To every business owner, the most important thing is to be on top of their books. Without knowing when and how you need to save, it’ll be a struggle to keep the business afloat in times of need. Every business goes through a rough patch where making ends meet seems like a nightmare, but you can make sure you’re prepared and saving money to keep everything going with the proper decision-making.
No matter what size your business is if you recently launched a start-up or have a well-established company filled with employees, there is always a way to cut unnecessary spending.
Here are six not-so-obvious ways you can save money and still promote your business.
1. Guest Post on Other Blogs
One of the easiest, most cost-effective, and rewarding ways you can save money for your business, is guest posting on other similar businesses’ blogs. But, unfortunately, so many people underestimate or don’t even think about the benefits of guest blogging when it comes to cutting costs for their marketing ventures.
Because it’s another ‘value exchange’ with someone in your field of work, it’s basically like giving a speech at an event. Guest posting on other blogs is inexpensive (or even free) for both sides, and it allows businesses to reach out to each other’s audiences. It can boost your SEO ventures by driving traffic to both businesses if done correctly.
2. Take Advantage of Duty Drawbacks
If your business deals with international imports or exports, you know how important it is to cut unnecessary costs on trade tariffs or duties paid for at customs.
Importing and exporting goods between countries is a complicated, time-consuming operation. As the owner, it’s essential to ensure the business retains profit margins, complies with international rules, and quickly fulfills client orders.
You could be wasting money if you aren’t taking advantage of duty drawback programs. Taking the time to investigate trade transactions and claim a duty and tax refund does not always appear to be worthwhile, but it is; it can be a massive window of opportunity to save money in the long run.
3. Go Paperless
Going green is not just a good PR move, but it’s also a brilliant financial decision. When you buy something physical, there is an instant cost — paper and the stationery that goes with it will always cost money.
On the other hand, the software can generate a limitless number of digital documents at a low cost. You also save space by not storing digital records, making it easier to search and organize them.
4. Don’t Underestimate Word of Mouth Marketing
Word-of-mouth advertising is possibly the cheapest kind of advertising you can explore. It happens naturally when a customer is so satisfied and enthusiastic about your product that they persuade someone else to buy it as well.
A great way to ensure word-of-mouth marketing is to make it easy for customers to evaluate and discuss how much they appreciate your product. Encourage customers to provide reviews and give feedback on services like Yelp or Google, making it easier for them to share your material on social media.
5. Outsource Work Whenever You Can
Employees are necessary for completing tasks, but personnel costs—from salary to office space to insurance—can consume most of a company’s budget.
You can easily choose to keep your full-time workforce to a bare minimum where possible and outsource work to independent contractors for the tasks that your employees cannot complete on a timely basis.
You may think, “how does outsourcing save money when I’m still paying contractors for the work they do?”
Well, in short, you are:
- Eliminating extensive training costs. Workers that are outsourced are specifically trained to do a particular task, so you’re saving money by eliminating costly and time-consuming in-house training sessions by utilizing this on-demand expertise.
- Getting more work done by using the entire day.
Outsourcing to multiple time zones can help you enhance productivity.
You may enhance capacity, increase efficiency, and save personnel resources all at once by outsourcing the proper processes.
Because talent costs and availability vary by worldwide location, pick a time zone that fits your needs, budget, and expertise. Clear communication, expectations, and follow-through are the foundations of successful vendor partnerships.
6. Get Interns
Interns, despite their lack of prior experience, are knowledgeable and skilled. Not to mention forward-thinking.
Many employees’ benefits can be combined into one account when hiring recent graduates, so even the risk of hiring a full-time employee is minimized.
There are no wages and benefits, and the risk of financial damage is also lower if the new addition turns out to be unfit for your business.
