Making money is something that every good business should be doing; it’s how success happens, and it’s how you become profitable. However, making money is only one side of how a business works. Whenever possible, it should also be saving money. This is how the very best companies grow and thrive; save money with one hand, make money with the other, and combined, that cash can be re-invested to make something exceptional indeed. Here are some fantastic ways to save money in your business and grow more quickly than ever.
Use Your Testimonials
If people give you great testimonials and leave positive reviews, you should be using these in your advertising. This will cut down advert design costs to begin with. The testimonials you receive don’t cost you anything; in fact, since they are from customers who bought something from you, you actually made money from them in the first place. So using these testimonials in – or even instead of – your regular advertising can save you a fair amount of your marketing budget. Reviews are what many potential customers will be looking for, so make sure yours can be seen.
Ask For Referrals
After using your testimonials and reviews, the next step is to ask people to give you referrals. They should already want to tell their friends and family about you and your products and service because they were so happy with your business, but a little reminder can’t hurt. In fact, offering a reward scheme is an excellent idea as it boosts your chances of getting a referral and increases the chances that your original customer will return. This is another way to cut your marketing budget substantially. Keeping hold of old customers is much easier and less expensive than finding new ones.
Internships can often work out well for everyone involved. You get to save money because an intern’s salary is usually much less than a long-term, full-time member of staff, and you also get a lot of tasks done on a daily basis by someone who is willing to learn. The intern benefits because they are gaining practical experience so that, once their internship is over, they can go and find a good full-time job. It may be that you decide to offer them one in your own company, but this should only be done if there is a vacancy, otherwise you will be taking someone on who you don’t really need and paying them a salary you don’t need to pay out. As with all employees, no matter what level they are on, it’s crucial you offer the right training. Employ health and safety consultants to help if necessary; although this is an expense, it’s much cheaper than the legal issues that would arise should something go wrong.
Buy Second Hand
It may not be what you want for your business, but buying second-hand items for your office or even buying used vehicles if you need one, can save you a lot of money. If you’re worried about your image, don’t be. Most of the time, no one will ever even know that the items are second-hand, especially if you take the time to check them out beforehand and it is better for our plant to re-use! Take a look on eBay or Craigslist, and you will see that almost everything you need to buy for your business, from computers to printers to vehicles and everything in between, is for sale there. If you can compare items and grab some great bargains, it’s even better.