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Money Saving Strategies For YOUR Business

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Whatever your business, whatever its size and whatever industry you operate in, you doubtless walk the same fine line as any other business, the line between maximising your profits and keeping your operational costs down to a minimum. All SMEs need cash, not just to pay their bills and vendors, but to give them the liquidity that can help their business seize vital opportunities for growth.

There are many and diverse ways of saving money, from using heat tape to save on plumbing costs to filling your office with energy saving fluorescent bulbs but, as with most things, the difference between success and failure is strategy. It’s not enough to implement a money saving measure, it’s important to monitor its effectiveness by monitoring its effects on costs over a quarterly or monthly period, enabling you to strategize accordingly.

Here are some money saving ideas that can benefit virtually any business.

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Outsource your marketing

Marketing is not a luxury or a frivolity, it’s a vital tool in ensuring your business’ reach and longevity and it’s not an area where you should skimp. You may not find it prudent to outsource your entire marketing strategy. A potent content marketing strategy, for example, will most likely be based around your personal blog, which relies on the uniqueness of your knowledge, insight and experience.

Marketing campaigns can be tailored to suit whatever budget you choose to allocate to it, although it’s worth noting that marketing is one of the most prudent investments you can make. It’s important to build a good relationship with a marketing firm you can trust. They should be able to show you examples of previous successful campaigns and all their costs should be transparent and explained upfront with no hidden expenses.

Negotiating with vendors

A good relationship with your vendors is important, but it shouldn’t come at the expense of your business. If your vendor isn’t rewarding your loyalty then it may be looking elsewhere. Vendors face difficulties with the economy as much as any of their customers, and they should be making efforts to incentivize your loyalty. Most vendors would rather negotiate a better price with their customers than see them defect to another vendor who may lure them in with a special introductory price.

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Substitute traditional advertising with inbound marketing

The world of advertising and marketing is changing. There was a time when small businesses were limited to advertising on local radio or in local papers or (if they were big spenders) on a local TV network. Now, SMEs have a medium through which they can get their message across for free… The key is getting their leads to engage with it. If you’ve allocated a budget to old media advertising, it may be worth considering re-allocating it to Search Engine Optimization or a Pay Per Click campaign. You can even grow your reach organically through your content marketing campaign. Youtube videos, blogs, white papers, slideshows and webinars are great ways of expanding your business’ reach at little or no costs.

Freedom And Business: How To Balance Both

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Everyone will have a different reason for why they go into business for themselves. For some, it has been a lifelong dream of making their own fortune, for others they just kind of fall into it. And for some people, it’s all about the freedom and flexibility that being your own boss brings. When you want to balance your life out equally with your work, running your own business is great. But, you can sometimes find that your business requires a lot of attention and dedication. So, how can you make sure that you’re able to balance your freedom out right?

Have A Strong Vision

Firstly, it’s important to have vision. Whether you have strong sustainability views, you want to make a difference in your customer’s lives, or you want to be able to have your own freedom in life, you have to keep that in mind. Business can suck you in and consume you, so it’s easy to lose sight of why you started out. But if you’re able to keep a strong vision, you should always be able to keep on track.

Set Strict Working Hours

When you run your own business, it is tempting to work flexible hours or whenever you feel like it. Whether you’re a freelance contractor or you have your own small office, it’s important that you set yourself office hours. Not only will it give off a level of professionalism to your customers and ensure that you’re more productive, but it will ensure that you’re able to keep your flexibility and leave your work at work too.

Blur Lines Finely

Next, you should feel comfortable by blurring the lines between your working world and home life. Some people say that you should keep them completely separate, but when you want flexibility, it’s often best to blur. Because your business can often boost your life. Take your work truck with BAK covers and head out of town with your family camping for a few days, just because you can. Take your other half on that corporate entertainment trip, just because you can. But just be sure that you blur the lines to benefit your life and enjoy your freedom, and not the other way around.

Always Be Productive

When it comes to balancing your freedom with work responsibilities, the best way to ensure that it always happens is to focus on your productivity. To do that, you may want to use something like a time tracking app to make sure you’re working to your full potential. It’s okay to be flexible and want to spend more time out of work than in, but you do need to make sure that you’re getting everything done in order to enjoy some freedom.

