As a small business owner, one of your top priorities is to carefully monitor your expenses, create a budget and find clever ways to save money. After all, the mismanagement of cash flow is the main reason that small businesses fail.
That may sound easier than it’s done. Even though you want to be mindful of your expenses, you also don’t want to cut so many corners that you can’t stay competitive. But it is possible. Here are some small business owners who found innovative ways to save money at their office.
Get a Bookkeeping App
“I have only been using bench.co for my bookkeeping since January of this year, but the amount of stress and time they have saved me has already paid dividends for my business,” says Skyler Irvine, owner and co-founder of Myriad Real Estate and founder/CEO of GraceLane.co. “Because they developed their own software in house, I am not forced to learn how to use Quickbooks that most bookkeepers require.”
Besides saving time and speeding up the bookkeeping process, storing this information in the cloud can help your business go green because it will cut down on paper and printing costs. As an added bonus, you can also save on storage costs and even reduce the size of your team.
Keep Your Team Lean
Thanks to technology, you can keep your teams lean. For example, VoIP services allow you to have the same features as your larger competitors but without the need for having a full-time staff. Also, the communication services give you the chance to work with employees from all over the world so you don’t have to rent out a large office.
Use Social Media for Marketing and Customer Service
Social media can be a more affordable option than traditional marketing for small businesses. As Ebong Eka, a CPA and small business expert, has said, “You either market to your customers or your competitors will market to them. Social media is cheaper than traditional forms of marketing.” Eka said you can start off by using paid Facebook ads with a small budget of around $3 to $5 per day.
Besides marketing, social media can be used to handle customer service.
“Businesses need to consider leveraging messaging technology by developing chatbots or even simply using popular messaging apps, such as Facebook Messenger, as a customer service channel,” suggests Tony Valado, 1-800-Flowers.com‘s VP of marketing. “With over 1 billion consumers already using messaging apps like Facebook Messenger and WhatsApp to communicate with family, friends and brands, the next wave of conversational commerce is on the verge of taking hold. Businesses should prepare to delight their customers through these channels.”
Valado also says, “Once they’ve successfully leveraged messaging technology, businesses should work toward a distributed commerce infrastructure that enables their consumers to interact and purchase from whatever website, device or app they are on. A distributed commerce model that allows companies to plug their business into other third-party properties will allow companies to maximize their relationships with their customers and drive further business growth.”
In the coming weeks, we’ll share more tips on how you can save money in your office.
In the meantime, if you have tips of your own, please let us know.