EPOS Direct How to keep your costs low?
Invest in TechnologyDo you use technology within your business? Many business owners are mistaken by thinking that using technology will increase your costs. However, investing into technology will allow you to run your business cost efficiently. The introduction of teleconference services such as Skype will make the use of a landline redundant. This will reduce the phone bills you incur. Online payments will remove the need of card payment in your business which will prevent you having to purchase a card machine. The development of remote desktop applications will prevent you from having to purchase expensive software or equipment. Investing into technology will substantially reduce your costs during the long term.
Remove your landlineIf you are using a landline in your small business, you will be incurring a substantial cost as you will be charged an expensive rate for the usage of your telephone. During the modern day, a landline will not be needed in your business. You will be able to communicate with your business partners and clients by using a mobile phone. Using a mobile phone will be dramatically cheaper than using a landline.
Go paperlessThe cost of paper, ink and postage may seem minimal but after a long time, it will amount into a substantial cost. If you continuously use supplies such as paper, you will significantly increase the costs of your business. In order to reduce the amount of paper you use, you should introduce a digital invoice and bill payment system. This will prevent you from having to print a substantial number of receipts which will reduce your costs. It is recommended that you store your files on a computer instead of printing them and storing them in a file cabinet. This is more secure as you will be able to back up your files. If you reduce the usage of paper, you will save a substantial amount of money.
Online MarketingAre your advertising campaigns successful? As a small business owner, marketing campaigns will consume the majority of your budget. However, due to the size of your business, your advertising campaigns will have limited success. This will cause you to generate a minimal return on your marketing efforts which will lead to your costs significantly rising. During the recent years, social media is becoming increasingly popular. You will be able to use social media to limit your costs by promoting your business on social media platforms. Social media will allow you to reach a wider audience while dramatically reducing your costs. You will be able to engage with your customers by posting daily material such as offers, blogs or articles. Online marketing will allow you to receive quicker replies and interactions than physical marketing as customers will use social media on a daily basis. Remember, you will not be charged when making a social media account.
Implement a budgetDo you have a budget? Everyone is tempted to spend more when they are out shopping and this is the same for business owners. During January, it is important to understand that your income will be dramatically reduced so you should only spend what you can afford. In order to keep your costs low, it will be essential for you to introduce a budget for your business. This will ensure that you limit your spending. Without a business budget, you may spend more money than you can afford which could cause your business to become in debt. You may think that you can reduce your costs by charging business expenses to your credit card. This will reduce your costs in the short term but will significantly increase your costs in the future. When you use your credit card, you will be charged an interest rate which will lead to you having to pay the credit card company a substantial amount of money.
RelocateDo you use all of the space in your establishment? One of your biggest costs will be the rental or purchase of your premises. If you do not use all of the space in your establishment, you should downsize and move to a smaller premise. This will significantly cut your costs as you will only be paying for the space that you are using. However, when you decide to relocate, you should ensure that you choose a location which is suitable for your business and target audience. If your customers cannot conveniently visit your store, you will severely reduce the sales of your business. Do you have an online store? Recently, online shopping has rapidly increased in popularity. This has led to consumers deciding to shop online instead of visiting a physical store. As a small business owner, you should consider the benefits of turning your store into an online store. An online store will not have the expensive overheads which a physical store will incur. You will not require as many employees which will reduce the amount of money that you will have to pay out in employee’s wages. An online store will enable you to reach a wider audience which will significantly increase your sales. Is money tight for you?