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Keeping business costs down

It all starts with an idea.

An idea for a business that you just can’t seem to shift.

You know it makes sense, you sit on the idea for some time, and then eventually pluck up the courage to make it happen.

One of the biggest challenges with running a business is money.

Initially you expect there to be start up costs, but what about the day to day running of a full fledged business? No one truly knows what a business is going to cost to run, but there are sure fire ways to keep certain costs down.

Here are some ways to keep your business costs as low as possible.

Cut the costs of customer service

Customer service is a vital element of any business. However it can be a big expenditure when it comes to the business costs. So it's important you think about the other methods that might be available to you. Sure a person at the end of the phone or in a face to face capacity is ideal, but is it essential for everyday levels of customer service? This is when chatbots, and email online forms can be a great way to ensure that decent level of customer service is met, without the massive costs involved.

Keep the business premises costs to a minimum

You may need to think about a business premises to work from, especially if working from home is no longer convenient for you, so you might want to think about how you can keep those costs down. Being more energy efficient in the workplace can make a massive difference to your energy bills, as well as thinking about insulation in the walls or ceiling and also the installation of upvc windows. The costs of these everyday things like keeping lights off and switching off technology and computers. You can read more about running a greener and therefore cheaper business here. Simple things that can make a huge difference to the costs.

Make your business an online only venture

A business can work really well if you work face to face, but it can also do just as well online and it can save you a whole heap of cash if you make the business purely an online venture. This means that any purchases to your business are made via your website, it can mean that any conversations such as customer issues or information can be done via email or live chat, and the marketing and advertisement can be done on platforms of social media such as Facebook or Twitter. Gone are the days of traditional advertising being a necessity for business.

how to run a business on a budget
Modernising your approach can save you money as a business owner

If you're going to go down the online only route, make sure your website is mobile friendly!! It can actually be a big saving towards making your business online if you were to make the website mobile friendly. You only have to look at how often you use your phone to realise that this can be such an important feature of having an online business. You use your phone for shopping, for seeking reviews, so you might want to ensure that your website fits the screen of a handheld device to make sure that people find it easy to use.

You won't want them heading elsewhere because they can’t see the menu options clearly or make a purchase simply.

Cut the costs of your business overheads?

Your business overheads may be sky high and have gotten out of control, but they don’t have to stay that way. Think about the amount of stock you're holding in your business. Or how much rent you pay for a place that you don’t need all of the space for, or the location no longer suits. A good overhaul of the finances could help you get back on track.

Is it time to modernise your marketing approach?

Maybe it's time to modernise your approach when it comes to marketing, and using free tools like social media is the modern approach to take. Facebook, Twitter and Instagram can all be utilised to advertise your business for no cost.

Converting them to business accounts and then using in house advertising objectives may cost a little, but not as much as some of your advertising costs and it could be a whole lot more beneficial. Take the time to build an organic audience. If you need help with social media, get in contact!

Focus on your strategy and business plan

Sometimes it is worth looking back at the beginning of the journey to help you refocus your plans and you strategy for the next steps that you want to take. You may have gotten carried away, or perhaps not realise you need to make new goals and priorities because you have already done well. Take a look back at the business plan and even add to it to help you get a sense of direction. Finally, reinvestment back into the business will always be wise if you are hoping to grow and move your business forward.

How do you keep your business costs to a minimum?


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