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How small businesses can achieve small costs

Starting a business can be a costly process. As it grows, the expenses tend to rack up and it can be quite a while before you start to see any solid profits. Yet there are several ways to reduce your business bills and make your money work that little bit harder for you. Here are some ideas.

Advertising and promotion

Don’t limit yourself to traditional forms of advertising, such as print adverts and leaflet campaigns. Think wider. The internet offers countless possibilities for inbound marketing, including pay-per-click advertising campaigns that charge you only when someone clicks on your advert. Set up a blog and make the most of social media channels to spread your message and get your brand out there for free.

Outsourcing

Often, hiring an external supplier or freelancer to carry out specialist services for you, such as accountancy, copywriting or legal advice, will save money over employing someone to do it full time. You can save on payroll costs, as well as offices and IT resources if they work from their own premises. You have the advantage of bringing a fully-trained expert into your team when you need them without having to pay for their services when you don’t.

Negotiating

Don’t be afraid to negotiate prices with your suppliers – even though you may not have the spending power of larger organisations, you have your loyalty to offer instead. Equally, make sure you are charging your own customers enough for your products and services. People place great value in expert, professional business transactions and attentive customer service, so don’t underestimate what you are worth to them. You may even be able to negotiate with the landlord of your business premises to secure significant rent savings in return for a longer guaranteed letting period.

Thinking green

Going for an ecologically-friendly approach to business not only boosts your reputation for being socially-aware, it can also save money. Running meetings via telephone conferencing equipment, for example, saves on travel time and costs and allows people to work more flexibly. Switching computers off at lunchtime and opening windows instead of turning on the air conditioning can cut down energy bills. Stationery savings can be made by not printing emails, or writing on both sides of the paper. These may seem like small savings, but they all add up.

Buying wisely

Buy in external services wisely. For instance, don’t plump for the most expensive cleaning service if you can do some of the work yourselves. Change costly water coolers for filter jugs or buy in office supplies in bulk once or twice a year to secure larger deals. See if you can simplify your distribution process to avoid paying for any unnecessary stages.

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