Methods to Save for your Small Business
Every penny counts for owners of small businesses. Saving money is a never-ending quest, because any savings can lead to growth by the company and even higher revenue. Owners can get more out of their small businesses by following these four practical-yet-effective tips.
Utilize Social Media
When most people think of social media as a marketing tool, they think of widespread viral campaigns. While a lot of viral campaigns have enjoyed nationwide or even global popularity, the truth is that a social media campaign doesn’t need to be huge. Small businesses can utilize social networks effectively, and they can even do it faster than most large companies.
Twitter is a great example of a way to quickly market through social media. On days where sales might be slow, business owners can offer a sale or other discount and then tweet about it. By retweeting form a personal account, the company will reach its followers and the owners friends. All it takes is a few followers retweeting a deal, and suddenly a short Twitter message will have generated a boost in revenues. Getting the word out locally is the goal.
Save on Office Supplies by Buying For the Long Term
Owners of small businesses tend to go day-by-day when business is sluggish, but this can backfire. The cost of minor expenses for a business, such as pens or paper towels, can add up quickly when they’re bought in small quantities on an infrequent basis. By joining a warehouse club or buying in bulk, owners can save a good deal of money. Since the supplies will be used eventually, there’s no real drawback associated with buying in bulk.
Owners Need to Know Margins
This is common sense, but the number of business owners who don’t know their costs is staggering. Margins fluctuate in every industry, they are rarely a static figure. Owners need to be aware of the margins on the products or services they’re selling so that they can adjust prices properly. Companies that aren’t paying close attention to their margins are companies that aren’t maximizing their revenues, and in some cases they’re also companies that are going out of business.
Contractors Are a Cheap Way to Get Online
A website is a critical component of a small business. Just giving customers a landing point to learn more about the company can lead to increased sales, and web hosting for small companies is more affordable than it’s ever been. Hiring a web designer is usually the cost that stops a lot of businesses from launching sites.
Fortunately, there are cheap ways to have a site designed. A large firm isn’t necessary to get a great website built. Small business owners can look to independent contractors in classified ads to get quality work. Another great option is to recruit from nearby college campuses. Students who have significant progress in their degree program can offer professional-grade results at a fraction of the cost of larger design companies.