With our present economic climate things are getting increasingly difficult for small businesses, as they have to think of new ways to cut costs. But that’s not as tricky as you might think because you can achieve your goals through some research. There are some ways you can save costs in your marketing budgets so that you can use those resources for other expenses.
English: Infographic on how Social Media is being used, and how everything is changed by it. (Photo credit: Wikipedia)
Social Media Advertising It’s a massive tool in today’s time to boost your advertising. Social media gets you an extensive reach amongst various audiences and more importantly it is an inexpensive strategy that can save you money. With the help of social media you can reach out to your potential customers and save on marketing costs as well.
Improve Customer Service This is an interesting way to save costs, which you can use to good effect. Having well trained staff reduces products being returned and dissatisfied customers. If your customer service is improved, you will build a loyal customer base. If you can’t directly cut costs by enhanced customer service, you will at least boost your sales and generate more revenue.
IBM Cloud Computing (Photo credit: IvanWalsh.com)
Vendor contracts should be considered While it’s true that you need to think about getting new business, are you thinking about contracts that might be overpriced? Right from cleaning costs to Internet Service Providers, consider all costs and make it a practice to ask for long term contracts from vendors as it will bring you lower rates. Do your research when it comes to different service providers that are available in the market. You can always tell a vendor that the same services are being offered to you at lower costs and it can help you negotiate a better deal.
Wordle: Mashed Library Pancakes and Mash interests (Photo credit: Paul Stainthorp)
Technology If your business can’t do without technology then you can think about free software. VOIP has become increasingly popular today and you can get rid of physical telephone lines. Merchant services cost you monthly as well as statement fees; using online payment methods like PayPal makes a lot more sense. You can get a better online presence through cheap web hosting services as well. If companies are offering you packaged services at reduced costs, you can definitely consider them. If you are selling products, creating an online marketplace is an idea because you can not only showcase your items but get more orders too.
Join or Form a Co-Op This is a strategy that has been used by businesses and communities to a large extent and with great results. As a small business you have the opportunity to bond with other small businesses to get goods in large numbers at reduced costs. It’s similar to Costco® but for businesses. There are several advantages to this strategy, you can reduce costs on everything from paper clips to website development. You can boost your sales and build relationships with businesses, which can be beneficial. More importantly you have the reward of buying in bulk because you won’t be stuck with 1000s of the same item, which might not be of any use to you.
Saving Time (Photo credit: mbgrigby)
Save Time It can be quite tempting for small businesses to focus on DIY in a bid to save costs. But remember, if something takes up a lot of your time, it is costing you money. Independent contractors and freelancers should definitely keep this factor in mind because you only earn when you work. For example, if you spend a lot of time designing a website to save fees charged by a designer, then chances are you might not have a functional website. What’s worse is you will have wasted your time that could have been spent working and earning.
You have to understand that trying to cut costs doesn’t mean you have to make any big sacrifices. These are some of the smart ways that can be employed to ensure that your business costs are reduced while its needs are met to the fullest as well.
What do you do to save money and lower cost for your business? Leave us a comment we would love to hear from you.
Editor Bio: Melissa Adams is a Business Coach and Advisor. With her individual approach, her goal is to help you recognize the potential in your business and ensure that, by putting the necessary foundations in place, you can look forward to a profitable future.
She has collaborated with firms and professionals from various industries and backgrounds and her expertise expands beyond various disciplines. As she draws on her knowledge of Business Management, Sociology, Psychology, Behavioral Science and over 15 years of Sales knowledge to improve clients conditions.
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Author bio I am Ramya Raju a freelance web design writer with 8 yrs. of extensive blogging experience on a variety of online publishing and social-media platforms. I’m also an extrovert with a passion for photography, anthropology, and travelling to different countries to learn the culture and living of the local inhabitants. Contact:Ramya Raju E-mail id: firstname.lastname@example.org Website: http://www.seotraining.me.uk/seo-training-blog/
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