Tips to save money for your business
When starting out in business or even if you have been doing it for awhile, it can be sometimes hard to increase your operating profit, reduce costs and save money for your business. As an SME telecommunications company, we understand the importance of trying to save money in one area of the business, so that we can use it more effectively elsewhere. Below we will delve into practical ways in which you can save money for your business and increase your operating profit.
7 ways to save money for your business
1. Brand All Business Material – Some businesses forget that even an invoice or a plastic bag can act as advertising for your business. This is a very cost effective way of promoting your brand and getting your name out there, so make sure to have you business logo and details attached to all business materials.
2. Work With Other Businesses – Another good way of saving money is by partnering up with a neighbouring business and splitting the cost of an advertising banner or billboard. This will both save you money and create strong business alliances.
3. Make sure to network – Utilise your business, family and friend connections in order to get the best deal on things you may need. As the old saying goes – “It’s not what you know, it’s who you know”.
4. Promote Brand Advocates – The best type of marketing/advertising your business will ever have is a happy customer. Ask these happy customers to leave positive reviews on your social media pages or to spread the good word to their friends and family. Even sweeten the deal by offering them an incentive i.e. a free coffee in your cafe or a voucher for your store.
5. Sponsor a local athletic team – Is there a local football team or rising athletic star where you live? Having your business name/brand associated with a local team or athlete will create awareness, as well as, positivity among the people living in your area. Plus, a lot of the time, a large portion of the money you put forward can be claimed back through government tax. It’s win – win!
6. Sell Online – If you’re not already doing it, get on it right away. Selling online opens so many doors in terms of reach and profitability. By 2020, it is predicted that close to 80% of all shopping will be done online, so that’s too much of a good opportunity to miss out on.
7. Shop around for the best deal – Don’t take the first quote on any product or service. It’s best to haggle on the price, as well as, use one price to get a better one elsewhere. Companies are always trying to undercut each other in order to win business, so use this to your advantage. This can be seen throughout the telecoms industry, with rival companies trying to sell the cheapest phone and broadband packages etc.
If you abide by these 7 rules, you will be able to save yourself quite a bit of money throughout the business year. There are always ways in which you can save your business money, you just have to look at it practically and look to save money, in a lot of small ways. Going forward, your business will be a lot more efficient and economical.
Look after your penny’s and your pounds will look after themselves!