How To Reduce Your Marketing Expenses
Learning to manage your finances is important if you own a company or are planning to start a company to implement your big business idea. Before purchasing any product or service, you must formulate policies that will help in cutting cost. These policies will help in reducing your business expenses and help in increasing your profits. Here are a few ways your business can save money:
Small Office Space
You may have big dreams for your business but it is important that you start with small things initially. It is wise to choose a small office space that is within your budget. You can also reduce the office space you need by negotiating with other renters for sharing their mailing room, copier, kitchen, washroom and even receptionist. This will not only reduce the office space you need but also reduce your office expenses.
In a recent study, it was found that people spend just 11 seconds on ads that you place on related websites. However, when you put ads on social networks like Facebook and Pin it, people spend more than 30 seconds on these advertisements. These ads are not only effective but also inexpensive when compared to the money you have to spend on print ads and pamphlets. To reduce your expenses, you can start your Facebook page and make a small investment to promote it.
Avoid Buying Fancy Office Supplies
Even though you may be tempted to buy fancy office supplies, you must avoid buying them. Most people reading this article would love to sit on a foam chair that comes with a massager. You must avoid buying these supplies, as they are not only expensive but also have high maintenance cost.
Talk to your Suppliers
If you have a large bill that you have to pay, you can talk to your suppliers to defer the payments you have to make. Your suppliers will oblige to your request if you maintain good relations with them. However, don’t put too much pressure on them to reduce the prices or to defer payment as it can spoil the relation you have with the supplier.
One of the best ways of getting cheap, talented and well-educated workers is by hiring interns. Some interns will even work for free because working in your company can help them get better jobs. If you like their work, you can offer them a permanent job in your company.
Reduce Travel Expenses
Travel is becoming expensive, and one of the ways of reducing travel expenses is by cutting down on trips. You and your employees must travel only when it is absolutely necessary. You can cut down on trips by managing the meeting through videoconferencing or phone.
Reduce Energy Bills
You must switch off all electrical items that you are not using. If only a small percentage of staff work on Saturdays, you must not lit up the whole office. Also, the seating arrangement must be flexible so that people who are working late can sit together. When a few employees who are working sit together, you can switch on the light only of that section.