Money is a key resource required by entrepreneurs and small business owners to scale up their businesses. Why else do you think entrepreneurs try their best to access loans, grants etc.. or reach out to potential investors when they think they are ready to expand? In this article, there are 8 money saving tips for entrepreneurs to take advantage of, that will help them cut down on expenses drastically.
- Use Organic Search.
Instead of paid search, it is more profitable to invest in advanced SEO techniques, content marketing, link budding, and optimization for the page and off page SEO. This with consistent effort, can pull in more traffic than paid advertising.
2. Cut Down On Expenses. Not everything you need is necessary at the start of the business. An office space may not be a priority if you can work from home or make use of a work hub for occasional meetings. If you must secure a work space, ensure that you obtain it for a good price that pays off in the long run. This principle applies to other resources you may need.
3. Spend When It Matters
Too cheap can easily become too expensive when you compromise on quality of services and products. Especially when the price for acquisition or access is expensive. This may cost you even more when a set back or crisis ensues. Always hire the best you can, including good lawyers, accountants, programmers etc.
4. Use Free Softwares
There are hundred of thousand of free apps online that you can take advantage of to make your business processes much easier. Many of them can be leveraged upon to improve your branding efforts, business structure and activity coordination. This saves you some money from paying for some applications.
5. Don’t Do It Alone
One of the danger of being a lone ranger is that you have to do all the work alone, even when you suck at it. Find people who compliment your skills, abilities, and your business. Then come to an agreement on how you can help each other grow. This always pays off than paying for costly mistakes. In other words, collaboration is key.
6. Workplace Safety
A safe and secure work environment should always be a priority. Putting in place a healthy plan and other security measures for your workers saves you the cost that comes with a crisis or emergency. This ultimately costs more money and also cuts into labor hours that would have translated into productive time, a cost opportunity for revenue generation.
7. Avoid Extra Expenses
Always choose options that are productive without extra cost. Recycled devices may be advantageous at the start of a business than brand new ones. This is crucial especially when expanding as this is a better option than paying off a loan for a brand new equipment. Always look for alternatives that work without extra pay.
8. Join A Business Community
Being part of a business community makes collaboration easier. Because, you have access to a pool/cluster of upwardly mobile creatives who are always willing to give you a hand anytime you need it. You get more visibility without having to pay for it many times. You are in the know about opportunities, events, meetups, even access to grants and potential investors.
The Bellafricana community of indigenous businesses is one of such business communities you could be a part of. Best part is that membership is annually, and VERY affordable too. Bellafricana has put in a lot of work to ensure that creative MSMEs in Nigeria (Africa) thrive. If you would love to join the Bellafricana Community, simply send an email to email@example.com today.
This article was culled from The Spark by Business Day. Cc : thespark.ng