How a small business can reduce costs? Work in-house: If you or a member of your team can take on a little more responsibility then this should be the default instead of paying a freelancer. Platform options: Have a strong presence on social media and stick to the channels that work best for you: Facebook, Snapchat, LinkedIn, Instagram, Twitter, Pinterest, and so on. However, ensure you have a goal set and a strategy in place as posting randomly will get you nowhere. Referral program: Have a referral program in place as you build up your customer email list. Recommendations from current customers can easily and quickly lead to sales.
Every business owner spends time evaluating ways to increase revenue and ways to decrease expenses. While reducing costs whenever possible is important, each line item should be carefully considered so that it doesn’t have an adverse effect on business in the future. It’s always important to ensure the quality of the products or services isn’t compromised by cutting expenses.
As a service business, our biggest cost and expense is time, and time expenditure comes down to efficiency. We’ve all been given a gift of time to reset and reevaluate how our work methods have shifted. Take the time to look at the lessons learned from digital collaborations and communications and solidify your workflows. This is not only very helpful as we all adjust to working remotely, but it is setting your firm up for positive growth during the next chapter of business. – Celeste Robbins, ROBBINS ARCHITECTURE INC Make sure you are constantly looking for ways to eliminate unnecessary overhead. Don’t wait until it is too late and you are stuck deciding between hardworking, dedicated employees and the expensive marketing budget that you have yet to see direct results from. Have the capacity and foresight to see what isn’t working for you, cut ties when needed and keep your business lean. – Alex Weissman, ETA Jets
Cloud computing is very popular, and it isn’t hard to see why. This fairly new technology can be used in various ways; for instance, you could host a virtual phone system from your house as a customer service line. This means you can provide your clients and customers with a reliable, affordable form of customer service – even if you don’t have an office or any employees. Discretionary expenses are costs that you want but don’t need. For instance, you may be spending money on weekly snacks for the office, or you may want to buy a water cooler. We suggest holding off on discretionary expenses if you want to save money; after all, you can always buy these items later, when your business is booming! See more info at Digital Agency.
Hiring an employee on a freelance basis also allows you to create more space in your workplace. A lot of businesses make the mistake of hiring a full-strength team at the beginning, which can drain the capital of the company quickly. Sometimes a company hires too many people in the HR department. This is also a poor choice as you can easily use an online HRM system to manage the tasks, timings, and off-day management for your employees. And it does not only help you save money, but it also speeds up all these processes saving the time of both the company and the employee.