Running your own business can have a lot of costs involved, so just like how you manage your own household budget, you need to make sure you’re being smart when it comes to how you run this side of your business so as not to end up in debt.

In this post, we’re going to share with you 4 different ways that you can save money in your business:

Go Remote

Even though more people than ever are now working from home thanks to the current COVID-19 pandemic that we find ourselves in, and many companies are now looking at this as a potential longterm option, there are still a lot of companies who are set on the idea that things only get done properly when in an office.

However, one of the biggest things that people are seeing when taking their employees out of an office and working from home is the obvious cost saving. Rents for commercial property are very expensive, so for any business owner looking to cut costs, then going remote is one of the best ways to do that.

Keep Track Of Finances:

As mentioned above, keeping track of your finances is crucial in business just as in any area of life, taking a finance course on money master academy can help you better understand your finances. In the other hand, using some kind of business expense management tool like Haslle is always good as an additional help to stay on top of this very important part of your business.

Hire Freelancers:

Depending on your business, you may only have a few team members or you could have a big rota of staff, but for certain things, instead of hiring full time employees all the time, you should consider using freelancers who specialise in certain areas such as marketing, finance or IT. Freelancers who come in a as contractors are responsible for their own taxes and insurance, and the terms of contracts are far more flexible, so you could really save yourself a lot of money by brining in experts only when needed.

Go Green:

Recycling and taking care of the planet is not only something you should be doing at home, but you can do this in your business and save a lot of money in the process. Things like cutting down on plastic use, going as paperless as possible and even shopping around for a renewable energy provider if you have an office are all great ways you can get started with going green and save money in your business.

These are just a few of the ways you can get started with saving money in your business, and there are certainly many more you can try that may be more applicable to you and your company, though we hope that they’ve been helpful in giving you some ideas to start from and hopefully you’ll be able to implement some of them in your business.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post 4 Ways To Save Money In Your Business appeared first on OpenBusinessCouncil Directory.

As a business owner, you will understand the importance of marketing. Failure to spread the word about your business can bring about failure full stop! If people don’t know you exist, then you are hardly likely to make any profits. No wonder then that many businesses spend a small fortune on marketing. From paying for ads on and offline to hiring expensive marketing agencies to do the job for them, business leaders are seeing a sizeable chunk of their budget disappear because of their marketing efforts.

Of course, spending money on marketing isn’t a bad thing, especially if the end result is more custom and bigger profits. But mistakes can be made. Marketing to the wrong demographic, not tracking the ROI, and using outdated and irrelevant methods, are some of the ways businesses lose money in their bid to make money when pushing their brand. Their efforts are counterproductive, and this can prove frustrating, especially when those hoped-for results don’t materialise.

Thankfully, you don’t have to blow your budget on marketing. You can learn valuable lessons from some of the bigger brands operating today who have forsaken a traditional marketing budget. They still thrive because they have mastered the art of influencer marketing, gained customer trust, and have encouraged word-of-mouth marketing to further the cause of their brand. To learn more, follow the previous link and consider how these methods can apply to your business. While these companies do have established brand recognition on their side, some of the methods they use/have used can be replicated for businesses both large and small.

Marketing Your Business Cheaply

Here’s the thing. Sometimes, out of the box thinking can help you market your business cheaply. By being creative, you can spend less money than you would normally. Guerilla marketing methods such as creating publicity stunts or creating competitions for customers can be just as effective as more expensive marketing, such as renting billboard space, handing out printed material, or creating a tv ad. Again, follow the previous link for examples of free or low-budget marketing.

Don’t neglect your staff, either. Aside from your marketing team, if you have one, your staff members can do much of the marketing for you, purely by being themselves. Sending them out in a unique uniform, perhaps using the services of Patches4Less to create logo and name patches, you will soon get people talking about your brand when your staff interacts with them. Your staff members can also promote your business by handing out free branded products on their daily commute, or by casually leaving such things as branded pens in coffee shops and libraries. They can talk about your business on social media, and to the people they meet face to face. They can do all of these things as part of their daily life, though you may be in the position to offer them incentives if they do generate leads while out and about.

