You don’t want to spend any money unnecessarily when you run a business. This is especially true when you’re a new business and have made little to no profits. So, you need to look at ways to save money while still offering the best service possible. Let’s take a look at some ideas that will help you save money in every stage of your business.
Advertise all of the time
This might sound counterproductive because you have to spend money, but it really isn’t. It simply means that whenever there’s a chance to push out a solo ad, you should take it. Put in special offer flyers with invoices, and advertise your company on your car. Wear branded clothing like t-shirts and caps even when you’re not at work. You could also keep a stack of flyers in your car to give to people in your free time, whether that be canvassing a local neighbourhood or people you meet when you’re out and about. Always be on the lookout for advertising opportunities that don’t cost anything too and if you find it, take advantage of it.
You may have a rough number in your head when buying something, but that doesn’t mean you should accept the first price you’ve been offered. A good practice is to have three different companies give you a price so you can find the best pricepoint for you. And that doesn’t always mean going for the cheapest either. Comparing what services are offered within that quote allows you to choose the service that’s the best value for money. You should do this with everything, even your delivery trucks right down to your paper supplied. Doing this allows you to know what you’re getting for the best price possible.
People respond to word of mouth recommendations, and the great thing about these is that they don’t cost you a penny. If you’ve given a great service or produced a fantastic product, people will be more than happy to write a testimonial if you ask them. At the point of sale, include a card with your website details and ask them to write a review if they have time. You could make it more enticing by offering a small discount the next time they come in. Testimonials can save a lot on advertising costs and will bring in plenty of sales.
Be more mobile
Finally, one of the biggest costs when running a business is the rent or mortgage for an office or workspace. Thanks to technology, which is always getting better, it’s now possible to run an entire business from home or to be completely mobile if you need to visit customers in person. If there’s one thing we learned from COVID-19, it’s that there’s always a way of running a business from home, you just need to be a little creative. Even if that means renting a smaller space for the physical side of your business and doing administrative tasks at home, you’ll be saving money.