It’s all well and good being a tech startup with an unlimited supply of venture capitalist money, but what if you’re just a regular business, trying to get by? How do you save on costs? Take a look at what some of these business experts have to say on the subject.
Don’t Bother With Traditional Advertising, Go With Low-Cost Alternatives
Traditional advertising was expensive because the number of outlets available was so small. There were only so many commercial breaks and billboards that businesses could use to get their message across. But Marissa Haynes of Wealth Management Group says that there are now much cheaper and more effective ways to communicate with customers. She says that she managed to get her message out there by posing as a credible source in her industry, talking to various magazine publications and newspapers.
Another route people often go down is the Adwords route. But it’s expensive, and all it does is line Google’s pockets with more money: money that you need and they don’t. John Boyd decided he’d had enough of being ripped off by Adwords, and so he decided that his company would stop paying for advertising and focus on inbound marketing and SEO instead. He did a bunch of things, including creating YouTube videos, generating more than 700,000 views and boosting traffic to his website.
Live In The Cloud
We’re in the midst of some pretty significant changes in the startup universe. No longer do startup firms have to invest millions of dollars in IT equipment to get their enterprises off the ground and fit for the digital economy. Instead, all they need to do is approach a cloud service provider, like HubStor, and they’re ready to roll.
This is exactly what Boyd did, thereby avoiding the expense of buying new hardware and getting a cloud provider to host his data. Bibby Gignilliat, the founder of Parties That Cook, has done the same. He uses software that allows him to take payments, manage his staff and organize his logistics.
Cut Expenses, Not Employees
For most businesses, employees are their biggest asset. But when times get tough, sometimes it seems as if the only option is to lay them off. Not so, according to Ian Aronovich of an auction website. He says companies should look for ways to cut extraneous expenses while sparing their employees in whom they have invested their time and money. When the recession hit back in 2009, his company was facing the prospect of having to lay people off. So he decided he’d cut all unnecessary costs to keep people employed. One of the costs that the cut was the free lunch canteen. Instead of having a free lunch every day, he gave his employees a free bagel on Friday and told them to bring a packed lunch the rest of the week. According to Aronovich, this allowed him to avoid sacking people.
These are just a few of the ways your business can slash costs. Hopefully, you won’t have to ask why your business costs are so freakin’ high any longer.