Running a small business is great, you are your own boss, you’ve managed to set up a business you love and hopefully it’s doing pretty well. But, there’s always room to save money. Follow the advice below to maximize your profits and save money:
Before spending a lot on any expensive advertising or merchandise, have a good think about everyone you know. It’s good to take a look through your Facebook friends – John from university who studied graphics might be able to make you some amazing flyers for half the price of the company you were going to use. If you have any creative friends they could hold exhibitions at your business to attract new customers or help with PR and marketing. A social media savvy friend is always a bonus to help get you set up online. Advertising can always be done on a budget.
Connect with other small independent businesses and see how you can help each other. For example, if you run a coffee shop you could give the staff at the hairdressers discount cards to give to their customers to drive traffic. Throw in a few free coffees for the staff and in return your employees should get a few discount haircuts. Although this won’t save you thousands, as you build connections all the additional customers and little freebies should add up and help in the long run. It is very important to keep your staff motivated.
One of the best ways to save money is via shipping costs. If you’re posting a lot of deliveries using all different delivery services then it’s hard to keep track of your output. Using an affordable and reliable courier company is essential. Postage can be really expensive but if your courier is a reliable company like TNT UK, this means customers are more likely to be happier with the condition and arrival of their goods and shop with you again which in turn helps you to continue making money.
Buy in Bulk
A great way for groups of independent businesses to save money is to get together and see what products you all use and could buy in bulk. If you only make a certain type of coffee a few times a week but have to buy giant bags see if another local coffee shop wants to go halves on the delivery to cut costs. This can apply to lots of essentials and be very cost effective.
How Small Businesses Can Save Money – Final Thoughts
As you can see, there are a myriad of options available at your disposal to save on business costs and boost your bottom line. The best way to take advantage of these ideas is to network your business and yourself. There is almost always an opportunity just around the corner if you keep your eyes open!