Keeping a small business going in these tough economic times can be quite a task. Business rates keep swallowing your profits. Advertising is worthwhile but expensive. Well, don’t worry! We have a whole heap of tips that can get you back on track.
Advertising is a double-edged sword, on the one hand, it drives new business to your door. On the other hand, it also takes a big chunk out of your operating budget every month. Why not change your advertising by utilising PR instead. PR is a great way of generating business, create a simple press release and send it to a selection of websites that work with similar services or products as your business. If the sites in question are interested, they will get back to you, and you can send your items to them for a review on their site.
Youtube is another great business generator. You can pay for a professional person to do some advertorial type content for your business. Alternatively maybe a family member or someone in the office has the charisma and drive that exemplifies your business ethic. If you do regular video and build a following, the sky’s the limit.
If your business is more high street based, you can join up with businesses on the same street as you and share the cost of advertising. Do a joint promotion with your neighbours or all contribute to a mass flyer which has all your businesses mentioned in it.
This is often one of the biggest things people in business fail to do. I am sure that you have a rapport with your suppliers, your attorney, your accountant and many more professional people and services. Why not ask if there is any way that you can save money on their services? You may be surprised at some of their suggestions, and if all else fails, the conversation will plant the seeds that you are trying to save a few bucks. Maybe they will cut their costs to you to ensure they stay employed by you.
No, I’m not suggesting you go and get a power saw. Taxes, for example, seem quite daunting, but if you did them yourself you could save a heap of cash. In reality, you are saving your invoices already, how much more work is it? Bank fees are another thing you can save. Transfer money online yourself. Cater a luncheon by purchasing packed sandwiches and bags of fruit from a supermarket.
One of your biggest outlays will be on staff. A good way, to keep costs down, is to only have a core of traditional staff that you require on a daily-basis. If your business ends up with a lot of additional work, or requires a specific task you can then outsource this to freelancers.
Freelancers also bring about a fresh energy and sometimes have a very different way of looking at a task than the office might have. Similarly, they may have specific skills that your team does not for example web design, etc.