Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

Cutting Your Costs And Not Paying The Price In Business

Money-Saving

Yes, running your own business can be an expensive proposition. We aren’t denying that but hopefully you’ve set yourself up for this, prior to starting out and aren’t too stressed at all about these little molehills becoming expensive mountains. However there are lots of ways to keep your costs down to a minimum and maintain the integrity of the business.

Buy in bulk.

Whatever your business does, you will require pens, paper, staplers etc. Individually, these items will get more and more expensive but buy in bulk, pay one price and you’ll be completely catered for. Just make sure you don’t throw them away. They can be stored in a back room, there for when you need them. And what a waste it would be to chuck all this extra stuff away for the sake of some extra space.

With tables and chairs, ensure you have enough for everybody to feel relaxed and at home as well as a few spares but don’t go too overboard on bulk purchasing. They, unlike the stationery can clog up valuable space.  Furthermore, with expensive items like computers and printers, you must make sure they are always fully functional. It won’t be too expensive to employ a freelance technician to come each week and check that everything is in complete working order.

With this set sum which you can organise with benefits management, your business will function smoothly without fault but don’t keep him on the sidelines full time. You don’t want him twiddling his thumbs for 6 days a week. Make sure he’s self employed and has somewhere else to go to. Alternatively, you could get a member of staff with IT experience to combine his role with that in the office but make sure he doesn’t get too snowed under with his jobs or get distracted from his main office job too often.

Social media marketing.

With regards to marketing, why would you pay so much expense in advertising your company when you can do as just a good job for next to no money? Use modern technology like social media to keep up with the times and promote the good name of your company to potential clients. If you’re not too sure about this prospect, why not employ a social media expert from in or out of office to take care of this side of things? You could even get word around the office to members of staff to promote the company via word of mouth to their friends or family or even for those that enjoy the writing side of things, to start a blog about a day in the life of your business. Obviously, make it sound like the company is almost perfect. It’s a promotion not a relegation after all. When the orders come flooding in, you won’t regret this major change in direction for your company. And the zero effect on your purse strings will make you even happier.

As you can see, it’s relatively simple to cut your costs and still maintain a healthy relationship with clients and staff alike. So why not begin straightaway?

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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