If you run a small business you’ll be keen to grow and boost your profits. It can take a little while to expand your business, during the early stages startups need to save money where they can. For some simple ideas to save your business money consider a few of these.
1. Save on marketing
If you’re keen to save your business money, there are plenty of ways that you can save on digital marketing. Instead of hiring a marketing consultant, save money with DIY marketing. There are lots of things that you can do, including:
- Promote yourself using Facebook and Instagram.
- Create video marketing content & post it on You Tube.
- Write your own blog posts.
- Set up a Google My Business Listing for the purposes of local SEO.
- Run online events.
- Offer to guest post for industry websites.
- Promote fellow business owners, (in the hope that they promote you back)!
2. Try free software
When you’re running a business, technology is your friend. There are so many different software options available whether you’re looking for content creation software, project management tools or a CRM platform. Make sure you check out free software before you pay for anything, there are plenty of choices out there. Here are a few ideas to get you going:
- Mail Chimp (email marketing software).
- Click Up (project management software).
- Boiko (accounting software)
- Moz Cast (seo software)
All of these tools have plenty of excellent features to support your business operations. Before you invest in expensive tools it’s certainly worth checking out the freebies.
3. Compliance issues
To avoid penalties and fines your businesses need to adhere to certain rules. Businesses must comply with the appropriate tax regulations, and customs regulations. It’s not uncommon for customs regulations to change, depending on the country that you’re trading with. To help you keep things above board, it’s best to work with a customs broker. These professionals can help your company to avoid penalties, and potentially reduce shipping costs.
4. Go green
Another great way to save your business money is to keep things green. Running a more sustainable business can help you to save in many different ways. Here are a few ideas:
- Switch to a renewable energy provider.
- Stop using paper and go fully digital.
- Reduce your electricity usage where possible.
- Purchase second-hand equipment to make savings.
5. Review your budget
To save your business money, it’s vital that you review your budget. By taking a close look at your budget you can see exactly what you are spending, and ensure that you’re not wasting money. Your budget can also help you with your forecasting, planning for the future is a great way to improve your financial health. In the first instance, you need to know your break-even point. Having a break even analysis can help you determine your budget and understand your next steps. This will help you with getting organized. To help you get organized, you might consider using budgeting and forecasting software. These tools have a range of handy features, to help you get on top of your business’s finances. A few software options include Float, Scoro, Xero, and PlanGuru. All of these have a range of different tools to help support your business finances.
6. Apply for funding
Saving money can be pretty tough, especially if you’re a small start-up. If you’re looking for an income boost, consider applying for a grant. There are plenty of different small business grants, most of which have a simple application process. You might like to check out the FedEx small business grant, the Visa Everywhere Initiative, or the Patagonia grant.
There are plenty of opportunities for small businesses out there, all you need to do is look in the right places. Keeping an eye out for grants and funding could help you to improve your finances.
7. Work remotely
Since the start of the pandemic, many firms have embraced a remote work structure. If remote life has worked particularly well for your business, you might consider giving up your physical office altogether? Becoming a remote operator can help you to save plenty of money. With the help of technology, there’s no reason why remote work should negatively affect productivity. Infact, many studies have shown that working remotely can in fact boost productivity.
Simple tips like these are just what you need to start making savings. Saving money is a great way to boost your cash flow, and improve your financial health. It can be useful to set financial goals for your business. These goals could relate to saving money, investment opportunities, or boosting your profits. With the right financial goals in place you’ll soon start to make progress.