In the current financial climate businesses are looking to make savings wherever they can, a business owner’s worst nightmare is having to lay off staff, that is always a last resort and nobody wants to do it but sometimes it is necessary. In this article I will suggest ways that owners can cut back in various departments if they are struggling to make a profit instead of going down that line.
Marketing & Advertising
Aside from wages and rent businesses will spend the most money in this sector, with modern technology however you can reach your target audience easier than ever. Newspaper and billboard advertising is extremely expensive for the actual exposure you get (which is very limited unless you have massive amounts of money to spend) so look at starting an online marketing campaign instead. With social media sites like Twitter, Facebook and LinkedIn it is very easy to reach your specific target audience down to their sex, age and even interests. All social media sites offer pay per click advertising packages that enable you to get your name out there from the comfort of your office. You can manage the campaign and see the exact rates at which your advert is being viewed and actually clicked on.
You don’t necessarily have to even go down the paid advertising route at all. Twitter is excellent for generating a readership, post interesting content and follow the right people and you’ll have your own following in no time. If you then offer a free giveaway for a product and promise to do it again at random times in the future the word will spread like wildfire and the followers will be rolling in.
Business owners generally overlook this section of cost cutting measures because they think it won’t make enough of a difference to their bottom line, they couldn’t be more wrong though. Pens, printer paper, even toilet roll are things that are used every day and in bulk so over the course of a year you will spend hundreds of pounds. I used to run an after school tuition franchise and the amounts of school paper we would get through in a year was phenomenal, by switching to a cheaper version we actually saved £240.
Flexible Working Hours
Flexible working hours appeal to both the employer and the employees, as an employee I’m sure you would be happy having a Friday off either every other week or even every week when the business isn’t as busy. 4 day working weeks have actually been shown to increase productivity amongst staff as they work harder in the 4 days they are in. The result of this is that it allows you to save money on wages instead of having people in work who aren’t really doing all that much.
Sarah Hewitt is an experience writer who writes about anything and everything that interests her, this can range form business/careers to sport and electronics. You can contact her via her Twitter page or Google+