Even if the profits are good, a small business can fail by spending too much money on overhead, events, equipment and supplies. Saving money in the small areas could keep your business afloat and able to grow.
Look for Used Equipment
Purchase used desks, office furniture, electronics and more from businesses closing down or second-hand stores. By picking up pre-owned office equipment you can get great items and save a lot of money in the process. Try looking for a going-out-of-business office sale to get items that are in good condition and coordinated styles.
Keep Track of Spending
Set a budget and then track your expenses to see where you are spending the most money. Each quarter you can evaluate your company spending for the past quarter and make plans accordingly. Your budget should include any business-related lunches, club memberships, overhead costs and employee spending.
Cut the Excess
Printing and mailing pamphlets, fliers, business letters and other mailers are a quick way to add up the costs. Switch to Inbound Marketing- go paperless and connect with your customers through social media, a well-designed, website, email, blogs, and email newsletters.
- 91% of consumers check their email every day (ExactTarget)
- 76% of emails are opened within 48 hours (Alchemy Worx)
- 48% of consumers use mobile devices to check email (Litmus)
Your biggest areas of spending should also be your biggest ROI. Advertising, branding and business location are all important ways to attract potential customers and increase sales.