By Jennifer McDermott of finder.com
When it comes to running a business, you want your revenue to grow larger and your expenses to get smaller. Sometimes, it can be hard to rein in all the expenses, especially in the growth phase of a company. As the saying goes, you have to spend money to make money. To make your business operate as smoothly as possible, streamlining your costs is a great way to start.
Put simply, you have two options: increasing your revenue or decreasing your expenses. Increasing your revenue is a totally different ballgame and the latter is much easier to implement. Try these tips to save your business money, from the ground up:
Shake the Dust Off Your Marketing Strategy
Chances are, your marketing strategy is outdated. It never hurts to give it another once-over to see if you’re getting the most out of it you can. If you have invested in paid media, analyze the data and see what’s working with a better clickthrough rate, and what isn’t. If you don’t have a paid media strategy, try recommend starting out with just putting $10 or $20 into boosting your posts on Facebook, testing what does or doesn’t work.
Another idea is updating your email marketing strategy. Clean up your mailing list by making sure your database is filled with genuine customers and leads. Give your clients the option to update their contact details – this little bit of effort goes a long way to gaining a better ROI. Research says that 77% of customers like to receive marketing via their emails, as long as they’ve subscribed to it in the first place. Opt for automated, targeted email campaigns that can help keep your appointment book full and allow your staff to focus on what they do best: taking care of your customers.
Outsource the Little Things
Freelancing is growing in popularity, thanks to the rise of the gig economy and platforms such as Upwork or Fiverr. Outsourcing can be a great option in situations where your current staff doesn’t have quite the right skills, or the job is too small to hire someone full time for it. A freelancer who knows what they’re doing can be much more productive, saving money in the long run. Having a mix of employees in-office and external freelancers isn’t uncommon anymore.
Empower Your Employees
Your employees are the people making your business run as smoothly as possible, so why wouldn’t you want them to be as invested as you are? Money spent on your employees means greater productivity in the long run and better results later. Don’t underestimate the added productiveness of a happy employee. Make them feel invested in your company and not like a cog in the wheel.
This could be as simple as making sure to celebrate the wins of each individual. It could also mean taking care to make sure your employees aren’t burning out by creating a social atmosphere that they enjoy coming to.
Turn Off the Power
You’d be amazed how much money you can see on the electricity bill by doing small things, like encouraging everyone in the office to unplug their computers at night. You’re also helping the environment at the same time! You can start small, then take it to larger things, like unplugging everything electronic from the wall. You can even consider auto-lights, which use a sensor and turn off when it detects no movement. Every bit helps!
It all comes down to you and what you’re willing to do to streamline your business. It might mean shaking up the way things are done, but change is healthy in a business. Experiment with what works and what doesn’t. Write down your process and analyze the results. There’s no one-size-fits-all, so be prepared to work at it!
Jennifer McDermott is Consumer Advocate at personal finance and money transfer comparison site finder.com. With more than 12 years’ experience analyzing consumer trends in the travel and lifestyle spaces, Jennifer’s made it her mission to empower Americans to find better deals.