Nibletz Staff
Ask any expert or business owner what the most common reason for small businesses failing is and they will tell you it is mismanagement of outgoings. It is a simple math; the more outgoings you have the more revenue you need, which, as a small business or startup, can be a tough ask. Outgoings tend to pour out of every area of a business. There is stock, there are wages, there is tax and utility bills and rent or mortgage payments, and that is just a scratch on the top of the iceberg. Get out a calculator, add them all up and you will see that these outgoings tend to add up pretty quickly, meaning the end of the month isn’t that fun.
But don’t worry, we have spoken to industry experts and successful business owners, and compiled a list of their top tips and advice to help you be a success. No need to thank us.
Find Yourself Great Deals
Finding deals can become one of your closest friends. It’s a bit like when you go shopping for groceries or clothes or anything; you will be attracted to deals because they will save you money. The same goes for business. What’s more, there are plenty of ways to get a good deal. Why not go online to see what you can find in the way of deals. The internet is saturated with money-saving websites, it just takes a little knowledge of knowing where to look and what to look for. For example, if you are in the retail business, have a look to see what the lowest credit card processing rates are. Alternatively, why not try a little renegotiation here and there. Speak to your suppliers, or your landlord, and see whether they can give you a better deal. Chances are, if they value your relationship, they will be willing to to offer you a reduction. Even if this is a fraction, a few dollars for instance, it could add to a sizeable chunk when added together and spread out over a year.
Marketing Can Be Cheap
If you are thinking of hiring an agency to handle all of your marketing and social media content, but have gulped at what they charge, stop. It is not worth shelling out a huge chunk of your tight revenue on an agency. Why? Because there are so many ways to market your business in a seriously cost-effective way. Heard of social media? Of course you have. It is the go to place for everyone, whether they are searching for something, researching a business or just procrastinating. So get on it. Know which platform will suit your needs best and get on it. Look at Twitter and LinkedIn and Pinterest and Facebook. Decide which one will drive the most traffic and start harnessing its power. Start blogging as well. You have a website, so start improving your SEO by blogging often and well. Trust us on that one.
Outsource Everything
Employees cost money. They have monthly salaries you need to pay. There is insurance that needs to be put in place. You’ll need a bigger office space and that means more utility bills. So, yeah, they cost money. So why not dip into the pool of freelancers that is now filled with top talent. It could be HR consultancy that you want, designers or content writers. All if it can be freelanced, which means you can start cutting your costs dramatically.
