7 Hidden Opportunities To Make And Save Money in Business
Whether you’re just starting your business or you have been up and running for years, making and saving money should be two of your primary goals. A penny saved is a penny earned after all, but a penny earned is also a penny earned, right? Here are some of the best and sometimes hidden ways to make and save more money for your business.
- Advertise on your everyday communications. Don’t just tuck a receipt into the bag with your customer’s purchases—tuck a coupon in there, too. This will give them a reason to come back to your store and spend more money. If you master this technique, you will really be bringing in the dough.
- Encourage your happy customers to share their experience on social media and other review sites. Make it easy for your customers or clients to “check in” to your business or to share their purchase and opinion of your store via social media. Even just putting a sign reminding them to check in on Facebook is a great way to get your customers to advertise for you. Easy and free! It’s also strategic to encourage them to share a positive review on Google, Yelp, or any other review site. The more people review your company, the more business you will receive.
- Write a letter to the editor. If there’s an issue going around your community that relates to your industry in some way, why not voice your opinion? This is free advertising for your business in your local paper! Not a bad way to get some buzz for your company.
- Get involved in your online community. You have an online community—even if you don’t know it yet. Many small business owners feel isolated, but there are small business owners online right now that are talking with their peers, answering customer questions, and gaining more visibility for free, simply by being involved in their community.
- Find forms online. Instead of picking up a box of order forms from your local office supply store, why not do a Google search and find free, downloadable, customizable forms that will better fit your needs? This is a great way to save money.
- Buy used. Instead of springing for new office equipment and furniture, why not look for gently used items instead? You can usually find these at a steep discount and they’ll work just as well. Once you start making more money, you can upgrade.
- Fire superfluous workers. This might seem a little harsh, but if you are paying people to sit around at their desks for most of the day or are paying two people to do work that can be done by one, there’s nothing wrong with downsizing, even if your business is actually expanding.
For more advice on saving and making more money, see this Entrepreneur article.