Know It’s Okay To Say No

And finally, you should also realize that it is okay to say no every once in awhile. If you started out on your own to enjoy more freedom and a flexible life, then you don’t have to feel obligated to tie yourself up with work commitments. You should have limits. That way, you can keep your freedom and enjoy the flexibility that comes with being a business owner.

Don’t Get Left In The Dust! How Inefficiency Can Cause Serious Problems For Your Business

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When it comes to your business, there is one resource that is more valuable than any other. Many people will assume that this resource is money, and while that’s certainly a valid answer, it’s not quite the correct one. The single most valuable resource in your business is, in fact, time. This is because time is the only thing that, once you’ve spent it, you can never get it back. There’s no way to undo wasted time which means the most important thing for you to do is to make sure that you’re using your time as effectively as possible. However, many businesses end up falling into the trap of becoming incredibly inefficient simply because they don’t understand how to manage their time correctly. In order to prevent that from happening to you, here are some ways to make your business more efficient.

Planning and scheduling

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One of the most common mistakes that a lot of new business owners make is that they attempt to jump right into something without planning it carefully first. This desire is pretty sympathetic, after all, most people want to be doing something genuinely productive with their time. However, this actually ends up wasting more time because trying to play things by ear always leads to mistakes getting made and pointless threads being followed. The best thing that you can do is to take the time to plan out every move you make in regards to your business, both on a macro and micro level. Think about the overall trajectory of your business, think about the small, day-to-day interactions that you’re going to have. If you can plan everything down to the smallest detail, then you’re always going to be able to handle whatever new information is thrown at you.

Employee management

There’s no denying that your employees are one of the most important parts of your business as a whole. However, there are plenty of occasions where they can cause issues in terms of the efficiency of your business. For one thing, you want to make sure that you’re bringing in the right people who will always try to push your business forward. Similarly, the use of workforce management software can be incredibly valuable. It allows you to monitor when employees are clocking in and out as well as managing everything from paid leave to payroll.

Delegation

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One of the most common reasons that a lot of smaller businesses end up failing is that the business owner simply attempts to take on too much at once. Because of the level of personal investment, you have in your business, handing over parts of it to other people can be difficult. However, trying to handle everything yourself if not only going to be dangerous for your personal health but is also going to cause serious problems for your business. By delegating tasks to managers and supervisors, you’re able to ensure that each and every aspect of your business gets the attention and care that it requires, rather than attempting to spread yourself so thin that nothing really gets done.

Turning The Tables On Your Failing Business

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The sad fact of the matter is that no business is guaranteed long-term success. Statistics show that at one point or another, most entrepreneurs will be faced with the task to reviving their dying business. So if your business is failing, don’t worry because you’re not alone. At one point or another, most businesses will have a ‘near death experience’.

Often, these difficult periods are caused by bad business conditions such as low sales, a lack of morale, low funds, and the loss of innovation and dedication. Some businesses are able to bounce back from being in this slump and are stronger and more successful because of it. While other businesses don’t quite manage to get back on top and end up closing their doors for good.

Although it can be hard to bring your business back from the brink of death, it is possible; it’s just a case of knowing what steps to take, that’s all. To make the process of reviving your business a little easier, below are some tips and pieces of advice to take note of and implement.

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Re-evaluate the situation

To fix a problem, you need to determine the cause. What this means for your business is that you need to re-evaluate things and try to work out what the exact cause is of your business problems, if you don’t already know, that is. To make determining what the problem is easier, here are some areas to focus on: strategy, customers, team members, products/services, and finance. Take your strategy, for instance, ask yourself whether your company has a direction – does it have goals to meet? Look at whether your business is focused on the right things or if it might be time to slightly alter your direction. Re-evaluating your business situation is easier than you would think, it just takes some time, that’s all. Don’t rush the process, take things slowly and work through each area of your business, determining what needs to be changed.

Focus on finance

The fact is that to bring your business back to life; you will need money. If the reason your venture is struggling is because of a lack of funds, the need for more money can make it seem like it’s impossible to breathe new life into your business. However, there are a range of options that you can consider, so even if money is an issue, it’s not the end of the world. Perhaps you could look into getting a loan – you could find out about business lending and see what options you have. Or, if this isn’t doable, maybe you could consider teaming up with a financier and making them a partner in your business.The fact is that money makes the world go around, and without it, it can be almost impossible to successfully run a business, which is why it’s important to look into your options, to ensure that you give your business every chance of success.

