Running a business is becoming more expensive. Rising fuel costs, wages, and other overheads are all making it harder for owners to make enough profit to stay open. Fortunately, there is a lot that any entrepreneur can do to save money while still delivering what their customers want. Here are our top suggestions. Some of which we are sure you will not have seen before.
Use digital signage in your business
Most physical stores use in-store posters, banners, sandwich boards, and other advertising material. It is expensive to have this kind of bespoke advertising materials printed and delivered. Putting it all up, then taking it all down and disposing of it at the end of the week or campaign also costs a lot. Not to mention the fact that a lot of that material cannot be recycled, which means paying to have it disposed of and having a negative environmental impact. So, the use of digital signs for growing businesses is increasingly popular. The cost of buying and running the screens is soon covered. After that point, the stores, gyms, clinics, bars, restaurants, cafes, and other businesses start saving a lot of money every month.
Plus, because they can easily create their own promotions the ads convert much better. Changing an advert takes seconds, so a business can easily tailor what is displayed to tempt the kind of person that is shopping with them there and then to buy more. For example, in the morning a café can display an offer to tempt elderly shoppers in for a drink and cake. Then, at lunchtime use one that is designed for office workers. Later, they can tempt teenagers in to buy an after-school snack. Then, switch to offering people returning home from work a ready meal takeaway offer.
Switching to digital screen advertising is a quick win. One that virtually any business can do.
Generate money from advertising other companies
Owning these screens also opens up the chance for you to make some extra cash from advertising other businesses. Not your competitors of course. But you will find that other shops around you will happily pay to have some of their promotions displayed on your screens.
Potentially, you could use this advertising space to barter with other retailers to advertise your store in other locations. Providing yourself with what is effectively free advertising.
Tap into the power of communal marketing
This is a form of communal marketing. You can learn about some of the others here. Learning how to market in this way is powerful. It is an approach that will save you a lot of money.
Tap into the power of bartering
For seasonal businesses cash flow is difficult. Some owners have no choice but to borrow cash to remain open during quiet times of the year, which is expensive. If you are in that situation, not having to pay your accountant or other service providers in cash could save you a lot of money. Surprisingly, quite a few professionals and others are prepared to barter rather than receive cash. It is a movement that is gaining momentum across the world. You can find out more and how to access business bartering networks by clicking here.
Actively work to retain your staff
Many company owners underestimate the huge cost of staff turnover. According to research conducted by BuiltIn, the average cost of replacing a salaried employee is $1,500. When you then add in the loss of productivity from the rest of the team and the negative impact it has on morale, you can see that improving staff retention is a big financial win. This study tells you more and includes some strategies any business can use to reduce staff churn.
Brainstorm to come up with more money-saving ideas
While we are on the subject of staff engagement, we must mention the value of sitting down with them a couple of times a year to come up with cost-saving initiatives. Usually, they are closer to the business than you are, which means that the ideas they come up with will be more practical than yours might be.
Doing this together pushes you to truly engage with your staff regularly. It helps to focus their mind on the job they are doing and reminds them of the need for the business to remain profitable. However, you do need to be careful when brainstorming with staff. It must be done in a balanced and controlled way. This article provides you with a framework you can use to ensure that these meetings are productive and end up benefiting everyone.
Becoming a lean business and staying that way requires a lot of ongoing effort. But it is always worthwhile. Not only will your business operate more efficiently than your competitors, but it will also serve your customers better. This is because you and your staff will be constantly analyzing what you do and looking for ways to improve. While your competitors sit back and carry on as normal. So, you will soon out-compete them.
This is a guest post from the contributor.