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For Your Small Business September 16, 2019

3 Cost Savings Every Small Business Should Look For

The world of business today is more competitive than it has ever been, and political uncertainty also brings its own pressures to the corporate world. Small businesses can be particularly vulnerable, whether they're a start-up enterprise or well established. But these factors also bring great opportunities for businesses who are leaner and more proactive than others in their field. That's why it's important to avoid spending more than you really have to. With that in mind, here's our guide to three areas where all small businesses should be looking to save money if at all possible.

1. Marketing

The key to success as a small business is to have a fantastic product or service, and to ensure that potential customers know about it and the benefits it can bring them. Effective marketing is therefore vital if you want your business to thrive, but that doesn't mean that you can't market your company more cost effectively. Evaluate just how successful your marketing strategy is compared to the cost of running it. Many businesses are finding that modern methods such as social media marketing and SEO strategies are now more effective than traditional methods such as direct marketing or the use of newspaper or radio ads. Technology is changing the way that smart businesses market themselves and, done correctly, it can also cost less than old methods that are becoming increasingly redundant.

2. Energy Bills

One of the biggest overheads that businesses of all sizes face is their energy bills, and whilst you may not be able to easily cut down on the energy you use, you should do all you can to ensure that you're getting the very best rates. It's all too easy to simply stick with the gas or electricity supplier you already have, but that could result in you paying much more than you have to and missing out on new customer rates available to businesses who switch. The solution is to use an expert website such as Utility Bidder, who provide businesses nationwide with unbiased switching information on the very latest tariffs. 

3. Staffing Costs

All small businesses need great employees if they're going to grow, but is your workforce really as lean and efficient as it could be? Consider which areas of your work could be outsourced, as doing so can save you significant amounts of money, especially when recruitment and human resources costs are taken into account. Areas that could be perfect for outsourcing include design, IT support and customer service, although of course these are all important areas, so you should choose the company or individuals that you outsource to carefully.

Opting to outsource tasks rather than employing someone on a permanent basis, moving to more cost-effective marketing strategies, and becoming more energy efficient as well as switching to the best possible gas and electricity tariffs can make a big difference to your bottom line. This enhanced profit can then be reinvested in your small business, allowing it to thrive and advance at a time when others are concentrating on retaining their ground.

 

This article was written by SmallBizViewpoints from Small Biz Viewpoints and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

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