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  If you want to build a successful business, you should aim to increase the revenues coming into it. But what good will this do for you if your business is bleeding cash? A big part of the process of fashioning a thriving enterprise is shaving costs and plugging loss-generating gaps. Get these done, and you’ll be halfway to winning with your firm.
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Here are ten things you can do to begin saving more money in your business:

Rely on Referrals

Instead of spending large sums on marketing, why not wield the satisfaction of your existing customers with your products or services as a tool for gaining more leads and prospects? You can encourage them to inform their contacts—family, friends, acquaintances, and anyone else they know –about your offerings. Referrals of this kind are known to bring in a majority of clients for many SMEs. It could work for you too.

Use Free Marketing Strategies

You don’t have to do away with marketing entirely. There are many ways to market your products while spending little or no money in the process. One approach is to drive traffic from your target market to your business with Search Engine Optimized (SEO) web content. Another strategy would be to post engaging content on social media during high-traffic periods of the day. You may also run email campaigns for free via platforms that allow you to do so.

Market with Every Material

Have your logo, brand colours and succinct messaging on whatever packages, stationery, water bottles, mugs, or clothing you give out to people (whether they’re clients or not). These could cost you far less than traditional advertising or marketing efforts and could spark the interest of more people in your brand over a longer period.

Switch to Digital Record Keeping

If you haven’t already made the switch to digital records from paper, now’s the time to do so. Holding your files on the cloud will make them accessible to you, wherever you are. That’s beside the fact that storing your material on digital platforms will often cost far less than keeping them in physical folders over time.
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Outsource Non-Core Roles

Instead of recruiting staff for jobs that are not a crucial part of your operations, why not hire contractors or freelancers to take them on? It’ll cost you less compared to maintaining full-time employees for those roles.

Find Less Expensive Vendors

Do you consider your suppliers’ charges too high? Try to negotiate for a better deal. For example, you could promise to pay them earlier if they give you a discount for doing so. But if you’re unable to reach a favourable agreement with them, you should hunt for less expensive alternatives.

Barter Products or Services

You don’t always have to pay money for the items that your business acquires. Try bartering with your vendors and partners: they could give you the goods or services you need in exchange for your own products. This lets you avoid settling bills with cash, and keeps your costs down. Just remember that you will have to agree on the volumes of the items to be exchanged.

Buy in Bulk

You will save a fair amount of money by purchasing your supplies in bulk. If you’re unable to do this on your own, you can join a group of other businesses, pool your resources together, and buy large quantities of whatever it is you want to acquire, from manufacturers or wholesalers.

Use Free Software

Before you settle for a paid subscription with any platform, look for a less expensive or free alternative that works just as well. You may be surprised by the options that are available. This is especially important for MSMEs that deal with smaller, less complicated workloads and processes than their bigger counterparts. Just be sure that the software you choose doesn’t pose a security risk to your business.
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Work with a Remote Team

Not all businesses can afford to operate with remote teams. But if yours can, you should definitely consider having at least some of your employees do their jobs from remote locations. This will allow your company to operate out of a smaller, less costly office space.

Final Words

As we’ve shown here, there are many steps you can take to spend less and save more at your business. It will take some planning and diligent execution to achieve these things, but they’re certainly doable. Featured Image Source: Businessday NG
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This article was first published on 26th January 2023 and updated on June 30th, 2023 at 1:49 pm


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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