Money also figures highly at this time of year…the presents, food, entertaining, nothing comes cheap and we all put pressure on ourselves to create the perfect Christmas. But as the famous quote goes: “It’s not the money that matters, it’s how you use it that determines its true value.”
Apply this to your business too with our next set of Christmas tips, looking at money:
- Review all expenses, even the little ones.
It’s just smart business practice, but it’s often overlooked until tough economic times force you into it. Small cuts in ongoing expenses can add up to large savings over the long-term. Review everything that isn’t providing a ROI, cut back to the bare minimum, and completely eliminate anything extraneous.
- Live in the cloud.
Frugal marketing advice gurus will give you a cloud-based solution before you even finish asking your question, and real-life small business owners recommend the same strategy. Boyd, of MeetingWave.com, avoids the cost of expensive hardware and uses cloud-based services to host data. MG Retail use cloud-based software; “such as All Clients and Freeagent where we pay per annual user, rather than needing to purchase and maintain expensive software in-house.”
- Go green to save green.
Going green is not only a great PR move; it’s also a smart financial move, according to Shel Horowitz author. Horowitz recommends simple moves such as keeping equipment on a power strip and turning it off when not in use, or replacing your existing printer with one that prints on both sides of the paper, thus reducing paper waste and cost. Since the object of many environmentally friendly changes is to save energy, and you have to pay for the energy your business uses, if you can reduce energy use you will also be reducing your costs.
- Outsource, outsource, outsource.
Employees are essential to getting work done, but employee costs—from salaries to office space to insurance—can be the biggest chunk of a small business’s budget. Georgette Pascale, owner of PR firm Pascale Communications, chooses to keep her full-time staff to a minimum and outsources work to independent contractors as needed for the work that her staff cannot cover. Deborah Sweeney, CEO of My Corporation Business Services, Inc., uses the same method by hiring consultants as needed. Sweeney maintains that she can not only negotiate a lower rate with consultants, but that her business benefits from their more varied experience in their fields of expertise