The price of everything is skyrocketing, from energy costs to office supplies and everyone’s feeling the pinch, So what better time to roll out our top 10 money-saving tips for small businesses?
There’s a lot of doom and gloom around at the moment but when it comes to controlling costs, there are quite a few things small business owners can do to keep things under control.
Know your customer and keep costs down
The success of any business, no matter how big or small, depends on its marketing strategy, and at the heart of it should be your ideal customer.
When it’s time to tighten the purse strings, it’s always a good idea to revisit your business plan to ensure you’re targeting your true audience, and not wasting valuable resources chasing customers who won’t convert into solid sales.
Outsource, outsource, outsource
Forget location, location, location – when it comes to small businesses saving money, outsourcing can be crucial.
Calling on experts like us, whether for a long-term contract or on an ad-hoc basis, gives your business flexibility when it needs it most.
It also means you can tap into skills you may only require for certain projects, at particular times of the year or if you’re looking to save money.
Can Virtual Assistants save a small business money?
Wouldn’t you rather enjoy spending keys hours of your time focusing on areas to grow your business rather than being bogged down with roles you dislike?
For most people, the roles they dislike are admin related. What are these roles? I guarantee that if you list 5 things you don’t enjoy, do not have the time or skills for, they are mostly administrative roles.
By handing over the ever-growing pile of administration to an Elite Virtual Assistant, you will be free to push forward in your business, knowing that the ‘stuff’ you always ignore is being tackled with confidence.
While you focus on growing your business, your VA will be in the background as added support on an as-needed basis. A small cost for business growth and focus.
Invest in creative partnerships
They say a problem shared is a problem halved, and you can take a similar approach in business by partnering up for an advertising campaign.
You could choose to tie up with a local company to spread the cost of an advertising campaign, or hook up with an internet influencer to boost sales without breaking the bank.
If you’re a start-up, joining forces with others and pooling resources is an efficient way to expand the reach of everyone’s promotional efforts, while keeping costs to a minimum.
Look to the cloud
Lots of businesses pivoted when the pandemic first gripped the country and many successfully rode the subsequent ecommerce wave by embracing the cloud.
If your company is still grappling with expensive hardware and the associated energy costs, now’s the ideal time to choose a cloud-based solution.
There are lots of providers to choose from, not least Amazon Web Services, Microsoft Azure and Google Cloud Platform, all with budgets and scalability to suit every money-saving small business.
Will going green save money for small businesses?
Definitely, and there are a range of actions you can take that will reduce your costs and burnish your green credentials among customers.
For example, simple measures such as turning off lights that aren’t needed or in unused rooms, and turning down the office thermostat by a single degree will cut energy use.
Updating older equipment, and changing to a printer that uses both sides of a sheet of paper will help trim those small business costs too.
Bartering can be brilliant
It might sound odd in this age of digital transactions and innovation, but the ancient art of bartering has never been more useful for saving small businesses money.
Regular networking and social media interactions will bring you into contact with many other firms and entrepreneurs. Can you offer them something in return for a service – an exchange of knowledge or skills that requires no money but benefits both parties?
It’s always with keeping your eyes and ears open for such money-saving opportunities.
Negotiate with your suppliers and vendors
Business is about relationships, and when the chips are down financially, most vendor companies would rather negotiate their deals than lose a customer, especially a long-term one.
As we said at the start of this blog, everyone’s feeling the pinch right now, so it’s worth getting on the phone and trying to work out new contracts with suppliers, even in the short term, to shave what you can off those operating costs.
Will buying in bulk help cut small business costs?
Bigger companies don’t just have deeper pockets (more often than not), they also have greater buying power, so they can negotiate better deals.
This can work for small businesses too. Go through your expenses and find the ones that are made via middle-men or sole outlets and see if you can nudge them down.
If that doesn’t work, the next step is to shop around for bulk-buying deals. Is there a cheaper deal for paper if you agree to buy 12 months’ supply rather than six, and do printer cartridges cost less if you buy online?
If you’re looking to get the most out of your business resources, we can help you balance that budget while boosting your skills.
Virtual Assistant Whiz offers vital admin support on an ad-hoc or regular basis. Contact us at firstname.lastname@example.org and let’s find out what we can do for you.