Henry Ford once said, "A man who stops advertising to save money is like a man who stops a clock to save time." and he couldn't have been more right! Experienced entrepreneurs are well aware that if you don't invest in promotion (whether through paid advertisement, social media, or a combination of several strategies) producing content is a complete waste.
Being an entrepreneur or business owner, it is obvious that you don't have the ability to produce all the needed content by yourself and that you have to pay somebody else to do it. It means that sometimes you need to hire freelancers or someone with certain expertise to help you cover all of your company's needs. But what to do when the costs extend and you find yourself surrounded by additional expenses? Using following tips as guidelines can help you avoid those little hidden outlays.
Think things through
First things first, make sure all of your company's expenses are actually necessary for its development and growth. By getting rid of all the unnecessary costs you can save money or redirect it to other sectors of your company.
It can also happen sometimes that you are overlooking potential problems. For example, as a cafe owner you will make your website to promote your business. But then, with changes in the menu you have to make changes on your website as well which means you have to hire someone that will bring you an additional cost besides the amount you've invested in the website development at the beginning. Think in advance; always add 10 to 20 percent to a budget predicted for any projects inside your business. That way it won't be such a disaster when you come across hidden expenses.
Ask for opinions
It is very important to organize staff meetings where you can consult with your employees and team leader about making certain strategies that can help avoiding unnecessary outlays. That way every aspect of potential costs for any department inside your company can be revised with a person in charge.
Discussing suggestion together with people responsible for their field of expertise will help you increase productivity of the whole company since they know best about what they need for their sector and how to avoid unnecessary expenditure.
If, for example, you own a business where there are several departments it is crucial to have good communication with the team leaders managing them because when putting a product on a market keeping the high standard is a must, it mustn't vary. If you happen to have different prices of your product on your website and in your store your customers can file a lawsuit. That is why professionals offering creditors liquidation support warn that marketing expenses can get out of hand easily and that's why you need to be aware of the hidden costs before they begin.
Consider free advertising
If you are spending a lot of money on advertising and not getting anything in return then it is about time to consider other options. Not to mention that you will outsmart hidden expenses! You can increase your targeted audience with numerous strategies and you should start with the most obvious one - social media.
Think about making a business Instagram account that will allow you to see the stats, how many people have seen, liked, saved a photo of your product or reached your web page. With insight of your posts activity you will see exactly what is happening and realize what are the next steps for promoting your business.
Regularly post on Instagram or your Facebook page (just free page connected to your account and visible website address somewhere on the top of the page) to attract more followers and people to see your accounts and reach your site. The key is to be active often to make free advertising useful for your work.
Joining an online community related to your line of work is also a great idea since you will have contact with more people interested or working in your field of expertise. Therefore you will advertise your company among individuals or agencies looking for the service you provide or find something you need for further development. That can be a perfect place to present your company and make it profitable as well.
Think outside the box! Carefully think through what you need to make your business more successful while cutting excessive costs at the same time. These strategies can be helpful whether you have just a good idea for starting your own business or you want to upgrade it. It would be wise to make annual business listings where you can compare company's statistics at the end of every year and see the efficiency of cutting costs.
Guest Author
Leila Dorari is an entrepreneur, freelance writer and business-improvement enthusiast from Sydney. Currently, she is consulting companies on various effects different marketing solutions can have on their business. In her spare time you can usually find her window shopping.