Struggling to keep your business going with less money? This is not just your problem, lakhs of businessmen in India are facing such cash-crunch problems. Some are running their businesses successfully in spite of such money issues, while many fail to!
Here are 10 things you can do to cut costs and save money in your business.
Traditional advertising like TV ads, radio ads, door-to-door sales, etc is expensive – damn expensive. Most small businesses like you, can’t afford that kind of spend.
Thanks to social media marketing and advertising, it’s possible to reach customers without spending much.
- Learn to use Google AdWords, Facebook, Instagram to advertise your product to your kind of audience. Trust me, it’s super easy!
- You can reach thousands of current or potential customers without spending a rupee. Yes, for 100% FREE of cost.
Using good business accounting software for managing your business dealings can save you a lot of time & energy especially during tax preparation. By doing so, paper-usages will be automatically reduced. This is not just a matter of saving a lot of money in paperwork & printing but a matter of convenience too.
If you are a busy small business person, you know the value of time. Start prioritizing work to make the best use of your time.
Start dedicating time to those areas that need your attention. If your business is slow, start investing time in marketing and advertising your business. If your inventory is moving out slow, start finding better items/products to sell. Make the most out of your business day comes down to effective time management.
Stop wasting your time on unnecessary tasks that could be done by anyone else or a business software.
Replace your expensive software with FREE ones. If you’re using Tally, replace it with Vyapar App. It does the same thing, actually even better for FREE. It helps you generate GST bills, extract GSTR reports while helping you track your payments. You can even send payment reminders on Whatsapp and through SMS when the time’s up.
Not everything is negotiable, but many are!
When it’s your suppliers, you have every right to negotiate. There’s no doubt about it. Let them know about your budget constraints and negotiate products, services, and payment schedules to meet your budget. You won’t lose anything by trying, and you may find yourself able to save several hundred rupees off your monthly business running costs. In fact, many will be willing to negotiate lower prices rather than lose a regular customer like you.
Ask for a Discount! Sometimes, you get discounts when you pay faster by cash or within a certain time period. All you have to do is to ask.
You can’t manage something which you don’t track. If you are not keeping a record of all your inventory, you should start doing it right now.
Start monitoring inventory more closely to make sure you aren’t spending more than is really needed. Stop tie-ing up your cash on slow-selling items, instead find out the best and fast-selling products that have got a higher profit margin and invest on them.
If you’re still managing inventory manually, consider using an inventory management software instead to keep better track. It’s easy and fast.
Find every opportunity to lower your business cost. By now, you probably know that selling online is as easy as selling from your store. You don’t have to build your own e-commerce site. You can sell online by setting up seller accounts on eCommerce marketplaces such as Amazon, Flipkart, Snapdeal or eBay.
They’ve already invested huge on marketing and inventory maintenance. Simply make use of it. In fact, this is something which lets you operate from wherever you are, however small you’re and with as low budget as you wish to invest.
Sometimes buying in bulk is a clever idea. They cost much cheaper than buying them in loose. But before committing to bulk purchase, ask yourself a simple question: Does it make sense to buy this much of one thing? If it does make sense, go ahead!
Whether it is your printer or laptop, fan or furniture, look for a second-hand. You can easily cut-costs here. Sometimes, these second-hand items are as good as new. All you have to do is search for your needs from the classified sites such as OLX or Quickr. You can negotiate directly with the seller and get a good deal.
If you have space in/front of your store that is unused, you can earn a little extra by renting it or subletting it out to make extra earnings.
How do you cut costs in your business? Suggest below
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