When you own a business, you need to constantly be analyzing and evaluating your spending practices to identify places where you are essentially hemorrhaging money. It is true that you need to spend money to make money, but that does not mean that you should every pay out more than is absolutely necessary to run your business. Simple changes to your everyday activities, such as encouraging word-of-mouth referrals, utilizing interns, and taking advantages of print solutions, can all help to reduce costs down and keep business moving along smoothly without having to make any sacrifices as to quality.
For many business owners, the amount of money spent on marketing and advertising can be one of the biggest expenses the company has. So why wouldn’t you take advantage of any free opportunities you had to get the word out about your business and to generate new clientele? Entrepreneur explains that when you have a happy customer or client, you need to use that to your advantage. Explain to the happy customer how much you appreciate them, and make them feel like a huge part of your business.
If you have a customer that had a good experience, turn it into a great experience — that way, it will be more likely that they will then talk about your services or products to their friends and family, and we all know how impactful a word-of-mouth reference can be. But take it one step further — ask for the referral, you will be surprised how many people are willing to help out with your request if they had a great experience.
If you live near a college, interns can be especially helpful, according to Money Crashers. When you are in need of some extra help around the office, in most cases that would constitute bringing in a new employee, but the other option is hiring an intern. Instead of offering them an hourly rate, you compensate them with class credit (arranged through the college or university) and real-world experience that will help build their resume for when they graduate. Of course, you will need to be sure that these interns are doing more than getting coffee and fetching your dry cleaning — put them to work doing real tasks within your business where they can get valuable, hands-on experience not afforded to them in the classroom.
Know Your Printing Costs
If your business deals in having a lot of things printed and does not pay a lot of mind to what you are spending on this printing, you are making the same grave mistake that a reported 90 percent of organizations are. By utilizing print solutions, you will be able to manage your printing costs and ensure you are not paying a penny more than you absolutely must for your printing needs. When you are printing in such massive quantities, as you do for your business, there is no reason you should ever overspend on your printing—if anything you should be looking for special deals because of the size of your printing needs.
Manage All of Your Bills and Accounts in One Place
While Manilla.com is a great service for consumers to manage their bills and other household accounts in one place, it’s also extremely useful for small-business owners who are looking to simplify the way they manage their company accounts. Linking company credit cards, utility bills and travel rewards programs to Manilla allows small-business owners to receive Manilla’s bill pay reminders. That helps them to avoid wasting money on late fees when they could be spending it on something to help drive business. Manilla also provides free, unlimited account document storage, which makes tax time a lot easier, too.
Put these methods and tactics into play in your business and just see the savings roll in.