Astute business owners will always look for a way to reduce overheads. Money saved can be put towards increased business growth. Frugal ideas should be used consistently, not just in difficult times. By cutting costs, you can help your business to survive and thrive. It is imperative that you set in motion money saving tips at the outset.
Take a look at these 5 frugal ideas for your business growth:
1. Network
Networking can be a powerful tool but relatively cheap. Of course there are the business breakfasts and lunches you could attend, but unplanned networking opportunities are everywhere. Take the chance to network when meeting old and new friends or when waiting in line.
Another easy way to network your business is through social media marketing. Use all or some of the online networks to promote your business and establish a client data base. Through this form of interaction, you can create an online community. This type of online collaboration can be invaluable to your business.
2. Conduct Business Online
Sending out newsletters in email form will save a lot on printing and postage costs. Also communicate online where practical. This can be by web conferencing or email. The internet is a very useful tool for keeping costs contained, so make sure you use it to your advantage.
3. Investigate Different Banking Methods
It is important to have a review of your business banking every six months. Establish a good rapport with your bank’s business manager and keep up to date with banking trends. There are many ways to keep fees and transaction costs to a minimum and thereby save you some money.
4. Get Quotes
If you are outsourcing work, make sure you get three quotes. Your chosen supplier may even match the lowest price to be assured of your business. Also look for the discount offers online. There are many great money saving bargains to be had with everything from business cards to promotional items.
5. Taxes
Planning ahead for taxes will save a lot of stress. As a small business owner, it is vital that you make adjustments to take tax payments into account. Setting money aside will ensure you are prepared at the end of the financial year. Speak to your bank business manager who can set up an account specifically for taxation purposes.
This will safeguard a certain amount for taxation time. If you start out your small business with a calculated plan, you are more likely to stick to it. Implementing frugal tips will become a way of business for you and your business can only benefit from this.
Cheap business cards, low cost internet marketing, using freelance writers and outsourcing to independent contractors are some ways in which you can save money. Negotiation, communication and distribution are all strategic developments you can easily put in place to lower your overheads. It is also important to know your customers.
Research where your customers go online, so you can direct your marketing efforts in that direction, thereby saving spreading your resources over a broad area where you may not make any great impact.
Daniel Bellamy
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