How A Business Can Spend Its Money More Efficiently
08 Aug 2018
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A business isn’t necessarily successful if it makes a lot of money. It needs to know how to spend that money too. Unnecessary margin erosion can bring a flourishing company to a standstill. You need to make sure that you spend your profits responsibly so as to ensure the continued growth of your business. Your company needs to develop and progress onwards if it wants to continue impressing the target market. Here’s how a business can spend its money more efficiently.
Create a more productive workplace.
Before you start eating into your business’ profit margins by hiring new employees or expanding your office, you might want to consider increasing your company’s output by focusing on the existing resources and people that you have. By creating a more productive workplace, you’ll be spending your money more responsibly. The existing salaries that you pay to your workers will go much further if those workers can achieve more whilst they’re in the office.
You might want to incentivize your employees by showing recognition to those members of staff who work hard. The “employee of the week” could receive perks such as an early finish to the work day on Friday, a free lunch, or perhaps even a small bonus at the end of the month. Rewards will give your employees a reason to put in the extra effort. Additionally, you could create a more productive workplace by freeing up some of your workers’ time. Rather than spending money on new employees, you could get automated software to cover administrative tasks such as generating invoices and payrolls. Let your employees handle the technical aspects of their roles, and leave repetitive administrative work to technology.
Create a more eco-friendly workplace.
If you really want to start spending your money more efficiently then your business should aim to create an eco-friendly workplace. For starters, you could insulate your windows to better trap heat and reduce your energy consumption. This would save you money on your monthly utility bills. You could even check out https://heatline.com for thermostats and timers that would help to protect your building’s pipes during winter. If you have thermostatically-controlled freeze protection then this is a more energy-efficient way to keep your pipes warm during the colder months. In turn, your business will save money. Whilst it’s a good idea to create an eco-friendly workplace for the sake of the environment, it’s also a smart way to reduce your business’ overhead costs.
Focus on online marketing.
If you’re pouring money into physical marketing campaign then you might want to divert your resources towards your digital marketing strategy. Not only is it cheaper to advertise your business online but it’s more effective; the majority of consumers use the internet to browse for the goods and services they need. And the great thing about the internet is that there are plenty of ways to market your business without spending any money. As mentioned over at entrepreneur.com, you need to encourage your happy customers to tell others about their great experience with your business.
Social media can be a very powerful tool. We’ve talked about this before. If you can get people talking about your business then it creates a snowball effect. Unlike people spreading the word about your company on the street, there’s no limit to online chatter – you could instantly go global if you created enough of a buzz. Whilst that might not be your goal (and it’s very difficult to achieve), the point is that you should utilize the internet. Offer discounts and vouchers to customers who share your Tweets or tag you in their Instagram posts. It’s a great way to encourage people to spread the word.
Craig is a husband, a father, team leader, travel and food writer, senior youth group coordinator, designer, brander, community builder, volunteer, and social media strategist. Craig likes to travel, go camping, go on road trips, watch movies, build stuff, operate the grill, and sing with his band. Craig is a member of the Travel Media Association of Canada. In June 2017, PR firm Cision identified Craig as one of Canada’s top 10 most popular male bloggers in the parents and family space.