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How Your Business Can Save Money - Carol Evenson - Blog

How Your Business Can Save Money

Your company has many objectives, but bringing in revenue is perhaps one of the most important. They say you have to spend money to make money, and this is ever true for business owners. In order to increase your profits, it’s often more valuable to examine your spending than to focus on how to increase funds coming in. Read on for a few ways to better manage your finances in order to save money where it counts for your business. 


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It may be tempting to invest in the newest, latest and greatest equipment for your company, and often that’s exactly the right choice. However, there are likely several pieces of equipment, goods, supplies or devices that could be purchased secondhand or at a discounted rate without affecting the output or quality of your company’s work. 

Second hand equipment does not always come at the expense of quality. You can often find new or like new products at a significantly discounted rate on used marketplaces or with discount codes. Whether you take out an affordable auto loan for your next company vehicle or invest in a barely used laptop for your employees, there are deals to be had that will save you a lot of money in the long run. 


Do It Yourself

A business owner already wears many hats, and tasks can easily pile up on your to-do list. If you have the time in your schedule, however, consider taking on any jobs that you would otherwise delegate to any employee or outside company that could rack up an expensive bill at the end. If you don’t have the time yourself, enlist some trusted help. If you have willing employees with a valuable skill set, or even a few supportive friends and family members, you may be able to get a task completed at a lower cost and without looking wider than your inner circle.


Reduce Your Advertising Budget

Perhaps the most crucial component of your company’s success is ensuring your products or services reach the right audiences to engage customers and result in revenue-generating sales. For this reason, businesses invest a great deal of their capital into advertising and marketing efforts. However, with the availability of free or low cost ad options in the digital age, there is likely room to cut the fat in your marketing budget. Social media platforms are available for all companies to promote their content, and many adjacent or local companies are open to collaborations and partnerships in an effort to promote their business in the process, too. It takes effort, and networking, to be successful in these free and low-cost endeavors, but when established, your advertising budget can be significantly reduced. 


Hire Contractors and Freelancers

Your employees are an asset to your company, but your head count may be costing you. It’s not always economical to keep on a full-time employee for a job that can be completed by a short-term contractor. From graphic design and photography to SEO optimization, there is likely a freelancer or outside company that can take on a workload for your company, sparing you the cost of at least one employee’s entire year’s salary. When hiring outside of your company, it’s important to be strategic. Do your research to find the right individual or company, both when it comes to cost and alignment with your brand. Many niche jobs can be filled with experienced companies with a host of knowledge and expertise, so even saving a little bit of money is worth bringing on the right team.


Revisit Your Budget Frequently

Your company’s needs will ebb and flow with time, consumer behavior, expenses, events and growth, and so, too, should your budget. With each change of the month, season or quarter, take some time to really examine your spending and revenue to see where to best conserve resources, where to continue to invest and where you can make moves to get your company ahead and closer to your goals and objectives. 


With diligence and consistent re-evaluation, your business is less likely to fall behind and more likely to achieve the success you envisioned when you first began. It all comes down to making smarter moves to maximize your resources and plan far enough ahead to reach your company’s ambitions. 

Publish Date: July 21, 2021 5:00 PM

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