Money management is an important part of any business but especially a smaller business or a company that is still in its infancy – here are some tips on how you can save that precious cash and put it back into growing your business.
- Repair instead of replacing – do not be so quick to throw things away and replace them with new items, especially electronic devices. Search for electronic component products that can help your devices last longer and save you money.
- Install motion sensor lights – you could save on average 45% and as much as 75% in energy bills by automating lights when no one is using the room.
- Light-blocking curtains and blinds – blackout curtains can help save on your energy bills, they also block out noise and make it easier for your workers to concentrate when there is a lot of noise outside threatening to disrupt their day.
- Reduce paper use or go paperless – use double-sided copies by default and reuse any single-sided copies for notes or rough paper. Use online services wherever you can as opposed to physical paperwork.
- Make use of interns for simple admin tasks – get in touch with local high schools or career centers to find students looking for internships. They will be keen to work and you can help them grow their skills and experience (possibly creating a future employee familiar with your business)
- Leverage social media – save a huge amount of money on marketing by doing your own social media updates. Check if any of your employees are social media savvy or possibly a job for the intern who is likely to be younger and more familiar with how to properly utilise social media.
- Encourage referrals and word-of-mouth – Word of mouth is one of the most powerful marketing tools there is. Encourage customers to leave reviews wherever they can. The more positive reviews you get, the more sales you will make.
- Pool resources with other businesses – create partnerships with other small businesses and save money on supplies and services that you can all make use of. You can create your network or alternatively, you can join associations or local groups.
- Sublet any unused spaces – if you have any room spare or even a closet that is going unused, earn a little extra cash by renting or subletting!
- Get rid of unprofitable customers – this might seem counter-intuitive, but customers who are passing less but require more work and support and hard-to-quantify services are actually costing you money. It is best to let them go and focus on acquiring more profitable customers instead.
- Clean up your office and sell unused items – Offices often produce a lot of clutter and end up hoarding unused equipment or inventory. Clean it up and sell it on eBay or on local Facebook groups. You will free up space and earn a bit of money doing it.
- Cross-train your teams – rather than hiring additional full-time employees, take the opportunity to cross-train your teams. This will reduce boredom from repetitive tasks and add some flexibility to your operation.
