02 Aug Three Ways Your Small Business Can Save Money
The goal of any business is to bring in more money than you give out — if you don’t manage to do that then your business fails, no exception. With that in mind, here are some great ideas to keep that cash flowing in the right direction!
When we look to larger, nation-wide businesses for inspiration, we sometimes forget where we stand. As a small business owner, your customer base is going to be largely within your own community. People these days love buying local, so reach out to people in your own city! Advertise in local papers, or on local television channels — you won’t reach as many people as you would on the larger scale, but the connections you forge may be of greater quality.
Clean Up Your Mailing List
Every piece of mail you send out that doesn’t garner a response is money lost. Even emails cost the effort it took to compose them, and the bandwidth it takes to send them. These are small costs, but over time they can pile up. If you’re looking to save a few pennies, you can eliminate non-responders and marginal prospects from your mailing list. There are tips and tools on the United States Postal Service’s website on how to get this done, or you can simply verify addresses using Google or another search engine.
Barter with Local Businesses
Chances are if you’re participating in your community some of your neighboring businesses are probably purchasing goods or services from you, and vice versa. Consider setting up a trade in order to reduce unnecessary cashflow, and possibly as a way to get slow-moving inventory out where it can do some good. For example, if you run a catering business, reaching out to local stores that create cakes for weddings or specialize in renting linens may bring both of your businesses new prospects without the added cost of advertisement.
Being frugal can be difficult, but as a small business, you have to think big and spend small until you find that success you’re looking for.