6 Smart Ways Small Businesses Can Save Even More Money
Running a small business is no easy task—especially with the ongoing pandemic. Now more than ever, it’s crucial that small business owners make every dollar count.
It would help if you found innovative ways to keep your cash flow positive, so you can continue to pay your employees, source materials, and sell your products and services.
We’ve put together a list of actionable tips that businesses in most industries can use to save even more time and money.
Embrace Digital Marketing and Marketing Automation
A lot of business owners still don’t seem to recognize the Internet’s full potential. You can communicate with your audience, from anywhere, within seconds. And yes, online marketing is a daunting task. No one will dispute this.
Still, an optimized digital marketing strategy can save your business a lot of money and resources compared to traditional physical media.
Embracing digital marketing gives you a cost-effective tool that optimizes every stage of the customer journey. You can use your website to build brand awareness, automated email sequences to stay connected with customers and highlight promotions, and the many other digital channels to eliminate redundancies in your marketing strategy.
Start Social Media Marketing
DIY Social media marketing is an entirely free way to kickstart your digital marketing strategy. Instagram has over one billion active users, giving you direct access to current and potential customers.
Social media lets you talk directly to potential customers, answer questions about your products and services, get feedback from your community, and advertise your business.
However, it’s essential to keep your content relevant and avoid spamming your customers. Make every word count by speaking with your audience—not at them
Leverage Freelancers for Flexible Labor
Business owners often struggle with trying to do everything on their own. Early on, this may work to some degree, but it’s not a sustainable long-term strategy.
Learn to leverage freelancers (or independent contractors) to fill in the gaps in your business. For example, you may want help with your marketing campaigns but can’t justify hiring someone full-time. With access to talented freelancers, you don’t have to make that choice.
Freelancers offer you flexible talent that complements your strengths and keeps your business on the path to success. You also don’t need to worry about paying any expenses associated with payroll, like EI, CPP, and additional processing fees.
And thanks to marketplaces like Upwork and Fiverr, finding talented freelancers is easier than ever.
Take Advantage of Government Programs
There are many government programs available to small businesses, such as the various COVID-19 relief programs.
While we can’t possibly list them all here, a quick search for federal and provincial government programs will show you what’s available.
However, you’ll want to ensure your business is registered as a corporation. Most funding, grants, and other subsidies will require this.
Keep Your Leases Flexible
The property you build your business on is significant. It represents a considerable investment and risk.
You’ve likely heard the leasing challenges many businesses faced when the pandemic first started. With forced closures, many businesses finding themselves struggling to make rent payments.
Take the time to learn about the different types of leasing options available to you. While the idea of purchasing a property may seem incredible, it’s essential to protect yourself from events like the current pandemic.
Hire A Quality Accountant
Every business needs an accountant. The challenge is finding an accountant that understands your business, your challenges, and your needs.
Finding the right accountant is one of the best investments you can make in your business. The level of insight and tax-efficient strategies they can provide can generate immense business value. After all, it’s their job to uncover potential savings for your business, which means more capital to invest in growth.
Looking for More Ways to Save? CHI Can Help
Being a small business owner today requires an agile approach. Entire industries and markets are constantly changing, which means you need to be ready to adapt.
We’ve provided you with a few tips to help your business save time and money while staying agile.
Are you looking to start a business? Do you want to optimize your current business? CHI Real Estate can help. Our team of business specialists can help you navigate the real estate process and help you roadmap the steps needed to create a profitable business.