Now more than ever, it’s important for small businesses (all business) to maximize their earnings, spend wisely and increase their competitiveness. Listed below are some simple things you can do to boost earning and maximize profits.
Combined advertising - Include coupons and promotional offers in all of your customer correspondence and billing.
Joint marketing and advertising - Join up with a business neighbor or complementary business to split the costs on print advertising, or share your mailing lists. Find these businesses by joining with your local Chamber of Commerce.
Ask for referrals - You should be asking everyone you know - customers, friends and associates.
Discounted advertising – With advertising down, the local newspapers and cable TV are offering some great advertising specials. Should you advertise in a down economy? Read this.
Teach a class – Check with the local community colleges about presenting a class on your area of expertise, establishing yourself as an expert.
Buy recycled – Buy recycled printer cartridges, saving both the environment and your money.
Buy used office equipment – One of the best bargains out there right now, is the ability to pick up office equipment and furnishings for a steal.
Save on insurance – Savings by association can be found through a trade group or local Chamber, often times saving you money well after the initial cost of joining.
Back it up! – Plan for an emergency or natural disaster in advance. Not only could this save you money, it might even save your business.
Raise your deductible – Typically a higher deductible will lower your premiums – check with your agent.
Audit your utility bills – There are usually several rate structures available to corporate users. Don't rely on the utility company to assign you the most cost-effective rate. For fast-growing companies especially, it pays to compare various options once a year.
Additionally, ask your electric/gas company for a free energy audit, identifying waste and possible cost saving improvements.
Lease an employee or use a contractor – Not only can the costs be lower, buy with frivolous employee lawsuits on the rise, it could save you a fortune in the long run.
Clean your mailing list – Did you know the US Postal Service will help you clean up your mailing list for free? And by adding the Zip plus 4, you may be eligible for bar code discounts.
Bulk mailing discounts – Many Chambers offer their members discount on bulk mail run through their mail centers. Find your Chamber here
Checks by mail – Often, ordering checks through the mail will save considerably more than going to your bank direct.
Join a buying alliance – Link up with similar businesses to secure discounts on larger orders on everything from paper towels to motor oil.
Do your own press releases – There are several online services that will walk you though the process rather than having someone do it for you.
Barter your products or service - The National Association of Trade Exchanges (NATE) is a clearinghouse for member exchanges across the country, allowing business owners to swap just about anything with anyone.
Turn e-mail into profits – Everyone within your company should have a promotional signature block that automatically posts at the end of all email sent from the business. More. . .
Donate a Prize, Giveaway or Auction Item – A tremendous way to generate some low cost exposure and publicity for your company is to offer a sample of your product or service to organizations such as a local Chamber of Commerce. More. . .
Free e-mail - Google hosted email offers free use or $50.00 to upgrade and receive enhanced space and benefits. Many small businesses now use this service. Your customers and clients will never know the difference as your email address will stay the same.
Vendor re-negotiation - Go to each of your vendors every 6-9 months and ask for 10-30% off. If half of them say yes you'll save 5-15% on fixed costs. Many vendors will give you a discount if they think they might lose the business.
Reduce or eliminate costs on employment advertising – While print media won’t be a fan, try craigslist as the quality of applicants has increased with the sites credibility.
(My two most recent employees were located from this source – and they are fantastic)
Have a successful day,
-Jim
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