Building a business from the ground up takes time, patients, and cash, but overpaying for the good is not the way to run a business. Negotiating with anyone you do business with can save you big time! Arrange a co-workspace or allowing your employees to telework can create a ton of extra overhead cash. Finding the new and improved funding options along with saving on shipping costs are amazing options. Marketing can take a big bite out of the cash reserves so find those low cost or free options. Allow interns to gain experience while you save on the cost too is a win-win! Finally offering a reward program for your clients and employees will boost sales and moral.
Negotiations and Buy in Bulk
When you are running a successful business good negotiating skill are the key. Accepting vendor terms without negotiating a better price is pulling the cash flow coming into your small business right in the trash can. Always sit down and find a better common ground, even if it requires spending a little more to buy their products or services in bulk so you are getting more and paying less in the end.
Telecommuting and Co – Work Space
Sure it’s nice to have that building space that shows you are an amazing small business, but when you can save money not only on the space, but also the desks and computers and all the other bells and whistles you need to have your employees in the office can really add up. Possibly implement an all-in policy where they are required to telecommute and provide the necessary equipment to do so. This will reduce the need to have an actual office space for your business and grant you the time and funds to grow until you are ready for the needed office rental space. Also, you could use a co-workspace used among other businesses to share the equipment including phone line maintenance, electricity, office staff, and office equipment like printers to save on the cost of running a business. This is a smart idea if you also require conference space to meet with clients, because co-workspaces usually also has a general conference room to host meeting which brings that professional atmosphere.
Marketing Madness
When marketing can bring a huge dent in your budget, saving on a creative yet productive strategy can make all the difference. Social media marketing creates a huge platform where interacting with current and prospective customers builds trust where are able to spend time with “Live” feeds and produce a relationship with them. Also pulling from prospective customers who may have an interest in your business with a low-cost marketing strategy to pull from their pool of customers based on demographics, location and profiles. This can have a full spectrum targeted market with a fraction of the cost.
Shipping Savings
Consider going green with your shipping strategy. With competitive shipping options on the rise, opening your partnership to other measures can create some extra green in your wallet in more than one way. The carbon footprint created from shipping companies is becoming more and more of a problem. Shipping in boxes that are better fit and smaller will also create less waste and put less of a carbon footprint as well as cost you less in materials for larger boxes. Using biodegradable shipping material from recycled paper products is a low-cost option too. It’s hard with options from the big box stores offering shipping in a day, but you as a small business might not have the luxury of free one day shipping. You could allow for customers to pick up their items free or have local free delivery options too.
Funding
When you began this small business, you were limited on your availability for funding options. You basically took what you were given so you could get your business rolling. Now that you are established and have a better funding portfolio, seeking out small business loan options will open the doors to secure lines of credit and business credit cards that could give you major perks for your business. For example, Seek Capital helps businesses get financing. Looking at the APR and terms is a necessary so go into this new venture with a list of questions and know the products they will discuss with you. This season in your business should be tailored to your needs.
Banking In On Internships
Who doesn’t like free help right? Allowing interns to come in and work for basically free to gain that spot on their resume and real-world experience is a win / win situation. Know you are bringing them closer to their business goals or grooming them to work as an actual employee within your business.
Rewards All Around
Rewarding clients and customers who choose your business over the rest is a no brainer. Now you don’t have to go overboard, but giving them a free product to try out or add on service can make all the difference. Your employees should get a little perk too when they are bringing in the bucks! Hosting an after-hours happy hour, or catered lunch to those making their mark on sales can create just the right incentive to work hard and get that little something extra to pay them on the back for their hard work.
Saving on your business so you can come out bigger and better each year will help you become a better small business owner. Playing it smart and not overspending on things that you can save on is the goal!
