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Innovative ways to cut business costs in 2021

cutting costs

There has never been a better time to cut costs in your business and prevent wasteful expenditure.

As times toughen in the changing economy, organisations need to ensure that money is being used effectively and efficiently.

Luckily, these changes have brought about innovative solutions that can help your business exceed during these times. We’re here to share tips with you to help you run efficiently and make a lasting impact on you and your business.

Focus on organic marketing instead of paid

The best part of organic marketing is that it is absolutely free. You can grow your audience steadily through engaging content that inspires and connects. Organic postings are highly effective as your audience has a vested interest in your brand. The larger your audience, the larger reach you will have with your social media channels. This is a great cost-effective move that shows its return on investment over an extended period. Organic marketing also includes free analytical tools to help you optimise your postings.

Outsourcing

Some organisation divisions can be outsourced to agencies. Marketing is one of them. Nowadays businesses can hand over to a virtual marketing agency who will manage and co-ordinate all aspects of your marketing – and they’ll do it remotely! Services like this often come with highly trained staff and affordable packages.

Hire a freelancer

If your budget is extremely tight, you can look at hiring a freelancer on notable platforms such as Fiverr and Upworkwhich easily pair you with freelancers to complete your work.

Avoid paying for software and use the best free tools instead

Software is often a large expense within an organisation. The rise of technology has led to a great increase in the availability of effective, free tools. Google offers a range of products that offer free plans. Google’s offering mimics Microsoft’s Productivity Suite and adds a few sweet touches such as easy access and collaboration tools. Adobe’s software suite is another example of extreme expenditure which can easily be replaced by Canva for most instances. Canva is a creative software tool that offers a wide array of free features to help your business succeed.

Commission your sales force

By paying your sales team the majority of their salary through commission, you are driving them to garner results in turn for a higher paying compensation. This can help improve the performance of your business and motivate your employees to perform to the best of their abilities.

Take advantage of all possible tax deductions

If you are unaware of any potential tax deductions, you are leaving a lot of money on the table that you could be getting back. Make sure to research all your local taxes and investigate any potential returns.

Get your family and friends involved

We always succeed better by collaborating. Family and friends are there to watch us succeed and be part of that success. Most friends or family are willing to assist where they can. Take advantage of your connections and form a mutualistic relationship that has both parties benefit. Even if you are paying your family and friends small amounts of money, you will still be saving than hiring full-time employees.

Use interns

Interns are usually fresh out of university and on the hunt for job experience. If you are unable to necessarily pay workers, training interns can increase the productivity of your organisation while giving them valuable training and experience that they can use for future job references. If an intern adds value to the organisation, they can be hired as a paid employee. This assists with the quality of hiring as you would be well aware of their performance levels.

Diversify your selling channels

Maximum exposure of your brand can ensure that your business is always accessible to consumers when in need. We live in an age where there are a variety of established marketplaces that allow us to easily sell our products online. Marketplaces such as Amazon are great as they allow you to sell to their large customer base that already exists.

By applying the mentioned tips, we can assure you that costs will be cut and your organisations bottom-line will likely improve and survive the current economic environment. As time goes on, there will be many more tips to keep afloat efficiently. Share your tips to keep small businesses alive and thriving and we are all bound for success.

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Innovative ways to cut business costs in 2021

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