Tag: Business

  • 4 Money Saving Tips for Business Owners

    4 Money Saving Tips for Business Owners

    Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business.

    Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners.

    1. Have a list of all your subscriptions, and get rid of some

    These days, there are apps, programs, and other solutions designed to increase your productivity and boost your efficiency. Because they have automatic monthly payments, it’s easy to sign up for them and then forget about them. But those monthly fees quickly add up and cost you hundreds—if not thousands—over the course of a year.

    Keep a list of all the subscription services you’ve signed up for, along with the monthly (or yearly) cost. Review the list each quarter and ask whether you’ve used that platform within the last six months. If you haven’t, consider cancelling the account. That money will easily go elsewhere and you can almost always sign up again later if you find you need that program.

    Additionally, research less expensive options that are more appropriate for your business. It might not be worth it to pay thousands of dollars for an expensive photo editing program if you don’t regularly edit photos, for example. A less expensive version with fewer features might be just as effective.

    2. Consider alternatives to traditional advertising

    You don’t need to pay huge amounts to market your business. Some companies benefit from paid ads online, but many small businesses don’t need to. Explore content marketing or YouTube videos to boost traffic to your website, or consider whether a social media account would allow you to connect with your ideal clients.

    Marketing well still costs money, but it doesn’t need to be expensive. Figure out what avenues are most effective at connecting you with your clients and spend your time and money marketing yourself there.

    3. Know when to spend money

    This might seem counterintuitive, but paying for outside expertise can save you money in the long run. Hiring a lawyer to review contracts can prevent misunderstandings that lead to lawsuits. Talking with an accountant about taking advantage of tax breaks can save you money during tax season.

    There are times it makes sense to go it alone, but there are also times when an expert’s advice saves you in the long run. Be flexible enough with your spending to pay for outside expertise.

    4. Cut back on office expenses

    With many employees now working from home—and companies now implementing the technology that allows remote working—it makes sense to review how you use your office space. Can you move to remote working and cut back on rent? Can you implement a flexible work schedule to save on utilities?

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    Explore how the shift to remote working can free up your finances by allowing you to cut back on office expenses that are no longer necessary.

    Final thoughts

    As a business owner, it’s important that you know when to spend money and when to save it. If you’re looking for ways to save your money, consider alternatives to traditional marketing, review your subscription list, and explore whether it’s possible to cut back on office expenses. These money saving steps will boost your finances.

  • 4 Ways to Make the Most of Business Down Time

    4 Ways to Make the Most of Business Down Time

    Every business experiences slow periods when the market for their goods or services lessens and sales drop. Business owners might be tempted to view down times as unproductive or wasted, but there are ways you can make the most of your business during these seasons.

    Here are four ways to ensure this time isn’t wasted.

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    Take a good look at your business

    When things are busy it gets easy to fall into a habit of taking care of day-to-day tasks and forgetting about your overall business picture. Slower times are a great opportunity to step back from the daily grind and ask yourself if your business is still moving towards its goals, what opportunities or challenges are on the horizon, and whether it’s time to try something new.

    Examine various aspects of your business, such as your marketing and sales, to see if they’re all working together or if they need revising. Is your social media account information still accurate? Do you have unanswered emails to respond to? When was the last time you posted on your blog? Should your website be updated?

    This is a great time to take care of those tasks that have been put off for far too long.

    Get bold with your marketingWhen business is booming, entrepreneurs often prioritize tasks that are directly related to profits, and other activities—such as marketing—take a back seat. Rather than using downtimes to catch up, use them to experiment with new tactics. Have you tried creating marketing videos? Used Instagram Live? Sent out direct mail?

    Write blog and social media posts ahead of time. Strategize your next marketing campaign and commit to posting on social media every day. If you have time, build up a backlog of posts so when things get busy again you have pre-written content.

    You can also use this time to learn tactics and tricks you may not fully understand. If you like writing your own marketing materials but don’t understand search engine optimization (SEO) or Google Analytics this is a good time to learn about them. Professional development now can help you in the future.

    Implement new policies and procedures

    If there are changes you want to make in your business, slower times are often a good opportunity to try them. That way, you have the chance to review the modifications and whether they work well for you before they cause a massive headache.

    Are you considering switching shipping companies? Do you want a new web hosting service? Are you looking to automate some client-facing activities? Make these changes during a slow period to get a good feel for how well they work. At least then you can address challenges that arise before things get busy and you’re left dealing with a lot of upset customers.

    Connect with your community

    Quieter periods are a perfect time to get more involved with your community and do some good. Find a local organization that you care about—or that’s related to the work your business does—and partner with them. You could sponsor an event or a seminar, or even run a fundraising drive.

    Not only will you have something to talk about on your social media, you’ll engage customers that care about purchasing from companies that do good. These days, that’s important to a lot of consumers. According to Forbes, 88% of consumers will be more loyal to a company that supports social or environmental issues, and 87% will have a more positive image of a company that supports social or environmental issues.

    Final thoughts

    Remember that business won’t always be slow, so don’t panic when things get quiet. Take the opportunity to reflect on your business, make necessary changes, try new marketing tactics and connect with your community. Doing so can help you make the most of your downtime so your business can rebound more effectively.