How Your Business Can Spend Frugally and Reap The Benefits
Is your business at risk of bankruptcy? Do you want to make sure you are staying ahead financially? Here’s how your business can be frugal with spending and still grow revenue.
Advertising and Marketing Budget
Have you considered where your advertising dollars are going? Some businesses are too small to spend a lot on marketing, some are so big that they spend too much on marketing and don’t even realize it.
Both are wrong. In 2017, internet advertising and marketing can be dialed in and tracked down to the penny, so there’s no excuse for a business doing less than $1 million in revenue to not be spending any money on advertising.
On the other side of the coin, big businesses have no excuse burning their ad budget unwittingly. It’s amazing what you can learn to improve your internet marketing outreach with an hour of youtube videos and $5 a day for testing ads.
Don’t lose money on unsold products. Assuming you’ve got too much inventory, consider bundling products into sets and sell them on eBay and Amazon. Amazon’s Fulfilled By Amazon service allows you to ship your items to an Amazon warehouse for distribution whenever someone buys your product from Amazon.com.
You pack it, you ship it, and Amazon takes care of the rest. No matter what you’re selling there’s a good possibility people are buying products just like it right at this moment on Amazon. Why not get your unsold products off the shelves and in another marketplace at very little cost to you?
Pick Up The Slack
Instead of hiring someone or giving your employees more shifts, why not jump behind the counter, throw the apron on, and get your hands dirty again? Claiming a short shift every day for a while can bring your business back to profitability and give you a new sense of what else can be done from within the business to cut costs while growing revenue. If anyone should be able to do the job you delegate every day, it’s you.
Diversify Your Cash Flow
It’s always a good idea to be looking for new avenues of income. Do you run a restaurant? Drop off a flyer for lunch and banquet catering services to the nearest 20 business locations. Have a clothing store? Put some trendy shirts on eBay and Amazon. There are many ways for you and your business to spend frugally and reap the benefits in 2017.
A Matter of Funding
All businesses need funding, especially to get started. However, you have to make the correct choices or else things could backfire. Payday loans and other short-term loans could really have a negative effect on your company. The debt-ceiling is way too high. Banks, credit unions and other methods where low interest rates are offered are the best course of action.
It is important to stay ahead and be careful with your finances, especially if you are a small business. You have invested a lot of money in your business and there are risks involved. If things aren’t handled properly, it could have dire consequences such as bankruptcy. Stay ahead of the game, be frugal and make your business successful. It is in your power.
featured image credit: depositphotos.com
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