Would you believe that saving and making money for your business are two very different things? Even though that really they should go hand in hand as saving money means potentially making more with less spend. However, some entrepreneurs tend to focus on one more than the other. Can you guess which one? Making money is always going to be a high priority for your business. Otherwise how will it survive? But if you placed some attention to saving money where you can, you could find yourself in a much better position. With that in mind, here are some of the ways your business could save money this year.
Make more of your existing customer base
The best kind of advertisement is free advertising, but you may be wondering how you get that? This is when you need to look at what you have at your disposal, your existing customer base. While you may not be able to rely on repeat business, this would depend on the type of product or service you are offering, you can rely on your customers to speak highly of your business which could then encourage others to get in touch. This comes down to offering exemplary customer service but you could also offer incentives to previous customers in the way of referrals. Maybe a voucher for referring someone who goes on to buy. A discount for them to give to friends and family, for example.
Think about different options for your business model
There could be some amazing savings you could make to your business model if you look hard enough. Perhaps you could be making some savings on packaging your items. Many businesses have been criticised in the past for using too many materials or not thinking outside of the box with packaging materials. Liquids or food stuff could be packaged in a pouch instead, for example. If you look closely you could be making some savings, even by switching lights off at the end of the day could reduce your energy bill overhead. Every little bit helps.
Be more proactive in the online arena
There is no hiding from the fact that online is the way to go for many advertising options and new business ideas. To be honest, some of the advertising you can do in the online space is free, or just needs a little time invested for things like SEO. This is when marketing experts such as Ignite Digital can help. Making more use of the online arena will help to drive more traffic to your site, which could then potentially make more money. Focus on where you spend your money in advertising, and make savings to focus more online.
Focus on your local community
Finally, focusing on your local community could mean that you see sales increase without the need for national campagnes. Getting involved in local events, providing sponsorship for local charities. It may cost a little, but the small incentive could make for a big return in the long run.
Let’s hope that this has encouraged you to consider some of the ways your business could save money next year.