Balancing the books of any business is no easy task. You’d finally got your capital together to start your company, but now you’re faced with the monthly debts and financial commitments that worry every entrepreneur. However, there are many ways that you can improve your fortunes, cut costs, boost your profits, and in turn re-invest those savings into better equipment and employee development. Here are just a few tips to get you started…
- Cut down on expensive supplies and services
When you first start out, you’re looking for well-known suppliers who won’t let you down, but this can often come at a price. There are plenty of companies who sell office supplies and services for much better rates if you only shopped around a little more. For example, consider large wholesalers or online-only businesses for stationary, whose overheads are not as big and so they charge less.
When it comes to your deliveries, whether it be parcels to customers or pallets being shipped around the country to high street stores, there are many reliable pallet courier services in the UK that you’ll find to be much more affordable than places like Royal Mail or otherwise, and you’ll find the service vastly improved, which means happier customers.
- Consider monthly utilities
Whether you’re working from home or you rent a separate office space for your many employees doesn’t matter. You’ll still have monthly overheads, such as insurance, electricity, phone networks and so on, which are all areas you can easily make savings, and it starts with a phone call.
Start by researching what other providers are offering for new customers or for switching, and make a note of the top savings you could make. It’s always easier to stick with your current provider though, so give them a call and ask if they’d be willing to match the price. If they don’t offer you anything, you know exactly where to go next. If they offer you a slightly lower rate, consider the costs of switching providers and whether it’s better to stay or go.
- Go online for all marketing
Marketing methods these days don’t need to be the printing of expensive flyers or paying for local newspaper space – why pay over the odds when you can get your marketing for pence, or even free? Start by building a customer email list and create monthly newsletters to tell them about your latest offers, seasonal discounts and so on. A previous customer is far more likely to come back to you, and you can create these for free and with little knowledge required using services like Mail Chimp.
Then consider social media, and conduct research on your competitors – do they have any social media accounts? Do they receive a lot of customer queries? What kind of posts do they put up? Set up your own accounts for free and use this as a customer service and promotional tool.
Click here for more tips on how to cut business expenditure, or leave a comment with your own!
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