Owning and managing a business is a process of living with constant pressure to reduce costs and make operations more profitable wherever possible. This can often lead to solutions that reduce the quality of both the output and workforce.
It doesn’t have to be that way though. There are numerous small and simple changes you can make that don’t dramatically alter how you do business, but certainly how much you spend on it. Here are five simple solutions we know work and will help you save on both marketing and business operational costs.
Don’t just save on your businesses and marketing this year, find out how you can make your HR more effective and cost-efficient.
No business is able to make appreciable cuts or changes to their spending without first understanding how much they’re already spending.
There are numerous ways you can monitoring spending, depending on what business you’re in. Spending can be anything from employee expenses to how much you’re investing in social media advertising. You don’t always need to rent the nicest company car for business trips and you should keep a keen eye on whether or not a mistake in your Facebook marketing targeting is wasting your budget before it can get started. Monitoring these general details and spotting where you can make cuts is essential.
Look for unique ways to save within your industry. For example, purchasing fuel can be a huge drain on both the finances and resources of businesses with use fleets of vehicles, as accounts teams will have to spend hours going through individual receipts from each driver. Investing in an iCompario fuel card can help alleviate some of the pressure on both your balance and team, making paying at the pump both cheap and easy while collating all fuel purchases into one account. Cards for most vehicle types, including diesel, can be purchased directly from iCompario.
Nobody ever saves money accidentally. Making sure your business is cost-efficient involves a high level of monitoring and finding streamlining solutions.
Content should never be a one and done issue.
To make your marketing division more profitable and save money you should look to re-use material from old campaigns wherever possible. While it can feel like you need to re-invent the wheel every year with your strategy, much of the content you produce will have evergreen qualities, particularly seasonal material.
Don’t be afraid to use old images, copy or videos more than once to re-ignite interest in key products and services.
It’s important to keep up a consistent social media profile. Producing original content for daily posts can be expensive and take away your team from important tasks, so don’t be afraid to post the same content multiple times across your channel. There’s a high chance much of your audience will have missed it the first time around anyway.
Make use of freelancers
Outsourcing is one of the best ways companies get around the issue of wanting to take on large scale projects, but not having the staff to complete them.
Making use of the enormous pool of talented freelancers is essential for keeping your business costs down in today’s market, especially as a small business. You may not need a copywriter, designer or video editor all of the time, but with freelancing sourcing tools you can find the perfect person just for that particular role to bring into the office for the duration of the project.
Outsourcing your marketing, while sometimes more expensive, can allow you to reduce costs internally, as you are paying an agency to cover it for you over an agreed amount of time rather than hiring a specified member of staff you need to keep busy all the time.
Use local events
Local events are an untapped source of business that every good marketer should be taking advantage of.
While attending the big conventions and running your own events are great strategies, they’re also costly strategies. It can be expensive to get a stall at industry events, and then you’re competing against bigger competitors with more experience in attracting a knowledgeable audience base.
When attending smaller, local events you are exposed to a fresh audience who may not necessarily know who you are or what you do, but be interested nonetheless. These events are often cheaper to get involved with or even sponsor. They can be excellent opportunities to network with other local businesses, opening the door for collaboration and charity work, which can produce excellent marketing material as well as notoriety in the local area.
Embrace remote working
Remote working is a hot topic lately, and a lot more people have been forced to become accustomed to it.
What businesses who have never experimented with it before may not realise is how simple a way of saving money it can be. By allowing your staff to work remotely, you cut out the amenities cost of simply having them in the office or having to invest in a larger space.
You can choose to employ people entirely remotely, or just have them come into the office a couple of days a week, with a rotating desk system.
This allows you to cut out additional costs you may be covering such as commuting and transfer those funds into the business with the aim of growing it and having a large, stable office staff permanently in the future.
When expenses are high and you’re struggling to meet your monthly targets it can feel impossible to reduce costs in your business. There are simple measures though which require very little additional effort and come with few risks. Try implementing a few today and see if they suit your business.