Running a business can be costly but luckily there are lots of ways that you can make savings. Being thrifty in the beginning will help you to improve your cash flow and make your money go further, for a few ideas, make a start with these.
1 . Outsource to save
When you’re running a remote business you might not need a huge team of permanent staff. Startups can save money by outsourcing various tasks, projects and operations. You might outsource your IT support, marketing or graphic design. Outsourcing is a great way to make savings. Hiring support for short-term projects gives start-ups the flexibility that they need to grow.
2. Reduce outgoings
If you’re serious about saving money you’ll need to review your budget and reduce your outgoings. Cutting costs is possible if you’re willing to make a few compromises. Here are a few ideas which might help you to get started:
- Negotiate with your suppliers or shop around (you might be able to get a better deal on your materials and resources).
- Purchase second hand goods where possible.
- Use free software tools from accounting software to CRM platforms.
3. DIY marketing
If you’re looking to save money you should avoid paying out for marketing support. There are plenty of ways that you can build a DIY marketing campaign. You might use free marketing software, social media, and write your own blog. Consider video marketing using live streaming platforms, or YouTube. Work with nano influencers, you could offer them free goods and services to promote you. There are plenty of ways to save on marketing when you’re starting a business. For other ideas, consider the following:
- Host online events to boost brand awareness.
- Post user-generated content on your social media platforms.
- Create employee generated content.
- Run social media contests to gain exposure.
- Use free tools to create infographics.
4. Apply for grants
If you’re a new start-up you might not be making much of a profit yet. It can be difficult to save money when there’s not much to go around. The good news is there are plenty of grants that SMBs and start-ups can apply for. Make a start by checking out a few of these:
- Small Business Innovation Research Grant
- Fed Ex’s Small Business Grant
- Idea Cafe’s Small Business Grant
- The Amber Grants
6. Improve CX
Improving your customer experience doesn’t technically save money, but it’s the best way to drive profits. When your customers are happy and satisfied they’ll be loyal to your brand, and spread the word too. There are plenty of ways that you can improve the overall customer experience including:
- Enhance the customer service experience using CRM systems and chatbots.
- Make payment options easy from mobile payment to credit card terminals available here.
- Provide amazing content and make your website easy to navigate.
- Host events to tell your brand story and engage your customers.
- Create an engaging and memorable unboxing experience (if relevant).
Using these simple steps you’ll save plenty of money for your business. Improving the customer experience is a great way to drive profits and make your money go that little bit further.