Saving money is one of the prerequisites for business success. Cut costs by any means, don’t wait for your ship to sink!
Robust savings give your business the ability to grow. “It is smart to put back to push forward.”
Saving money is critical for the survival of your business, the global pandemic couldn’t be a better example – it took a toll on many businesses. Are you budgeting and making necessary adjustments for your business?
Now lets to the HOW:
1️⃣ Cut on traditional marketing. and explore the lucrative digital platforms.
Digital marketing is more affordable and much more lucrative, there are no limitations. It enables you to reach a bigger audience and when utilizing the right tools, you can reach a more specific target.
The first thing would be to find a team of experts, or outsource a freelancer while you focus on other parts of the business.
2️⃣ Outsource if you can – employees are essential to getting work done but they’re costly.
Having employees means having fixed costs. Although it’s great to have an internal team, you can always outsource freelancers. This gives you a great competitive advantage, controlled costs, and increased reach. You can get access to capabilities and facilities otherwise not accessible or affordable while saving costs.
3️⃣ Have more virtual meetings if on-site meetings are not a MUST.
There’s a lot of costs that go into one meeting: transport (worse if you are far apart), meal/drinks, plus a lot more time is lost in between. A virtual meeting only requires an internet connection.
If is it not necessary to meet in person, opt for virtual. It’s an even bigger loss if the deal is not sealed.
4️⃣ Explore partnerships and collaborations.
It’s not a cliché or a buzzword, collaboration is very necessary for growth. On the contrary, it makes teamwork successful.
The benefits include: networking and opening up new channels for communication, learning from others (especially how they do business), and boosts the morale of your business.
5️⃣ Get interns – they are more social and effortlessly improve your search engine optimization.
Most young people are generally social and like to talk about things they are proud of. Now imagine the FREE Word of Mouth you would get when they tell everybody about the great company they work for?
Did you know that hiring interns help you save on taxes?
The Employment Tax Incentive (ETI) is an incentive put in place by the government to encourage employers to hire individuals who are young and qualified but inexperienced, by reducing the cost of employing them. You just might want to think about it!
Those are just a few ways of going about it, for obvious reasons it differs from industry to industry. How are you saving and cutting off costs in your business?