Small businesses have several different challenges to tackle. And one of them is saving money!
Yes, you will spend your finances on different things to ensure business growth. But at the same time, you must find ways to save some money. After all, saving money is way better than no money at all!
Hence, while you might be tempted to spend your business finances on several new things, it is wise to save some for a rainy day. And our experienced business advisor Melbourne offers 3 tips on saving money as small business owners. You might find these tips to be unconventional, however, they do work!
So, let’s get started.
Tip#1: Bring your focus on advertising.
Now, we know you might think that focusing on advertising seems counterintuitive when it comes to saving money. You have to spend money on advertising.
But hear our business advisor Australia and what they have to say!They have some other ways for you to advertise your brand without breaking your bank and saving some money.
- Advertise while sending your mailings: You might be sending invoices or delivering products to your customers. While you deliver these packages and mailings, include your business leaflets highlighting your other products and services or any upcoming offers. By doing this, you will be paying only for one lot of package postage rather than doing it separately. When you calculate it for 100s of such mailings, you will notice the amount of money you save will be substantial.
- Help other local businesses: Yes, certainly not your competitors! But other businesses spend time delivering leaflets through customer doors. You can help them out by delivering their leaflets while also delivering your small business leaflets at the same time. You can double your results while doing half the work needed to achieve those results.
- Split costs: Advertising on your own will cost you a significant amount of money. But you can split costs if you collaborate with nearby businesses in your region. You can organize a sidewalk sale jointly, collaborate with other brands when setting up shop at a fair or farmer’s market or tradeshow, and more depending on your business sector.
These methods are unconventional but will help you save a significant chunk of money.
Tip#2: Offer Advice to People
You might not always want to spend a steep price for marketing your brand. Although it is essential, you can support this effort by offering people advice while getting your business name out there.
You may want to give a talk at a community meeting. Or you may write an article in the local newspaper. You can offer advice while giving examples of the struggles of establishing your small business. Or you can give quick advice on how to handle certain issues related to certain types of products and services which correlate to what your business offers. For example, if you are a small business offering interior designing services, you can offer advice on the latest interior design styles on your website or through a local magazine or newspaper article. By doing this, you are getting your business name out there without spending too much on traditional marketing and sticking to your original plans while saving money.
A win-win situation!
Tip#3: Invest
You might have heard that to make money, you need to spend it. However, you must be cautious about where you spend/invest the money to save money. If you are spending too much money on marketing yet not getting the desired results, you are just wasting your essential resources. As per our business coach Australia, instead of going all in with costly marketing efforts, you can find other avenues to invest your money in, which will bring you more customers and save money in the long run guaranteed.
For example, investing in new and latest technology in the market is one way to invest yet make a profit in the long run. Maybe you are in the real estate business and struggling to manage and keep track of your customers or have an acute follow-up with them for their real estate requirements. You may be manually keeping track of your customers, which takes up a lot of your time.
Remember, time is money!
And you just might be wasting a lot of it without any substantial results. The solution? Invest in Customer Relationship Management (CRM) software. The software will help you save several man hours and thus money in the long run. And you will be better at keeping track of and managing your clientele while fulfilling their requirements and building a good rapport.
Wrapping It Up
Saving money while running a small business is essential to ensure you have some for rainy days. And with these conventional and unconventional ways, you can save a fair amount of money while building a good brand in the market.
If you want to learn more about saving money, managing your business finances, marketing, sales, human resources, and other business functions, contact us at Keystone Executive Coaching. Our business mentor Sydney will guide you through the process of improving your business and propel it toward growth.
Contact us now to find out more.
