Hello hello, and welcome to the Online Presence Business Blog! In the spirit of January I thought I’d share some money-saving tips for small businesses. With Christmas behind us, it can feel like a good time re-assess costs, outgoings and outsourcing for a prosperous 2024.
As a small business owner, you are not only the “boss” but also the financial strategist for your business. One aspect of managing your business effectively is finding ways to save money without compromising on quality or efficiency.
In this blog, I’ll dig out some practical, self-employed tips that I use every day.
Budgets & Emergency Money:
All businesses need to know accurate data for money in, and money out. That’s basic territory. What often gets missed, is reviewing expenses in order to improve efficiency or cut costs as the business progresses over time.
This is especially true of subscription services. What can stay? What should go? Be ruthless. We’re talking about hard earned cash. Make sure it’s all working towards the greater good for your career. If not? It’s time to give it the old heave-ho.
I often start by categorising expenses, differentiating between fixed costs (wages, rent, utilities) and variable costs (supplies, social media, marketing).
Keeping an emergency fund at hand is always sensible. Ideally these are 6 months income. Keep it on the back burner for later – when things look healthy, some of this fund can be reinvested to the business.
Digital Marketing:
Traditional advertising methods like magazines and flyers can be expensive and may not provide the targeted reach that your small businesses needs. Every penny counts. This is where social media can be a huge help.
Make the most of free digital marketing opportunities such as Facebook, LinkedIn or Instagram, and search engine optimisation for your website. These methods are not only budget-friendly but also offer measurable results.
I know this, because it’s my specialism. The data we can draw from socials and websites is the good stuff that allows for better business down the line.
A word of warning, don’t fall for SEO scams in your inbox that promise you’ll be “the first result on Google” or spending 100s or even 1000s of pounds on Facebook Ads. They simply aren’t worth it if your turnover is under £85K.
Get in touch to ask me which social media platform is right for your business.
Technology Tools and Apps:
I love a bit of tech. Leveraging technology can save time and money in your business operations. Its just a fancy way of saying figure out how a lazy person would get the job done. You don’t have to skimp on quality when finding shortcuts.
My Border Collie springs to mind here. He will always look for the fastest, easiest route that leads to another fling of his favourite toy or some kind of delicious treat. He is wired to efficiency – as any good business should be.
There are numerous free and paid apps and tools available that can help you manage invoicing, expenses, and communication more efficiently. WhatsApp for desktop is a personal favourite of mine. It’s free and means I can leverage client files and communication from all of my devices. (Sometimes mobile phones just don’t cut it).
Freelancers and Outsourcing:
Consider outsourcing tasks that are not within your expertise. This is probably the boldest choice a small business can make if they’re serious about expansion. If you want to grow, trust your gut and hire someone who can do it better. It might feel counter intuitive to sp[end money on outsourcing, but in the long term it is cheaper than doing the work yourself.
Those who choose a DIY method for every aspect of the business never free up enough of their own time to grow. They wander around in the same circles wondering why it’s “not working out for them”. Successful businesses are rarely just one person. Admin tasks? Hand it over. Web design? That too. The small things aren’t worth your time. Save money by getting a professional in to make it all sparkle.
I for one could not cope with tax season if it weren’t for my Bookkeeper. She makes it a pain-free, accurate even (especially when my dyslexia thinks it’s an opportune moment to misbehave).
Harness Your Inner Del Boy:
Build a network of other self-employed individuals and small businesses for potential collaborations, swaps and bartering. It’s always worth asking if you can make a deal to save some cash.
Having said that, don’t flounce around low-balling people you just met. Make friends first, talk favours later. Lots of businesses are happy to talk discounts or swaps. Others won’t. After all, you can’t feed a family with “favours” – so don’t be disheartened if money needs to change hands. In the long-term it’s the relationships you forge that will carry your reputation and future success. They will be worth their weight in gold.
About the Author
Catherine Jarvis Clothier is a digital marketer and online presence consultant living and working in Kent, UK. She has worked in unusual UK businesses for over 10 years across the South of England, particularly in automotive and therapy-based enterprises. Catherine specialises in social media, SEO and web design. She can be contacted here for online business consultations.
