Running a business can be one of the most challenging jobs out there, yet one that can be very rewarding. It can be rewarding in terms of both money and job satisfaction. In the short term, it can be difficult to project growth, and find ways to save money. After reading this article, you should have a better idea of how to make it happen.
Look Into Low-Cost Advertising
Whilst you will most likely be familiar with the benefits of advertising your business to your customer base and potential customers, you may not be familiar with just how effective the practice can be.
You should consider looking into low-cost advertising techniques. For example, you could send your advertising content within invoices, so that people will see it at no extra cost to your business. Some businesses also offer coupons and other discounted material within customer purchases, which entices customers to return to the business in the future.
Outsource If Needed
Something that many businesses do to not only increase production but to save money in the long term, is to outsource their work. One popular department that is often outsourced to save time and money is payroll. Outsourcing accountancy and payroll will allow your employees to gain trust in the fact that they will be paid both correctly and on time.
Oftentimes, businesses will also outsource their production to factories across the world, to save costs and increase quality. There will be more examples, but the basics are that all departments in all industries will be able to be outsourced in some way.
Work Whilst On The Go
One way in which you can help ensure your success is to make sure that you can work at all times. That doesn’t mean you should be working in your free time, just that you are flexible to help out the business.
If you are a freelancer, then this will be crucial, as you may end up getting work requests and contact out of your usual work hours. For example, you may have an email application installed onto your phone that allows you to receive requests wherever you are and whenever that is. The benefit of using emails is that there won’t be any pressure to reply when you’re out of work, meaning you can do so in your own time.
The cost of some phone plans can put people off in general, which could make it seem unappealing to sign up. Fortunately, there are more affordable ways in which you use your phone for work purposes. There are sim-only plans that allow you to take control over your phone, paying for what you need for work, meaning you don’t waste money.
Lebara is one such provider that offers these plans. You can purchase a SIM to use in your phone with minutes allocated to your requirement, rather than paying extortionate amounts for minutes and data that you don’t’ need. You can read more about their unique plans at mobile.lebara.com.
Build Partnerships
For a business to succeed, they will see their chances increase if they make more connections with other businesses. This is also known as B2B, where businesses work together to purchase stock or connect in general. Businesses of all sizes across the world will make use of B2B partnerships, with a common way of doing it being to outsource your work, or have another company mass produce your product or even ship your product.
Conduct Market Research
It will be a good idea for you to conduct market research. Market research can be cost-effective, as it can be cheap to do if you’re doing it yourself, and will reveal crucial information to you and your business. Some examples of information that could be revealed to you include consumer trends, where you will gain an understanding of what customers want from the industry. When you know this, you can get ahead of a trend and release a product or service that’s in demand.
Market research will also allow you to look at competitors, and find what they’re doing differently to you at various levels. This could allow you to learn lessons from competitors, without having to pay to find out if something will work or not. This means you will not only save money; you will help build your business towards success.
Utilise Social Media
Modern businesses require modern thinking. You should be looking into utilising technology to your advantage, and social media could have a big part to play in that. Social media will allow business owners to connect with customers, showcasing to them what they’re all about and responding to any enquiries promptly.
Social media comes in a few different forms, such as Instagram, Twitter or even Facebook. They all have different target audiences and will have different content on them. For example, Instagram is all about pictures, so a business owner could use it to show what their products look like. Twitter is more word-based but does allow pictures and videos, so more information could be detailed here.
There are also newer social media to think about, such as TikTok. Whilst it’s still a growing platform, it allows small businesses to create viral videos that can be seen by millions of people. Social media is something your business will need to prevent them from falling behind.
Have An Online Store
If you’re currently operating or planning to, a physical store, then you should think again. Whilst holding a physical store is still a good idea, there is no harm in allowing people to purchase from you online. It can be cheap to host an online marketplace, which will allow your business to reach more and more people.
The common misconception is that online stores can be difficult to create, but some businesses will do the hard coding for you, allowing you to easily design the look from a selection of templates. Sites such as Squarespace and Wix are great places to start, but there will be other examples for beginners and businesses of various sizes.
Use Free Software
Another effective way in which you can save money as a business owner is to utilise free software wherever possible. Free software could come in many different forms, with the main purpose being to assist your business in some way.
For example, there will likely be some stock counting software that you could utilise, until you could afford a more efficient one. It will do the job for now, which is the main purpose of the software. Consider shopping around to have a good look at what’s available, or trialling a few different versions.
Hire The Right Employees
Hiring the right employees and positively managing them will also help your business build towards success, as well as save you money. Retaining talented employees will save you money as you won’t need to go through the hiring process too many times. Having empty slots that need to be filled in your workforce leaves your business less productive, as the employees need to do the work of the empty position, as well as their own.
The right employees can also help bring your business up to a new level. They may have techniques and thoughts that you may not have thought about before, which can help grow your profit margins.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
