9 small business tips to save money and time
Every business owner starts a business to ultimately earn money. Of course, there are exceptions to the rule where people work purely for passion but those are very rare cases!
So, if you’re in the business of generating profit then you need to consider the elements that cause waste. A waste of money, to be exact. This essential factor can often make the difference between a profitable business and a mediocre one.
No matter what type of industry you’re in, you should consistently improve its functionality. By making small changes you might discover huge opportunities for achieving a better ROI (return on investment.)
I’d like to share some insightful tips that will make your business more profitable and, hopefully, more enjoyable to work on.
1. Build an online platform and drive organic traffic
Most of us know that we’re living in a complex digital age where technology is infusing almost every aspect of it. As business owners, we should really be able to comprehend the fact that our audiences are spending a lot of time online. They’re constantly using social media, looking for information, and communicating with each other.
Developing a strong digital presence on several social platforms will enable you to engage with potential and existing customers, build a community around your product and service, and better understand your audience’s needs. Find out how to convert customers and clients online into leads here.
2. Focus on word-of-mouth generation
Word-of-mouth marketing is critical to every business as one satisfied customer can lead to many more. If you manage to think out-of-the-box and involve a different message or selling point – a unique value proposition – people will start talking about your product or service. Hopefully, that will lead to it going viral. What does that mean exactly? Basically, it’s when something is circulated rapidly and broadly from one person who is online to another.
3. Train your team well
A well-trained team is a key element in a competitive business. The more you put into your team’s ongoing development the less time you’ll spend micromanaging them. Moreover, if each of your workers knows what they’re doing, they’ll collectively influence the performance of your business. Spend more in training, gain more in revenues.
4. Automating tasks
In this very moment, you have at your disposal dozens of digital tools that can change the game for your business. The question is: Are you aware of them?
Most small business owners refuse to think that some digital tool can turn their business into a more profitable machine. But then can. For example, tools like Hootsuite can slash the time you spend uploading content to social media. Instead of logging into Facebook or LinkedIn each time you want to post something (and getting distracted by cat videos), Hootsuite allows you to schedule posts in advance.
5. Outsource in order to save time
Outsourcing is a smart tactic that big business owners use in order to save time and money. By carefully assessing their qualities and knowing what traits they possess, they can assign the actions that they’re not good at to those who are.
Do an audit on a typical business week – do you spend a lot of time replying to customer enquiries? Are you spending too much time posting on Facebook or photographing products for Instagram? Does it take you a day to pay staff wages? All of these tasks can be outsourced so you’re free to focus on what’s important for the business.
6. Implement cloud computing
Instead of wasting tens of thousands of dollars on fixing the issues within the servers of your small business, you can instead use the cloud for the storage, organising, and moving of your business files.
You can even use free services like Google Cloud Platform. Think about it: all your team would need to communicate and swap important files and data would be an internet connection.
7. Keep your employees motivated and focused
Do you crave for a better business performance? Then point your attention towards your employees. As I’ve previously mentioned, each employee contributes to the overall wellbeing of the company.
Mark Hutson, the HR manager at Essay Geeks, shares his insights on the matter: “Your employees are like the wheels of your car. If they’re motivated, they’ll drive your business well. Therefore, motivating and keeping the team focused is a vital thing a small business owner should do on a consistent basis… all in order for the business to perform better and better.”
8. Hire the right employees in the first place
I keep talking about your current employees, but I haven’t warned you about not taking the wrong employees in the first place. That’s right. Hiring the wrong employee will cost you time, money, and energy.
All the paperwork, disappointment, and lack of effective work will make you wish you paid attention in the first place. Here are a few tips on the recruitment process and how to choose the right staff.
9. Become a mobile-friendly business
Digital marketing has increasingly become a mobile-first experience and it’s not hard to see why. More people are influenced by what they see on their smartphones than on the television, making mobiles a very powerful marketing tool.
Make sure that your business offers a functional and easy-to-use mobile version of your website and that it ties in with in-store marketing strategies. Because, as Google’s 2013 Mobile In-Store Research found, 84 per cent of smartphone shoppers use their mobile phone to help them shop while in a store.