Theoretical business advice is far from useless – it gives you a foundation on which to build all of your future experience. In times of trouble, however, concrete advice from those who have already gone through similar situations that you’re going through right now is much more important and useful. All the tips that follow are from real businesspersons who have really benefited from applying them in actual real-life business situations.
Do not refrain from outsourcing
Sure, there’s nothing better than a team mentality – a group of people who function like a well-oiled machine. However, every once in a while, a certain task appears that requires expert help; expertise that nobody on your team really possesses. The prime example here is design, which is exactly why there are so many designer freelancers out there. Of course, hiring a designer permanently is an option, but you need to ask yourself whether it’s the best solution. The majority of businesses need designer help occasionally and, unless you’re a business that constantly releases new products that require it, you’d be hemorrhaging money by having an expert in this field on retainer.
Plus, the fewer full-time employees you hire, the more your entire business machine is going to feel and function like a family.
Always be on a lookout for discounts and cheap alternatives
Having top-notch, expensive equipment is great, but one of the main reasons many entrepreneurs end up baffled at how much money they’ve wasted is deeply rooted behind the fact that they can’t be bothered to dig a bit deeper. A true entrepreneur always looks to find a way to cut costs. If you are presented with a way to get your office supplies for free (in return for a favor, or advertising), go for it! This is an essential factor in remaining afloat when the money is tight. Networking, cooperation, making deals; as an entrepreneur, it is your job to do everything you can to find ways you can cut costs. Networking opportunities present themselves constantly, you just need to keep an eye out for them!
For instance, if you need to supply your business with company cars, going directly to your local retailer is definitely not the best solution, financially speaking. Find businesses that buy and sell cars like Carbiz and find the best and most affordable solution.
Get the most out of the cloud
Let’s be honest, people no longer need to have actual physical documents by their side, technology has made this possible. Nowadays, everything can be stored in the cloud and accessed through a variety of devices, from computers to tablets and smartphones. Printing is getting increasingly obsolete (unless we’re talking about 3D printing) and is definitely financially and environmentally inferior to using the cloud for storing all the necessary info that people within your company can have access to.
Use social media marketing
Far be it that this is the only type of marketing you should engage in, but social media advertising has a ton of advantages and is generally cheap. Everyone’s on social media nowadays and advertising on these platforms is conveniently cheap, meaning that this type of marketing should be your primary goal. Naturally, this is not to say that other advertising methods aren’t important, but in instances of financial trouble, you should focus on the cheapest, most efficient alternatives possible.
These four tips will help you save substantially, whether your business is doing well, or is experiencing financial problems. Always keep outsourcing in mind, be on the lookout for lucrative (or free) deals, make the most out of the cloud environment and pay attention to establishing a solid social media presence!