It’s a tough economy. We’ve all heard that phrase uttered countless times over the last decade. Unfortunately, the economy hasn’t improved much and businesses seem to be among those suffering the most. Take a drive through any given town and you’re bound to find at least one dead shopping center completely devoid of business. In order to ensure your business isn’t the next one to go, it is crucial to examine ways to cut back. Here are four ways to save your business money.
1. Go paperless. Going paperless is a new trend for businesses. It seems like these days people are receiving fewer amounts of paper bills and those that they do receive come in big envelopes with the phrase “Go paperless! Visit our website for more information!” spread across them. Going paperless is a great way for businesses to save money since it can cut down the cost on paper, ink, and postage. According to Stamps.com, the price for nearly every form of postage has risen by a minimum of three cents in the past year.
However, businesses can still use email for free. E-mail and online services such as bill-pay is extremely beneficial for businesses. They won’t have to worry about the high cost of shipping and they can send out more mail, quicker and free of charge. Instead of spending money on postage, businesses should opt to create strong email marketing campaigns that can reach more individuals and in turn, help them gain more customers and clients.
2. Teach old employees new tricks. Do you really need to hire more people for your business, or can you get by with training your current employees to learn new skills? Evaluate your employees to see what kinds of skills they already possess and how you can build upon their previous knowledge so that they can work across multiple departments. You can usually find opportunities for employee training courses at your local college or online. According to CNBC , employee training courses can help businesses save money and increase their overall revenue. Some have even mentioned that businesses have seen more success through teaching their current employees new skills than they have with hiring new employees. While the cost of training may seem high at first, keep in mind that it is still significantly less than it would cost to hire a new employee and pay them hourly or through a salary.
3. Use social media to your advantage. Social media is an excellent way for businesses to advertise. Many social media platforms are free to use and easy to manage. Marketing company Webimax predicts that in 2014, social media is predicted to be even more important than ever for businesses both online and offline. Online businesses will develop a voice and connect on a personal level with their current and potential customers and clients. Offline, businesses can use social media to encourage customers and clients to check in on FourSquare, take photographs of products and post them to Instagram or post a tweet with a specified hashtag to promote the business. It’s a fun and easy way for businesses to gain free promotion.
4. Limit employee perks. Everyone likes to be recognized and feel appreciated. Employee perks are certainly a great way to show employees that you appreciate them. However, employees don’t need weekly catered lunches or other perks. Make your employees earn their perks. Offer a catered lunch to the department or division that has the highest rate of success in a given month (most sales, most referrals, etc.). By throwing competition into the mix, you will encourage your employees to work harder and will see an increase in productivity, sales and profits as a result.
Kimberly Erskine is an avid writer who possesses the desire and ability to write in a wide range of styles for various topics. She earned her Bachelor’s in Writing Arts, Bachelor’s in English, and Concentration in Creative Writing from Rowan University in 2010. Presently, she serves as a guest writer for BitRebels.com and is a blogging/web content intern for Cloud IT Guru. Kimberly is now working as an Inbound Marketer for Webimax where she works to generate and market various forms of content for her clients.
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