Adapt your business

To get your business back on track, the fact is that you are going to need to adapt it. If you attempt to run it in the same way that you were before, it will fail – that’s a fact. So what you need to do is look at how you will adapt your business to ensure that it’s more successful this time around. You need to create a game-plan that will allow you to turn the tables on your business and make a success of it. The things to look at include your purpose as a business, your vision and goals, your values, and your branding. What you need to do is work out what changes you need to make to ensure that your company is successful this time around. Don’t rush this process, take your time. You may also find it helpful to get an objective opinion on things – for this, working with a business consultant can be useful. As by doing so, you will gain an objective overview of your business and what changes you need to make to ensure that it’s successful.

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Rebrand

If you want to make a success of things, you need to be willing to rebrand. The saying ‘out with the old and in with the new’ is apt for this occasion, as you need to change up your business to ensure that the old problems don’t come back to haunt you. When a brand fails, often customers lose trust in the brand, and so, it’s worth rebranding by changing your business’s name and making other small changes, to demonstrate to your customers that it’s a “new” business and one that is going to be highly successful. All your company needs is a face lift and a new identity, and you should be able to make a success of it. If you’re stuck for ideas when it comes to your rebranding or marketing, it could be worth calling in the experts. If you’re not sure how to make changes and ensure that your marketing and branding are both spot on, invest in help. If it means your business will have a higher chance of success, it’s worth the cost.

Get your motivation and passion back

Have you lost the motivation and passion that you had for your business and products or services? If the answer is yes, then you need to do something about it. The fact is that you cannot effectively run a business without motivation and passion. If you are going to make a success of your venture this time around, you need to be motivated to work hard and should have passion for the products or services that you are providing, and so should your team members. The best way to get your passion back and keep yourself motivated is to goal plan and understand just how much potential your business has for success. Get excited about your venture, and you will find yourself raring to go, just like when you first started out.

There you have it, a guide to turning the tables on your failing business. Take note, and you can ensure that your venture is a success, even if right now it’s not doing very well.

Outsourcing: The Hottest Thing In Business

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When you’re in business, it’s very hard to fall behind. So many new advances, trends, and ways of doing things pop up all of the time – meaning you hear about them pretty much as soon as they land. Some will benefit your business, others will be irrelevant, and then you’ll find the trends that stick. Because some of them will just work for your business. One of these is likely to be outsourcing. It’s nothing all that new, but as trends go, it’s certainly making waves out there in the business world right now. If you want to grow your business, improve your productivity, and generally operate well, here are some of the key areas you could consider outsourcing.

Sales

Not everyone is comfortable with the sales process, and that’s okay. When you own your own small business, or you’ve just started out, it’s highly likely that you’ll be tackling the majority of the sales process yourself. And if you’re not a natural, it can be something that you dread. So, instead of suffering, why not look at outsourcing it to an expert? With a sales consultant, their compensation is often results lead, so you’ve got nothing to lose.

Production

Then there’s the actual administering of your business operations. If you manufacture a product, why not look into outsourcing it? Even if it means you have to send cutting services to one expert, R&D to another, and packing to a specialist, if it speeds up your productivity and is cost-effective, it makes sense. Even if you provide a service, you could outsource some areas of the work to free up your time for more important things.

Marketing

As a small business or startup, do you often find yourself saying that you’ll market more, and never find the time for it? If you’ve answered yes, don’t feel guilty, you’re not the only one. When you wear different hats, and you’re just trying to get your work done, marketing and promotions often get put to the bottom of the priority list. But that’s one of the benefits of outsourcing your marketing – it gets done for you. Plus, it will be experts handling your strategy, meaning they could probably do a better job that you anyway.

Finance

If you’re not a natural when it comes to numbers, you probably hate having to deal with them. Looking at budgets and forecasts and even filing your taxes can be a lot of work. So, outsource it. You can hire an accountant to take care of the regulatory stuff and even filing your taxes. And if you really don’t want to deal with anything yourself, get an assistant in to run the day to day stuff for you too.

Administration

When you’re really busy and are trying to put all of your efforts into growing your business, you’ll probably find that you just don’t have the time to take on all of the admin that needs to get done. Or, worse, you’re spending your time and efforts on the admin and not growing your business. Either way, you need a VA. A virtual assistant can take on all of the annoying admin that you hate doing, and probably get it done a lot quicker than you could too – because they’re a pro!