Smart and hard work, not hard work alone, wins in this game called business. What this means is that no matter how unique a business idea you come up with, without being a bit smart, your competitors will outsmart you. But forget about beating the competition first and think about saving on costs. The lower it is the better. How can you save money on your business operations? It is not too hard really, once you put on your thinking cap and start working on it. Here are some easy cost saving ideas you may be missing out:
Exploit The Free And Easy Marketing Ways
Tell people about your business through word of mouth, your social media accounts and whenever the opportunity to give a speech somewhere comes up, volunteer so that you can tell people about your business at the end of the speech. Really, if you look around you, you will be surprised at the many marketing opportunities that do not have to cost you a dime.
Try word of mouth marketing, that one always works and it is free of charge. You can also give out cards at every opportunity that you get. Usually, people expect you to give them cards after you have told them about your business.
Create an online presence by following like businesses on different social media outlets. If you are handy with a camera, maybe you can make a few informational videos about your products and post them on YouTube. It is free of charge. More than anything else, serve your customers as politely as possible and ask them to spread the word of mouth about your business. It can be your small business’s most effective marketing strategy and save big in marketing costs.
Outsource All Tasks That Can Be Done Remotely
Consider the benefits of outsourcing. One, you do not have to create extra office space. Two, you do not have to pay top dollar for the job. Three, when you hire on platforms like Upwork, you get a large pool of talent to choose from. Four, you only pay when the job is done right. Five, there are no benefits like retirement to worry from. When a freelancer is done doing the job, you are satisfied and have paid for the job, you close that contract, and that is finished. There are so many tasks in your business that you can outsource. Web design, graphic design, content creation, eBook creation, software and app development are just a few of them.
This is about automation. If artificial intelligence already has people worried about losing jobs, you too can take advantage of automating some processes so that you do not have to employ as many people as you would have without automation. You will definitely pay a lot of money upfront for automation but in a short time, you will start earning from the systems and you will be glad you did. Nothing can stand in the way of technology, so the earlier you adopt it for your business the better.
Share The Workspace
You do not need to spend many hours a day in the office. You can always share your office with another business, maybe even split the hours if the space is small. This means shared resources like internet connection, furniture and so on. When you are done working, just take your laptop with you leaving the space free for another person to use. You can rent a bigger place all on your own later when your business grows.
Pay Out The Debts As Quickly As You Can
That is right, instead of borrowing all the time to fund business operations, get funding from your own savings if it is a sole proprietorship or bring your spouse aboard as a partner. That way, you will avoid borrowing loans with high interest rates. You can also ask the owners of the business to increase funding instead of borrowing. Consolidate all of your business debts and start paying them on time to avoid accumulating interests.
Buy Raw Materials In Bulk
Buying in bulk applies to other things as well apart from raw material. For example, if you use a lot of stationery supplies in your business, buy in bulk. If you offer your staff coffee and tea, buy the same supplies in bulk. This will save you from making many trips to the store, which means saving more on fuel and time. Anything that you use every day in the office or at the work place should be bought in bulk if possible.
Think for a moment, do you need all that ink on the flexible packaging? Can you still promote your brand in less ink? Do you need all that extra material on flexible packaging? Many things should be reconsidered to reduce wastage as much as possible.
Save Packaging Costs
If your business is operating in small scale, having all the packaging materials might be too costly. So, you can just outsource your packaging needs stop thinking about buying packaging materials, doing packaging printing and so on. If your business is in the food industry, adopting flexible packaging can be a great way to increase product appeal, reduce packaging cost and product transportation cost. Flexible packaging is also being used for cannabis packaging. So, try possible options of saving money from packaging of your products.