When customers are scarce and you are having a hard time paying your bills, you need to start saving your cash. There are many ways to reduce the amount of money flowing out of your business—and implementing just a few of these can make a big difference.
- Change Up Your Marketing – if there is one thing that can boost business, it is giving some real thought to your marketing campaign. Now is the time to change your way of doing business, figure out how to make your business work in this new “normal”.
- Reduce Rent Costs at the Office – landlords are more willing to renegotiate a lease in an economic downturn.
- Hire a Team of Experts – you cannot and should not handle every aspect of the business yourself. It can be very overwhelming and ineffective. Hire competent experts to assist your company.
- Cut Advertising Costs – Advertising does not have to be expensive. The best advertising is word of mouth… and it’s FREE!! Or you can start an online presence by creating a website and using social media to reach your target market. Email Marketing is also a highly effective low-cost marketing solution.
- Split Costs Whenever Possible – other small businesses in your area are also looking to cut costs, so team up so you both save money.
- Encourage Customers to Spread the Word – Referrals, and testimonials not only gain you loyal customers, but they also provide you with a nearly free method of advertising.
- Stop Paying for Software You Don’t Need – Take a hard look at all your recurring monthly charges. You will probably find that most of them do the same thing. Only keep what you really need.
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