8 Ways to Save Money on Business Activities

5 years ago | Posted in: Business | 412 Views

Introduction

Starting a business takes a lot of your focus, time, and money. Better yet, maintaining that business requires a well laid-out plan that will be backed up by critical and creative thinking on various important matters. Even so, your business shouldn’t be something that stresses you out especially when it comes to maintaining your cash flows.

The best policy is to look around yourself and use what you already have to save you money on your monthly expenditures. Saving money as a business will help you keep your reserves untouched. You will use those reserves only for the most pressing of issues. Without further ardor, here are some of the tips that you can use to make sure that your business isn’t spending more than it’s supposed to:

1.     Ask Around for Help

Every functioning business is out there trying to acquire customers in order to generate more sales. However, this process shouldn’t just stop there as you can go as far as asking your clients for help. Different businesses will apply different customer management tools for this particular task, but the main point is to acquire customer referrals.

These referrals will help the business grow more than you think. This is because when word gets out about your services or products, the same cycle will continue and before you know it, one customer has brought back more customers that you thought was possible. As a result, you increase your sales without spending anything on marketing.

2.     Be a Smart Neighbor

If you have a physical office location, you are likely to have other businesses in the adjacent offices. You can always be a smart neighbor by offering your neighboring business a chance to advertise together and split the costs equally or based on the contribution ratio.

Different businesses can choose to share a billboard or sidewalk sale while similar ones can go with the same supplier making things a whole lot cheaper.

3.     Use TV commercials

When people get home after a long day at work, they’ll most probably get a little time to have a rest and watch some TV. This means that you can use TV commercials to reach as many prospects as possible and save on other marketing methods.

Most TV stations will offer reasonable advertising rates allocated for different time periods both during the day and night. As much as you may not get the chance to reach prime time viewers, you’ll still be able to reach potential customers that can always make a difference.

4.     Give Out Expert advice

Since you happen to be good at your business or rather your field of expertise, you can always offer expert advice that will go a long way. Offering to write an article to be posted in the newspaper or even sending a representative of the company to talk at a live podcast could help your business get some attention at a very low cost.

5.     Use Customer Reviews

If your business has been running for quite some time, and you’ve had the chance to interact directly with your clients, you can always ask them to provide reviews. By doing so, you’ll be able to tell the rest of the world about what other customers have gained from your business. This will, in the end, encourage others to give your business a try just to see for themselves.

6.     Set-up a Low-cost Online Store

Being in such an advanced digital world, setting up your business online can help unlock its true potential. This is mostly because there are many internet users now more than ever before. Even so, a majority of these are mobile users.

This means that by going online, you get the chance to access a multitude of people that can help boost the sales of your business. Additionally, you can choose to use affordable auction sites such as Yahoo Auctions or eBay to make quick sales that are on offer.

7.     Social Media

In order for your online presence to be felt, you have to have an ever-present identity so that you can always reach out to both current and potential customers. The best way to achieve this is by setting up social media pages that will allow you to interact and communicate with customers and the entire fanbase at large. The good thing about this is that it will cost very little, and you can keep the pages going for an entire lifetime.

You can always engage your online followers in useful discussions. Furthermore, you can go ahead and answer different queries asked by customers. The main point is that being online will let you access as many people as possible at a relatively lower cost compared to many other marketing methods.

8.     Take Advantage of Renewable Energy

If your business uses renewable energy, you can always take advantage of the net metering. You may ask what is net metering? It’s whereby you get a discount on your monthly electric bills for adding some of that excess renewable energy to the grid. It’s as if you are selling some of that excess electricity to the government.

Conclusion

Learning different ways to save your business money will help you maintain your cash flows and always have money to spend. Furthermore, it’s important to take small steps towards improving your business and propel it to greater heights. You can use the above guidelines to do so and carry out more research to find other methods.

 

by: Dennis Hung

 

Share it.

Leave a Reply

Related Posts