Money Matters

Four Practical Tips To Save Your Business Money In 2020

There’s no denying that running your own business is challenging, especially when it comes to finance. Small businesses should always be looking for ways to save money and build their bottom line profit – and coming into a new decade is the perfect time to review the financial situation of your company. If you’re able to make it work, you’ll know that all your efforts are directly set to benefit you – so looking for ways to increase profits through expanding products and services and reducing wastage should be an ongoing priority. And the good news is that there are generally some quick steps you can take to get the ball rolling. 

 

Reach Customers Through Social Media

 

The cost of traditional advertising are something you can generally do without. Overheads to produce a print ad or a billboard are huge and the results are hard to measure. Limit your marketing to digital channels and you’re giving your business much more in the way of data insights that will help to inform your strategy. Aim for targeted results that are closely geared towards your target audience – and learn everything about them that you can. Low or no cost advertising on digital networks can really pay off. Reaching out to potential clients or customers and producing high quality content should be your focus – you don’t need a big budget, and it gives you the chance to really connect with an audience and showcase what you do. There are plenty of businesses who have grown massively now without using traditional advertising methods. 

 

Get The Right Systems

 

Having the correct technological solutions in place can help you to save time, save money and reduce waste while providing a better level of customer service – you just need to find the best fit for your operational needs. From finding the best CRM system for your business to implementing that payroll system which is going to make time efficiencies, the right software solution can be transformational to what you do. 

 

Learn To Negotiate With Suppliers 

 

Bringing some negotiation skills to the table can really help your business to operate efficiently and contribute to profits. All vendors have margins which they can choose to discount – you just have to convince them that your business is worth it. If you provide regular custom or will be upping the volume or frequency of your trade with them, the time is ripe to ask for a discount. Everything from office supplies and support services through to utilities can have the cost brought down if you approach it in the right way. So make a list of committed outgoings and make it your mission to achieve a percentage reduction on each item. 

 

Go Greener 

 

No business is an island and we all have a responsibility to the planet to operate in a greener way – and the great news is that this also helps us to make savings. And it can all be done with some very simple moves, from moving document storage into a cloud based system to restricting printing to double sided black and white by default and ensuring that computers and other electrical devices are turned off overnight. Going on a drive to reduce energy use in the office lowers your bills and is much kinder to the environment, so make being eco conscious a part of this year’s business plan. And with consumers actively looking to choose greener brands, making a commitment to the planet could also win you new business. 

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