For many small business owners, time and money are two resources that there are just never enough of. From rent payments to marketing fees to meetings with investors, it can seem impossible to get a solid handle on your budget and schedule. Fortunately, there are numerous ways to cut back on and save these precious resources. Sit back, take a deep breath, and consider these five simple tips to help small businesses save time and money.
Following the Pareto Principle will help you get the most out of your time and money. In a nutshell, this principle calls for you to focus on what is working rather than on what is not working. If your food truck’s guerilla marketing strategy is drawing a steadily growing crowd, invest in that marketing strategy. The thought behind this rule is that 80 percent of an outcome stems from 20 percent of the cause.
It is tempting to have everything ready and available from the very beginning. This could be custom software, a complete website, or every piece of manufacturing equipment you could possibly need. Not only is this goal close to unfeasible, but it is also extremely expensive. To save time, money, and sanity, start with the aspects you need the most. Then, once you know what is working well, build on that. Start with what you have and rent or outsource what you don’t. For example, renting expensive construction equipment and outsourcing processes such as PCB assembly or device fabrication could save significant time and money while allowing businesses to get an immediate start.
A unique money-saving idea is to have employees BYOD, or Bring Your Own Device. This saves you from having to purchase office or mobile phones for your team. To prevent your team from having to use their own phone numbers, simply obtain company phone numbers for them and have those numbers connected to the employee’s device.
From running Internet or billboard ads to creating a pricy menu and daily special signage, traditional marketing costs can be expensive. This is an opportunity to get creative. If you have large windows, get some paint, and paint your specials the old-fashioned (and fun) way. Consider using a chalkboard to write out your restaurant or coffee shop menu. Create a mascot for your company and invest in merch that you can pass out to the community, or hire someone to dress up as your mascot and make appearances around town.
Your website needs content, your data needs to be organized and input into software, and you can’t keep juggling sales calls with managing and meeting with investors. But you can’t afford to hire permanent employees (yet). Here’s where freelancers come in. Consider hiring freelancers to work on your website, complete data entry tasks, and make sales calls. These simple tips to help your small business save time and money will take the stress off your shoulders and grow your business all at the same time.