Getting sponsors for events will help carry the expense in exchange for some form of advertising. It is usually a good trade for both the small business hosting the event and the sponsor paying for expenses, if the two are in related areas. The advertising helps provide an engaged audience, giving you a prime opportunity to connect with more possible clients. Sponsorships allow for positive publicity, which is advantageous for any business; having a respectable public image encourages more people
Consider outsourcing smaller tasks to save your company valuable time that could be dedicated elsewhere. While you may be thinking that this will cost you more money, a common notion forgotten by many businessowners is that: time is money. If you can outsource the smaller, more tedious tasks to externals, you have more time to devote to the bigger tasks. Overall, this would increase the quality over all areas as there would be no rushing to complete tasks which would in turn increase the revenue your company makes.
To really get a handle on opportunities to reduce costs, create an expense budget for your business. Then create a sales forecast.
But, do not stop there. Set a time each month to compare your actual spending and sales to your forecasts. The key here is that regular financial review is going to help you have better insight into where your cash is going, and opportunities to bring more in. Assessing which investments are bringing in the most revenue for your business allows you to continue capitalising on beneficial opportunities, and establishing which investments are not bringing in money indicates a need to stop pumping money into that opportunity.
4. SOCIAL MEDIA ADVERTISING
It may sound as though we are stating the obvious, but social media is a free and popular way for you to make your business known to the world. While traditional forms of advertising remain somewhat popular, they are very costly. Social media is more popular than ever, used by 3.8bn of the world’s population and is completely free to use. Establishing a brand and online personality will allow you to connect with potential clients and, in turn, increase your company’s revenue as more customers are engaging with your business.
5. ACCURATE PRICING
When starting up a business, giving out freebies seems like an effective way of increasing your client base and “getting your foot in the door” but, in reality, this method is rarely beneficial. Your business offers a unique good/service that takes time and money for you to manufacture/prepare, so ensuring you charge an accurate price to guarantee you gain a profit is essential to keep your business afloat. As your company becomes more established, you can regularly review your pricing and adjust them accordingly.
This article is copyright © 2022