These are challenging times for small business owners, and to help your business succeed, it’s important to make sure your overheads are as low as possible without having a negative impact on the services you provide. Remember that everything can be negotiated, from the monthly rent you pay your landlord for office space, to bulk discounts you get from your suppliers.
Switch to Online Advertising
If your business is advertising primarily via traditional media channels such as newspaper, radio, or national tv adverts, then switching to online marketing should reduce your cost per acquisition considerably. Furthermore, online marketing is much more measurable than traditional channels. With online marketing a portion of your annual budget can contribute to building up a residual stream of new enquiries, this is almost impossible to achieve with other channels.
Use Automation & Software
Several mundane and repetitive tasks around your office could be automated through software solutions, freeing up your staff to focus on more profitable and productive tasks. Not only will this make your business more profitable, but your staff will also probably thank you because they no longer have to complete boring and repetitive tasks.
Project management solutions such as basecamp or freedcamp can also be very powerful tools for tracking project milestones and improving customer satisfaction whilst avoiding the additional cost of hiring a project manager.
Don’t Buy Printer Ink from Your Printers Manufacturer
This one might seem like a no-brainer, but an astonishing number of companies actually pay the insane prices that their printer manufacturer charges for genuine ink cartridges. Over recent years the prices of genuine cartridges have increased, whilst the amount of ink the suppliers actually put into their cartridges has decreased. At this point in time, the the price of ink in genuine cartridges is now more expensive than fine champagne. Not only do cheap ink cartridges last longer than their authentic counterparts, they also perform to the standard in my experience.
Invest in your People
Underpaying your staff is a false economy that results in reduced performance and lower standards of customer care. If you invest in your staff by paying them a living wage and providing employee training to develop progressive career paths, your staff turnover rates will be greatly reduced because your employees feel valued, productivity will increase, and customer care standards will improve. Pay your staff accurately with Award Interpretation software and they will be motivated towards their job for sure. You also save money by not having to repeatedly train replacement staff after losing team members to another company that offer better benefits.
Protect your Assets
Installing CCTV cameras can help to protect your companies assets by acting as a deterrent to would-be thieves, they can also help you to save money by reducing you insurance premiums. Cloud data backup services may seem like an unnecessary additional expense, but when you consider that they could protect your businesses against a costly data loss, that small monthly fee suddenly becomes a very attractive proposition. Data loss is estimated to cost UK businesses around £4 billion every year.