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Being a business owner, it’s up to you to make sure there’s always enough money on your company’s bank account. However, your income probably isn’t that big, and there’s simply no enough money to be tucked away as savings. What this means is that you’ll have to look for some other ways you can stash some money in the side for your business. Here are 5 of these that might be exactly what you and your business need.
Give DIY marketing a go
Hiring marketing experts is a great way to get your business noticed. But their services tend to be quite costly and if you’re trying to save money, turning to them may not always be a good idea. Instead, what you can to do is try to learn everything you can about marketing and use your expertise to promote your business. Luckily, with all the resources available on the web, this shouldn’t be too difficult. And if your DIY marketing efforts turn out to be successful, you’ll be saving your business a lot of money.
Ask for discounts
This is a simple but very effective solution. All you have to do is contact your vendors and ask them if they have any kind of promotional offer you could have use of. Of course, this won’t always be the case but when it is, it’s going to do wonders for your company’s budget. Many successful entrepreneurs say that even if you’re not granted a discount, you might still be able to get one once you prepare to walk away from the deal. Moreover, if some of your vendors decide to offer a discount in the future, they’ll turn to you straight away since they’ll know you’re interested.
In this day and age, you simply have to go paperless. This is especially the case if you’re running an accounting or law firm. Today, we have mobile devices such as smart phones and tablets that can store all of your documents for you. Using these whenever you can and only printing important documents means you’ll save tons of money on paper. Not only this, but if you decide to go paperless, you’ll save yourself a lot of office space, which is always a good thing. And when you have to use hard copies, bear in mind that having regularly used forms printed is much cheaper than photocopying.
Be more eco-friendly
Chances are you’ve noticed that modern businesses tend to invest in eco-friendly solutions more and more. And saving the environment isn’t the only reason why they do so. Going green also helps them save a lot of money long-term, which is always a good idea. So, if you want to aid in preserving the planet and save money while doing so, there’s no reason why you shouldn’t get started straight away. You can start by investing in things like the Solar System 5kW or new LED lamps, since things like this are guaranteed to help you reduce your company’s electricity bill.
Give inexperienced people a go
When hiring, you don’t always have to go for experts who already have plenty of experience in the industry your business is in. Sometimes, hiring a young and ambitious person is a much better idea since they’ll often be ready to work for a lower paycheck. This can save your business a lot of money, especially if you already have too many employees. If you decide to do this, it’s very important that you be patient with your new employee. Have someone more experience tutor them and don’t be afraid to give them a chance to shine.
Follow these 5 tips and you should see more and more money on your company’s savings account. Once there’s enough money on it, you can start expanding your business or go for a huge marketing campaign that’ll help you stand out from the crowd.
Also, check out this article which provides some really good information on mistakes small business owners should attempt to avoid!