— June 21, 2017
The more money you save your small business, the more you can invest in its growth…
…and the more financial runway you’ll have to keep it going.
Luckily, there are many ways in which you can save your small business money. And it doesn’t have to be painful.
In fact, you may even be able to make your business a lot more efficient in the process.
Today, we’ll give you six things you can do right now to save your small business money.
- Outsource Where You Can
Full-time employees require full-time pay, benefits, and can be a significant financial burden. Obviously, you need them to keep your business running. But you may not need a full-time employee for every position.
For example, perhaps you can hire an agency to help with your Facebook marketing, and this could be a lot cheaper than hiring a Facebook expert to your staff.
You could also hire a virtual receptionist service like this one to answer calls. This is typically much cheaper than a full-time employee and has the added benefit of making sure someone is answering the phone 24/7.
- Clean Your Email List
When is the last time you cleaned your email list? If it’s been a while, then chances are you’ve got a lot of contacts who haven’t opened an email in a while. If a subscriber hasn’t opened an email in the last three months, then chances are they probably won’t open future emails nor buy your products/services.
These subscribers are hurting your email deliverability and also costing you more for your email marketing service (as most email marketing services use tiered pricing based on the number of contacts).
You should clean your email once a month and remove any subscribers who haven’t opened in the past 3 months. However, before you delete them, make sure to save them in a spreadsheet! You can use them to create Facebook lookalike audiences later on for more optimized Facebook ads.
- Share Office Space
Does your business need its own dedicated office? For some businesses, the answer is yes. However, for many others, they could share office space without any problem.
Simply by sharing office space, you can cut out a huge monthly expense for your business. You could even consider moving to a co-working space where you can cut down on office expenses even more.
- Buy in Bulk
Anyone who enjoys shopping at BJ’s or Costco knows that buying in bulk is a lot cheaper.
Take an inventory of your expenses and see where you can switch to buying in bulk and getting a potential discount. To start, you can discuss this with office suppliers and manufacturers.
- Make Your Meetings More Efficient
Most businesses waste time with unnecessary meetings, or at the very least, unnecessarily long meetings.
All of your meetings should have a purpose. If they don’t have a tangible goal, then they probably aren’t needed.
Consider creating an agenda and following it during your meetings. This will help cut out on wasted time, make the meetings more efficient, and keep your employees engaged.
- Fine-Tune Your Marketing
Businesses lose thousands and thousands of dollars every year on advertising strategies that don’t work.
But if you can fine-tune your marketing – and more specifically, optimize your social media marketing – you can save a lot of money while generating a better ROI.
The key is to find the right audiences to target, measure the right metrics, a/b test, and always be improving the ads little by little.
Wrapping Up Ways to Save Your Small Business Money
Saving doesn’t have to be painful, and it shouldn’t hurt your business. In fact, if you use the strategies listed here, you can actually make your business run more smoothly and efficiently.
What other ways have you used to help save your small business money? Let us know in the comments below!