Any business owner is always looking for the perfect budget sheet. You’re never going over the proposed budget, there’s no red in sight and expenses are down.
While you may not go to bed at night with thoughts of budgetary forms and numbers dancing through your head, being able to look at your bottom line and see increased growth and lessened expense will surely put a smile on your face.
But, how can business owners go about taking these steps? You can always cut expenses but that may not increase growth. You can also inject more money into the business, but that only increases expenses.
So how do you find that magic line?
Advertise Differently
Many people grew up in the very traditional forms of advertising: print, radio and television. These methods are still out there, but the traditional ways are often the most expensive. Where do you turn to?Take your first step with social media. Creating social media accounts is completely free and with around two billion active users on social media, that means your business is going to be in front of lots of eyeballs.
Promoting your business via social media is much cheaper than the traditional routes as well. You won’t be shelling out the big bucks for a TV spot or ad in the paper.
You should also look at endorsements, content updates and video usage through social media. It’s a way to branch out to various audiences without dropping hundreds or thousands of dollars.
Outsource Away
While it would be great to always have X employee on call, waiting to be beckoned to your office, that becomes costly over time.That’s why many companies choose to outsource different projects to various firms, people or consultants. Not only will you be saving money by not having to pay a full salary, but it’s also always great to bring someone into your office who has a different viewpoint on how things are run.
Having an outside opinion come in is a way for you all to break out of a potential echo chamber and have some fresh ideas rolling in.
Bring Some Zen to the Office
No, this doesn’t mean that you should have a weekly meditation hour for all your employees (although that would be great!). But, you should be making sure your office is a well-organized and comfortable place.Clutter is OK for some, but not for all. Make sure you are taking advantage of all the space you have and being as organized as possible. See how you can better arrange your floor plan or putting the printer in a more central location.
Look to see what you’re not using on a regular basis and get rid of it. That could be anything from physical items in your office to software.
How will this increase growth? Well, happier employees mean better work efficiency which means better output. Plus, you won’t have to worry about tripping over that stupid plant anymore.
Don’t Buy Everything
Well, obviously. But this more refers to the fact that you don’t have to buy everything you could possibly need for your office or business. Consider long-term rentals, for example.Instead of spending a lot of money up front on a big purchase, consider renting vehicles, equipment or items. You can give it a test run before you start using something, just to make sure it’s imperative that it will be absolutely necessary.
By managing these costs more efficiently, you’ll be able to invest more time and money into other parts of your business giving you the best return possible.
Go For Intelligence, Not Experience
When it comes to hiring new people, those with more experience are going to be more expensive. Someone who has multiple years of experience in the field is going to be more valuable than someone fresh out of college.But, a way to cut down your expenses is by hiring smart, motivated people who may lack experience. This isn’t to say you should stock your office with a bunch of rookies, but having those new, driven employees is a way to increase your growth. No one wants to take a new job and just sit back, doing nothing.
Smart people will pick up on the nuances of the job quickly. They don’t have to have years of experience to be effective.
