Launching a new business or charity does not come cheap, and every penny does count during the startup stage. Creating a business budget is one thing; sticking to it is quite another. Running out of money is one of the biggest reasons that startups fail! We have compiled a list of useful money-saving tips to help you spend less without compromising on your growth.
Cost-Effective Marketing
Marketing is a non-negotiable business expense, particularly during the launch phase. Yet, traditional methods of marketing and advertising can be expensive. It is worth investigating more cost-effective methods. Generating brand awareness does not have to be expensive!
Content marketing, when done right, is a powerful way of generating new leads and converting them into paying customers or donors. This costs a fraction of traditional advertising. But, it can take a little time to gain traction, so it is wise to start as soon as possible.
Make sure that you show up daily across a range of social media channels that are popular with your ideal clients. You can even prepare your posts months in advance and use scheduling software to automatically upload them.
You should also endeavour to create a content-rich website by uploading a few blog posts per week. These don’t have to be industry-defining essays. Simple and informative 300-500 word articles are perfect.
Video content tends to resonate well with internet users, too. Try going live a few times per week to answer audience FAQs, or creating YouTube videos. These don’t have to be Hollywood-worthy productions – all you need to do is show up and educate your audience.
Outreach marketing can also help to target a local audience. For example, you could teach a class in a nearby community centre, speak at an event or sponsor a charity fundraiser. This will position your business or charity as a caring organisation, at the heart of the local community. It will also increase brand awareness.
Telecommuting
Remote working can help to boost your bottom line. A study by AirTasker found that employees are significantly more productive when working from home, putting in an average of 1.4 more days each month. Over the course of a year, this amounts to more than three extra weeks of work. At the same time, telecommuting cuts down on costs such as gas and electricity. It may even allow your organisation to relocate to a smaller and cheaper office premises. Talk about getting more for your money!
Hire an Accountant
It may sound counterintuitive, but a quality accountant will always save you more than their salary. As well as ensuring that your business is compliant and thus avoiding costly fines, a great accountant will use their extensive knowledge of tax deductions and incentives to see that you don’t pay a penny more than necessary. Furthermore, an accountant will function as a business partner and mentor. They will use their acumen to help you make shrewd decisions about financing, business growth, and spending.
Cloud Technology
These days, it’s often no longer necessary to invest in expensive hardware. There are many cloud-based software solutions out there available on an annual subscription. This prevents you from having to expend on in-house systems and maintenance. There are even some free data hosting and transfer systems out there if your needs are still fairly basic.
Equipment Leasing
Constantly paying out for expensive equipment and upgrades can be a real drain on your business bank account. If you find that your equipment requires a lot of maintenance or needs to be regularly upgraded, consider leasing rather than buying outright. This is a cost-effective solution that helps with cash flow management. You often have the option to buy said equipment at the end of the lease if necessary.
Summary
Saving money for your small business doesn’t have to mean slashing costs and making huge sacrifices. Employing creative solutions and making strategic decisions is the best way to save money without inhibiting business growth. By being smart with your marketing, seeking the financial advice of an accountant, and leveraging the latest technologies, you can save money and ensure that your startup stays afloat.
Catch Up soon,
Bim Ewetade
PS | We specialise in helping charities, and businesses in the health sector (optician, optometrist & pharmacist businesses) optimise their resources, thereby, adapting, growing, and thriving. If you want to know how we can help your business or charity, then connect with Bim on LinkedIn or send an email to info@aeaccountax.co.uk
