For some small business owners it is important that they try to keep expenses down. Large overhead and lack of cash flow is the single biggest reason for business failure. In times like this it is essential we do all way can to save money. Here are 3 easy ways to save money in your business:
Outsource what you can
This has got to be this biggest money saving tip I ever received. This can include everything from sending work overseas to outsourcing local jobs and eliminating or reducing payroll. There are many jobs that can be outsourced locally that several small business owners bring in house. One example of this is printing. It may appear that you save money on printing by doing it in house but you better look close. Printing is much more than the cost of ink and paper. How many copies can your printer produce before it needs some routine maintenance or worse, replaced? Printing companies and office supply stores have big machines and spit out copies (even color) at extremely low prices. Sometimes they can add a margin and still do it cheaper than you or I could.
Another example is sending select jobs overseas. Our website developer was in the Philippines and we communicated with email and Skype. He was great; he did all the design work and got it up and running. Then we had a short call where he showed us how to use and update the site. He was a little more expensive than some of the people I interviewed but was still less than $8.00 per hour. I used another assistant in the Philippines that did some writing for me as well as some research and email marketing. The risk here is that if you pay by the hour you have to keep a close eye on them as the hours can start to add up before you get the results you want.
Save money on utilities
Internet and phones can really start to add up. I have found ways to save money on these a couple of ways. The first is simply to negotiate with the sales rep. Did you know you can do that? Never pay the price they have, if you push hard enough you can get some really great deals. If you get a great deal over the phone tell the rep that you need to discuss it with your partner and call back. Use this opportunity to call another provider and tell them what you were offered. Maybe they can beat it.
Internet phone is another option. We used it for years paying $15 per month for two lines. We had to move away from it because the box continued to go out and needed to be reset putting us without phones. Also if you lose power or the internet you also lose phones. We have used Vonage and Phone Power but there are several providers out there. I recommend doing a Google search …
There are several business trends on the horizon which may be carried in by the New Year. Being aware of these trends allows you a great opportunity for planning in advance so that you will be able to leverage those trends for your benefit prior to the new year rolling in. The following is a sneak peek at what you can expect in 2017.
Businesses are going out of their way to attract top talent thus increasing the importance of doing whatever necessary to make yourself appear among the cream of the crop. The best way to do that is by acquiring as many skills as possible to both perform the job you’re applying for and beyond. You should also be willing to go over and beyond the call of duty, be willing to bring a lot more to the table than what’s required, and to also be able to display your willingness to do so when communicating with potential businesses – during interviews, on resumes or on social media platforms.
More and more businesses are turning to social media to get a glimpse at potential candidates before making their final hiring decisions. They believe that what appears on social media sites is more of a tell-tale sign about what’s really going on with respective candidates. This trend has become a form of due diligence for businesses seeking candidates.
In 2017, companies are leaning more towards being flexible in the workplace, allowing their staff members to have flexible work schedules so they can perform some of their work duties from home.
Although hiring staff members based on referrals is not new in the marketplace, it is certainly ramping up. It has become a reliable trend that companies have grown to depend on. It not only reduces the recruitment process, but it also comes from a trusted source – professionals within your micro-environment. Considering that 32% of new hires came from referral sources, this trend is certain to spill over into 2017.
Another business trend that is on the horizon for 2017 consists of what’s referred to as emotional intelligence which is an area that new employees should consider adapting to.
Emotional intelligence, also referred to as the game changer in new business trends, involves businesses being more open and transparent. Candidates with emotional intelligence are said to have more flexibility than those who are not developed in this area. This results in employers being more drawn to candidates when they can demonstrate this important skill set.
Those who are good at simply performing their job duties are only meeting the minimum requirement. But those who can demonstrate the ability to be likable, outgoing and trustworthy, as well as perform their jobs efficiently, tend to fit into the corporate culture a lot better. This is what businesses are going for and it’s becoming a new and growing trend.
To sum up, top candidates are becoming more demanding and the new business trend is to hire those who best represent the company. …
Simple but effective business strategies to make money in 2017
The year 2017 is going to be the year of competition. There is competition in every field. The business field is no different from the rest in any way. We will share some tips on how to remain ahead of the field in the rat race in 2017. Remaining ahead of your contemporaries can ensure that you will make money. That is the driving force behind every business campaign. Here are some simple tips on how to make money in 2017.
This is an age-old remedy. Customers drive your business. There should be nothing new in this aspect. However, in this competitive world, customer satisfaction has become a very effective tool in business. In the olden days, there was a concept known in business circles as customer loyalty. Today, this is a diminishing quality. You cannot blame the customer on this score. He or she has a variety of choices. If you cannot satisfy him or her, your competitor is waiting to pounce on the opportunity. Of course, the same logic applies to him or her too.
Customer satisfaction is important. Customer retention is more so. In this ‘dog-eat-dog’ world, it does not take much time for you to lose your customers. Hence, you should do everything in your capacity to entice the existing customer and try to retain his or her patronage. Good service always matters. Your customer will definitely not desert you for the sake of a few dollars when he or she experiences good service from you. Sourcing new customers is always great. However, retaining the existing customer is definitely more important. This is one sure way on how to make money in 2017.
Specialization of services:
This is not a one-size-fits-all kind of world anymore. Customers demand specialization. In the case you are not able to offer them specialized services, it is better to close down your shop now. Every business should have a target niche in mind before introducing the product in the market. Successful companies are those who know this niche and more importantly know how to cater to them too.
This is the era of automation. You have to embrace the latest technologies today to make money. One of the hottest trends in 2016 was the mobile applications. The same trend will continue in 2017 too. Embracing automation and excelling in it is the perfect formula for success in business.
Mastering these four simple tricks can ensure that you make more money in 2017 than you did in the previous years.