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, looking at your bottom line and seeing increased growth and lessened expenses will surely put a smile on your face.
But how can business owners go about taking these steps? They can always cut expenses, but that may not increase growth. They 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 an account is completely free, and with around two billion active users on social media, your business will be in front of lots of eyeballs.
Promoting your business via social media is much cheaper than the traditional routes. 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 reach various audiences without dropping hundreds or thousands of dollars.
Outsource Away
While it would be great to always have X employees 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 save 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 allows 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 you should have a weekly meditation hour for all your employees (although that would be great!). But you should make sure your office is a well-organized and comfortable place.Clutter is OK for some, but only for some. Make sure you are taking advantage of your space and being as organized as possible. See how to better arrange your floor plan or put the printer in a more central location.
Look at what you’re not using regularly and get rid of it. This could include anything from physical items in your office to software.
How will this increase growth? Happier employees mean better work efficiency, which means better output. 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 need for your office or business. Consider long-term rentals, for example.Instead of spending much money upfront 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 in other parts of your business, achieving the best return possible.
Go For Intelligence, Not Experience
When it comes to hiring new people, hiring those with more experience is going to be more expensive. Someone with multiple years of experience in the field will 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 many 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.
Intelligent people will pick up on the nuances of the job quickly. They don’t have to have years of experience to be effective.
