In the current financial climate, it can be tough for small businesses to make a profit in the face of stiff competition from rival firms. However, this doesn’t mean that start-ups can’t flourish in the world of commerce. If your business is struggling financially or simply wishes to overhaul its commercial practices, why not try putting some of these common sense strategies into place?
Utilize Technology
Advances in technology mean that businesses no longer have to rely on face-to-face meetings, phone calls and printing reams of paper, all of which can be costly both to the company and to the environment. Skype can be used for business calls and there is plenty of inexpensive and free software that can be employed for tasks like calendar scheduling, note taking, and memo distribution. Discourage your staff from printing emails and see the positive effects on your stationary budget. Social media provides a very valuable and completely free marketing function, so take advantage of this and set up a Facebook and Twitter account for your business. These sites will enable you to build up a sense of brand awareness, reach more customers and communicate with them in real-time. If you want to save on monthly and statement fees from merchant bank accounts, try an online service like PayPal.
Overhaul Your Energy Usage
The recent hikes in energy prices have left many small businesses unable to afford to keep their office spaces. However, if you’re renting a business premises, there are ways to save money on your energy bills. It’s very important to make sure your office space is properly insulated. Do the outside doors have automatic closing mechanisms? You could be wasting heat and money this way. Fit your automatic lights with daylight sensors so you can make the most of the daylight hours without wasting electricity. It’s also a good idea to remind employees to turn off lights and computers at the end of the day. Technology left on standby can substantially increase your energy bills.
Adapt and Change
The most successful businesses are able to work flexibly and creatively even under challenging circumstances. Don’t be afraid to think outside the box and embrace new strategies for saving money and boosting the bottom line. If your business is struggling financially, you may wish to get in touch with a specialist firm that offers accountancy and insolvency advice like Gibson Hewitt.