Does it feel like your business is struggling to keep afloat? Are you looking for practical ways to scrounge up every cent you can get? Would you like to know how you can save the money that you’re spending on unnecessary business activities?
As women entrepreneurs, running a business can often be overwhelming. And when you’re not making any money, it can be twice as hard. The good news is you may be able to still save that business by taking a long hard look at it and cutting the unnecessary activities.
Remember that if your money isn’t going toward revenue-generating activities in business, it’s going to loss-related activities. This blog post is to help you identify both and cut the loss-based activities.
Choose Digital Marketing Strategies
These can either be outbound or inbound. If you have some cash to spare, you can run outbound marketing campaigns to generate decent revenue. But if money is tight, then you’ll need to utilize nearly free inbound marketing strategies like content marketing.
This just means that instead of spending money on generating leads and sales, you’ll create powerful, viral content that will drive floods of traffic to your online store or website, and generate a ton of massive awareness for your brand. The downside of content marketing is it takes a lot of time, so you’re going to have to be patient.
The upside is once that traffic starts, nothing can stop it. So, you can technically do the work now, and over time, never have to lift a finger or pay a dime to promote your products or services.
Did you know that the average small business spends between $922 and $1106 on office supplies and printing-related activities every month?
This means that if you have about 15 employees, that’s easily over $13,000 a year on papers that’ll be mostly wasted. You’d expect that companies would see that papers are a huge source of cost inefficiencies, but they don’t. Thankfully, there are a ton of paperless options that cost a tiny fraction of this.
So, push all your paper-based activities –everything from your receipts to your contracts– to the cloud. Thanks to an array of cloud-based paperless technology, you never have to spend a dime on papers and printers or their inks anymore.
Get Rid of the Physical Office
The least cost of office space per employee is around $350 per month. So, if you have 5-10 employees, that’s at least $1750-$3,500 per month. This means that if you and the employee(s) decide to work from home, instead of leased office space, you can save a lot of money.
You and your employees can work from home for now, and use a virtual office address for correspondence if need be. Put the garage, basement, or any extra space left to good use. This is great if you’re stocking inventory.
But if you’re working online, you can always just carve out a small working space at home or use coworking spaces. And if you can’t afford that right now, there’s always the local Starbucks. Most of them are willing to allow you to sit there and work if you buy some coffee.
Between these three tips, you can save a lot of money that can be injected back into the business. Use them and watch your business take a turn for the better as you rise to the top.