Money is the single most critical thing that helps a business survive, run and grow. Businesses and entrepreneurs can't always rely on anybody else's financial support. And in confusing times like these, businesses must focus on controlling expenses and saving money for a hay day. Now, saving money could be a tricky task, especially if you are a startup business.
You'd be surprised by how much you can save here! Referrals could be a good option here. You not just get loyal customers but can advertise your business for free. Offer some incentive to the referrer for each customer referral such as some reward, this will help you in saving money on advertising.
Any client meetings, travel expenses, phone bills, stationary, etc whatever you use to run the show, bill it to the company.
Make a decision based on what is the requirement of the business. Consider a place that offers space over location. Alternatively, if it works, use a virtual business address instead. Setup the back office at a cheaper location or offshore.
Keeping them happy is one thing and pampering them is another.
Wherever you can(when not business-critical), go for Free open-source software. Cloude computing offers the funtionalityof an expensive systemat a minimum cost. And because there are minimal upfronts feels, it's great for a small business.
As a starting business, barter is a fantastic skill to utilize and a great way to save on cash. If you need a good or a service and have something of value to offer in return, this could be a good route.
Employees are essential in the company which can be expensive but at the start try outsourcing the work which can save on salaries and office space when on a budget. Consider outsourcing or contracting work that is irregular and does not give you a good ROI on the cost of a full-time employee.
Try a DIY, piggyback or a minimal approach. Something that's not heavy on the pocket. Also, public relations is much cheaper and more effective form of marketing. Nowadays everyone is on digital media, which is very effective again. Get results by focusing on SEO techniques and create Youtube videos, a move which garnered over 700,000 views and a boost in traffic to the website. Social Media marketing is affordable and powerful. Create a social presence on facebook, twitter, linkedin and boost content as a form of cheap direct marketing.
Control your expenses each month and bring in more revenu.
There are several ways in which you can save a lot of money. You and your lawyer just need to know where to look at.
Review your business expense on a regular basis. Track the rising cost and put a cut to it or reduce the unnecessary cost to save your business money.
Want to save more? If you are looking for expert business cost savings, get in touch with Gluu, today for expert advice: 020 3500 2602