During quieter times of the year when perhaps business isn’t coming in as fast as it was, thoughts inevitably turn to money. You may be thinking about how much is needed to survive a downturn in demand for your products or services and perhaps ways to save money so that you can buy more time.
With this in mind here are our top tips for saving your business money and keeping it healthy at the same time.
Trim down your marketing service spend
It is often said that the first department to be cut back is marketing when a business is having financial problems. This isn’t always the best decision when you need marketing to support your sales efforts, but if you are overspending in areas that don’t really generate any leads for your business, then now might be the right time to consider cutting back on the less effective forms of marketing.
Review your budget
Your budget dictates how much you can afford to spend on investing in your business. Take a long hard look at what you can afford to pay out and make sure your expenses are under control. A business without a budget is one unlikely to survive for long.
Switch to working from home or downsizing your office
A lot of money can be wasted occupying office space that is too large for your present needs. If you’re a small business switching to working from home can save a fortune on rental costs.