The same principle applies to you. Wherever you go, always have a business card or a branded item with you. Network at business meetings and conferences, and get your business card into the hands of others. Go online and contribute to niche sites and forums where your opinions are likely to be respected. Link back to your business website and social media accounts in your online efforts, and you may generate new customers for your business. You can’t be a wallflower; if you want your business to succeed, it is your voice and presence that will steer people your way, so get yourself into the world and start talking about what it is you do. Your passion for your business can inspire others to sit up and take notice, and all without you having to spend any money in the process.

Let’s not forget your current customer base. Provided you have shown excellent customer care, you will have gained their respect. They will write positive reviews about you on sites such as Yelp. They will share word of your business to their friends and family online and off. And they will return to you time and again, rather than risk using a business they are unfamiliar with. As with your staff, your customers can be your greatest marketing tool, so capitalise on it. Encourage customer referrals, offering incentives to those customers who can generate new custom for you. Actively encourage them to write positive reviews for your business, whether that’s on Yelp, or for testimonials on your website. So long as you keep them on your side, the longer they will return to you and encourage others to do so. Again, you won’t have to spend a fortune making this happen.

How else can you market your business cheaply? There are numerous ways. Promote your business on YouTube through tutorial videos. Create a podcast and share information that relates to your business. List your business on Google My Business, a free source of advertising, and an effective way to improve your SEO. Work with other businesses, and encourage them to refer customers your way, provided you do the same for them. Share your blog posts across your social media networks and encourage your employees and customers to do the same. Do all this and more, using the links we have provided in this article and through researching low-budget marketing tips online. No money, no problem, you just need to use your imagination a little, while relying on the people who are already affiliated with your business to push awareness of your brand cheaply.

Bottom line

We aren’t saying don’t spend money on your marketing. There are times when you have to open your wallet to further the cause of your business. But you don’t have to go overboard. You can still market your business at little or no cost, regardless of the income you are receiving on a monthly basis. It’s about finding what works for you. And remember this final fact. If your business is worth talking about, and if your product is up to scratch, you won’t need to work as hard on your marketing at all, as sometimes, what your business stands for will speak for itself.

Let us know what you think. Have you found ways to market your business cheaply? Have you made mistakes or found success in the methods you have used? Share your wisdom and experiences with us, for the betterment of all our businesses.

Contributed content

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Your Marketing Efforts Don’t Have To Eat Into Your Budget appeared first on OpenBusinessCouncil Directory.

As a business owner, you probably spend a lot of time on your company finances. Whether you’re calculating profit and loss or working out the tax for the year, you’re always thinking about the numbers. For this reason, you might be neglecting your personal accounts, as you just don’t have the time for them.

If this sounds familiar then we have some great tips to get your personal finances back on track.

Keep things Separate

If you want to keep a clear definition between your business expenses and your personal ones, then you have to put this in place. This will allow you to understand what’s going on with each side, without getting them muddled up. If you do have trouble with this, then you might want to seek the help of an accountant.

The different sides of your finances should be kept separate, as you don’t want to end up getting into trouble with the law. This kind of muddy bookkeeping will only serve to harm your business in the long term. So define these lines and keep the money separate, even if this means using two separate accountants!

Use a Budget

You probably have a budget set up for your business, right? You know the money that is in the bank and how much capital you have to spend. This gives you a clear direction on what you can afford and how you will grow your business moving forwards. So why don’t you have this in your personal life?

You can open online bank account with the likes of BB&T to have on demand access to your finances. From there, you can assess your current spend on things like food and bills, working out whether you’re sticking to that budget or not. This will help you to save and possibly have more money to invest in your business in future.

Plan for the Future

Again, this is most likely a practice that you employ within your business. Therefore you have to think about where it comes into your personal life too. As a business owner, your income can be more sporadic than a regular worker and you have to plan for those rainy days. When the going is good, take time to plan out what you’ll do with that extra money.

If you have kids and a family to support, this becomes even more important. You can look into income protection and insurance so that if you ever become unable to work, you can still support them. This kind of forward planning is a great idea to secure your earnings into the future too.

If you have the time to plan for this, then you will thank yourself in the long term.

With so much to think about as a business owner, your own finances can fall to the wayside. However, you can impact your future earnings if you don’t think about this. As a business owner, you don’t want to leave yourself open to this kind of danger, whether that’s in business or in your personal life.

This is an article provided by our partners’ network. It might not necessarily reflect the views or opinions of our editorial team and management.

Contributed content

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Managing your Personal Finances as a Business Owner appeared first on OpenBusinessCouncil Directory.