Great Ways to Save Money in Your Business (Part 2)

Saving moneySaving money in this economy is no easy task…although, if you use some of my suggestions, you will definitely keep a few more dollars in your piggy bank. Yesterday, we looked at ways of managing your team, outsourcing, utilizing independent contractors and other solutions. Today, we’re going to tackle two different areas that if managed properly can have a huge impact on saving money in your business.

Promotions
Promotions1. Get referrals. Ask friends and satisfied customers for their help…and it’s free.
2. If you send invoices, make sure to include advertising with them. This is called piggy backing. At the point-of-sale, make sure to have offers on the receipt, coupons in their bag, fliers and anything else you can come up with.
3. Get testimonials from happy customers. If you have a website or do presentations, they’re a great help.
4. Local TV/Cable channels often offer inexpensive advertising rates. Check them out. Might be worth doing.
5. Share advertising with neighboring businesses (not competition). Databases, sales promotions, business partners, vendors – make it a win/win for both of you.
6. Offer free trainings and classes. Talk to your local Chamber of Commerce or community centers. There might be opportunities. If you sound like a leading authority, people will take notice.

Location
Location1. Make sure you don’t bite off more than you can chew. Lessees are negotiating right now. A lot of properties are going unrented month after month. You should be able to get a very good deal. Don’t accept the asking price.
2. Depending upon your business, consider using an executive suite. Rent it when you need it for much less than a permanent office. It’s great for you homebased entrepreneurs out there.
3. If you’re starting a small retail business, consider a mall kiosk, rather than a storefront. Much smaller investment, easy to get in and easier to get out of…but hopefully that won’t be a concern. Don’t forget that location is important here too.

We’re just getting started. Lots more to come.

If you’re interested in a consultation or have questions, please email me at Robert@RobertFinkelstein.com. If you have any comments, please write them below.

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4 Responses to “Great Ways to Save Money in Your Business (Part 2)”

  1. Generally I do not post on blogs, but I would like to say that this post really forced me to do so, Excellent post! 🙂

  2. […] offered quite a few tools to start saving money in your business. We’ve covered The Team, Promotions and Location, Internet, Office Supplies, Insurance and Shipping. I hope you’re all over it. If […]

  3. […] saving solutions that I hope you’re seriously considering. We’ve covered The Team, Promotions and Location, Internet, and lastly Office Supplies. Today we’re going to look at that evil but oh-so […]

  4. some office supplies are low quality that is why you should always check your store if they offer high quality products ‘`:

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