In the competitive world of business, it is often difficult to strike a balance between your outgoing costs and the profits that are generated by the sale of goods and services. However, small start-ups must find a point of equilibrium between these two factors if they are to be successful and eventually expand. Saving money will allow your business to maximize profits and direct investments to areas where they are really needed, so read on for some creative, cost effective solutions.
Don’t be Afraid to Haggle
Whether you’re dealing with your insurance company or your suppliers, it’s important to be able to negotiate prices and premiums. In terms of insurance, you should follow the same principles as for car insurance. Research the market and compare prices across a number of insurance providers to find the best deal. If you inform your current insurer that you’ve found significantly more competitive rates elsewhere, they will often be more willing to lower your premium. The world of insurance is very competitive, and it’s likely that haggling and being an informed customer will get you a much better price.
Invest in Second Hand Technology
The problem with buying new technology for your business is that within the next year or so, there will be a new model, with a new operating system. Your large competitors may have the money to replace their technology rapidly to keep up with updates and other changes, but for small businesses, this simply isn’t possible. Choosing second hand technology is advantageous because it costs a fraction of the ordinary retail price, and if you choose a trusted seller like SSC Trade, the laptops, desktops and tablets will still come with guarantees.
Take Advantage of Free Marketing Opportunities
Forget paying for advertisements in local and national papers or TV and radio spots. Your business can get noticed and build brand awareness without spending any money at all. It’s a good idea to sign up for social media accounts if you want your business ethos to reach a wider audience. Twitter and Facebook also give you the opportunity to communicate with your customers in real time and gauge reactions for different products and services. You can also use social media platforms for competitions and giveaways to increase brand interest. If your business regularly sends out paper mailings to its customers, you may wish to substitute this for emails and save on the costs of printing and postage.