The world of business is more competitive than ever. Individuals and companies need to fight for every sale and client, but they also need to make savings wherever possible. A huge number of small businesses and startups fail every year because they can’t control costs. But as you’re about to find out, there are ways of achieving most of your business goals while keeping a lid on your costs.Thankfully, thousands of businesses have been able to make cost-savings without disrupting their operations. Let’s take a close look at the money saving tips that can be easily implemented in a small business.
Leverage Social MediaSocial media is a huge business tool that simply can’t be ignored by cost-conscious small businesses. Not only does it give your brand a global audience, it’s usually free to use — unless you pay for advertising campaigns. But there are many different ways you can leverage the power of Facebook, Instagram and Twitter without paying a single penny. Simply by providing useful and accurate information to your target audience can grow your brand and win you followers. And in the world of business, followers often become customers. Once you have a following on social media platforms, you can showcase your products or services to a captive audience. Not only that, by creating impactful and engaging social media messages, you can encourage your followers to spread the word. Think about the money you can save on marketing and advertising — just by connecting with your followers in a constructive and informative way. Social media is also a very powerful communication channel. For example, if you have to update your customers about a product or changes to terms and conditions, you can do it in seconds. You can also save a small fortune on recruitment costs. After all, there’s a very good chance that some of your most loyal customers have the potential to be great employees. Advertising vacancies on Twitter and Facebook in a standard post is free, and it takes a minimal amount of effort from you and your team.
Reduce PaperEven today, in the digital age, businesses use an enormous amount of paper. While the paper itself is expensive, the other products required to deliver paper documents to customers and partners are all expensive. When you add up the costs of ink, printing hardware, envelopes and postage, the annual cost of doing business this way is huge — even for small businesses. But switching to paper-free operations is actually easier than you think. Cloud storage options, email, smart phones, tablets and the latest office technology have already drastically reduced our reliance on paper. With just a few more changes, you can almost completely remove paper from your business — and enjoy the cost- savings such a move delivers.
Migrate to the CloudAlmost every conceivable business IT application can now be performed via Cloud-based software and platforms. Everything from word processing to accounting can take place on remote servers, which delivers a range of cost-saving benefits. For example, using the Cloud for applications and data storage reduces your business’ reliance on hardware. You won’t have to buy large servers or computers, as the hardware you need is provided remotely. And once you’ve moved to the Cloud, you can slash maintenance and repair costs. The growth of virtualization has reduced the cost of Cloud-based computing even further in recent years. Companies can now share servers with other companies, which means monthly subscriptions are now lower than ever. But there are some hidden cost-savings associated with Cloud-based software too. For example, if someone has the ability to log on to the company system from home, they won’t need to travel. You could save transport costs. And because your employees don’t have to commute, they might be more productive during office hours. Cloud-based computing also makes remote collaboration easy. Rather than pay the expenses of clients and colleagues to attend meetings and company events, you can hold meetings on the latest web conferencing platforms. Regardless of where people are in the world, you and your colleagues can come together without leaving your home offices.
Now you know some great money saving tips, let’s discuss how to implement them in your business!Xara Cloud is a powerful cloud-based document creation platform that’ll help you slash costs. Easily create stunning social media graphics without any design experience, reduce paper by storing and accessing documents from any device or location and have direct cloud storage connection. But the cost-saving benefits don’t stop there.