avoiding the classic money drains of marketing, hiring staff and business operating costs.