Money Saving Tips for Small Businesses
In a world of big-box retailers and online giants, making your way as a small business is more competitive than ever. Use this competition to your advantage. As the leader of a small business, you can make quick, effective decisions that put your company ahead of the pack in ways that larger businesses cannot. You’ll be amazed at how the little thing can make a big difference.
Here’s a few techniques you can employ to get a financial advantage on the competition.
Never slump on accounting
It’s especially easy when you start your business to get ahead of yourself in spending. There’s a reason that many financial advisors urge careful spending by new and rising entrepreneurs. It’s very easy to lose track of things, especially once you have hammered down some cash flow. Don’t let yourself slide, even early on. Put your money into practical investments only. Reaching for luxuries will not do you any favors. Consider settling for a posture-friendly, economy office chair before springing for the leather. If you keep on top of your expenditures, you’ll end up far ahead of businesses who play it fast and loose.
Consider virtual office services
Virtual offices and virtual office services are a modern and ingenious way to save money when you’re a small business. Virtual office packages can alleviate costs that would be burdensome to businesses with smaller starting capital. Instead of hiring a full-time receptionist, invest in a virtual office for pennies on the dollar. You can enjoy on-site receptionist services, professional phone answering, mail forwarding, a local business address, and top-notch physical meeting spaces.
Virtual offices are the dream setup for many businesspeople who simply don’t want to pay the rates of office space leasing. It also cuts out overhead costs like insurance, furniture, and utilities.
Utilize temporary office space
Temporary office space is designed to provide easily accessible, professional, clean, and productive office space. Such office types cost fractions of what leased space costs and often come with benefits you wouldn’t be able to get anywhere else. Temporary office space is perfect for people who conduct most of their business remotely but also need a place to meet clients. Look for included amenities like coffee, break rooms, lounges, and high-speed internet on-site.
Network, network, network
There’s an old adage in business: “It’s not what you know, it’s who you know.” No matter how much you research or read, you can’t get anywhere without other people. Business is all about cooperation and competition – activities that require other human beings.
The old adage also hints at the need to work together with colleagues, mentors, customers, and employees. The bigger your network, the more opportunities you’ll have. How many times have you learned something unexpected from an acquaintance or a friend? How many times have you been able to offer something to them?
You can save yourself a lot of money by simply connecting with others in your industry and beyond. Maybe a colleague’s daughter is a skilled web designer who is looking for a chance to break into the industry and is willing to negotiate good rates on web design. Maybe you meet an ambitious fellow entrepreneur at a convention who has an eye for skilled talent that you can call on when you need a trustworthy freelancer. The possibilities are endless, so don’t limit your network.
Marketing is one area of business in which it’s equally easy to overspend as it is to underspend, and both can be detrimental to your business. Spend too much on marketing, and you’ll see an impact on your bottom line. Spend too little, and you might struggle to get customers in the door. A customer can’t seek out your business if they don’t know it exists!
With marketing as a vital part of a company’s success, it’s important to work smarter, not necessarily harder. The internet has revolutionized small business’ ability to run their own marketing campaigns. There are even companies that specialize in digital marketing, taking the pressure off of you without charging the fees that a major marketing firm would.
If you’re comfortable with a camera or a keyboard, you can run a vlog or a blog through extremely easy-to-use, free websites like YouTube, WordPress, BlogSpot, and Facebook. Social media and blogging websites provide a low-cost avenue to maintaining relationships with customers and locating new customers. Some such websites even have entire toolsets designed to help small businesses get their name out there affordably.
Simply put, saving money puts your business ahead and prepares you for a stronger tomorrow. The greatest advantages of small businesses are autonomy and adaptability, so put those traits to good use! Take control of your budget, and you just might find that your business is the next big name in town.
How can Executive Workspace help your small business?
Whether you need a temporary office to conduct interviews or a conference room to work on a team project, Executive Workspace has your small business office needs covered. We offer flexible office space solutions at prices that work with your budget. From temporary and single offices to team spaces and meeting rooms, we offer a variety of office types throughout Dallas, Fort Worth and Austin. Contact us today and let us help your small business succeed!
Article by Emilie Sovis