July is national savings month, and with level 4 restrictions upon us, it is no better time to consider how to knuckle down on some business cost savings. Whether you’re starting your first business online, or taking stock of current costs, it’s no doubt that lockdown has and will take its toll.
Even if your small business isn’t in need of some cost cutting, it’s always a good chance to take stock of what you’re currently paying for to see if you need to make adjustments.
Below are four tips to get on track with costs this savings month.
Choose wisely when building your website
Building your business website from scratch can be a costly exercise. Luckily, gone are the days where websites have to be built from code by a professional and cost you a lot more than you can currently afford. Nowadays, DIY website builders will provide you with what you need and not try to sell you the Rolls-Royce of websites that will break your already small bank.
Work on your organic content marketing
Marketing can be expensive. And in a world where consumers are faced with online ads all day long, you have to keep up with the crowd unless you want your brand to get drowned out. Luckily there are other avenues to market your business online that don’t involve paying for thousands of search ads or expensive banners.
Working on your search engine optimisation (SEO) is a relatively cost free exercise. There are two important factors to take into account when it comes to SEO, making sure your website is discoverable by search engines and customers using relevant keywords, and building awareness about your business by placing articles that link back to you on partner websites.
The former is a cost-free exercise but basic SEO tools are out there to assist you along the way. While building awareness on partner sites can start off small and be ramped up once more capital flows your way.
Evaluate your working space
Are you renting an expensive office in a big business park? If your business is relatively small in human resources, a smaller co-working space or work from home situation is far more affordable and safe during these trying times.
While owning or making use of a fancy office space might be the dream, the reality is that these spaces are costly when electricity usage and office supplies are factored in.
Take advantage of upfront payment discounts
A number of suppliers offer discounts for early payments as a way of encouraging sales and a steady cash flow. If you’re on the cusp of renewing or purchasing any subscription services such as your company email, check with the provider whether there is an upfront payment discount and you’ll save.
In summary, some basic business saving tips include:
- Choose a DIY web builder
- Work on your organic marketing
- Evaluate your working space
- Take advantage of upfront payment discounts